American Tower (NYSE:AMT) Given New $240.00 Price Target at JPMorgan Chase & Co.

American Tower (NYSE:AMT) had its price target raised by stock analysts at JPMorgan Chase & Co. from $230.00 to $240.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 6.67% from the stock’s current price.

Several other research analysts also recently commented on AMT. BMO Capital Markets reissued an “outperform” rating and issued a $246.00 price target (up from $225.00) on shares of American Tower in a report on Wednesday. The Goldman Sachs Group began coverage on shares of American Tower in a research note on Monday, July 1st. They issued a “buy” rating and a $230.00 target price on the stock. Raymond James upgraded American Tower from an “outperform” rating to a “strong-buy” rating and increased their price objective for the stock from $226.00 to $248.00 in a report on Wednesday, May 1st. Barclays lowered their price objective on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. Finally, Wells Fargo & Company raised their price objective on American Tower from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Monday, July 15th. Three analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $225.92.

American Tower Stock Up 0.9 %

American Tower stock opened at $225.00 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 3.39. The company has a market capitalization of $105.07 billion, a PE ratio of 50.90, a PEG ratio of 1.51 and a beta of 0.81. The firm’s fifty day moving average is $198.63 and its 200 day moving average is $193.69. American Tower has a 12-month low of $154.58 and a 12-month high of $225.00.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The company had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same quarter in the prior year, the business earned $2.46 EPS. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. As a group, sell-side analysts predict that American Tower will post 10.04 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Robert D. Hormats sold 700 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the transaction, the director now owns 7,332 shares in the company, valued at approximately $1,345,422. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Robert D. Hormats sold 700 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $183.50, for a total value of $128,450.00. Following the completion of the sale, the director now directly owns 7,332 shares in the company, valued at $1,345,422. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Sanjay Goel sold 3,504 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total value of $702,061.44. Following the completion of the sale, the executive vice president now owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in AMT. Commonwealth Equity Services LLC lifted its stake in American Tower by 1.8% during the second quarter. Commonwealth Equity Services LLC now owns 153,249 shares of the real estate investment trust’s stock worth $29,789,000 after purchasing an additional 2,659 shares in the last quarter. NBT Bank N A NY lifted its position in American Tower by 3.3% in the second quarter. NBT Bank N A NY now owns 1,693 shares of the real estate investment trust’s stock valued at $329,000 after acquiring an additional 54 shares during the last quarter. IFG Advisory LLC increased its position in shares of American Tower by 11.8% during the second quarter. IFG Advisory LLC now owns 11,995 shares of the real estate investment trust’s stock worth $2,332,000 after purchasing an additional 1,262 shares in the last quarter. Concurrent Investment Advisors LLC increased its position in American Tower by 133.9% during the second quarter. Concurrent Investment Advisors LLC now owns 7,823 shares of the real estate investment trust’s stock worth $1,521,000 after buying an additional 4,478 shares during the period. Finally, Hixon Zuercher LLC raised its position in American Tower by 9.6% in the 2nd quarter. Hixon Zuercher LLC now owns 18,924 shares of the real estate investment trust’s stock valued at $3,678,000 after purchasing an additional 1,663 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Company Profile

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.