Zacks Investment Research Upgrades American Tower Corporation (REIT) (NYSE:AMT) to Hold

American Tower Corporation (REIT) (NYSE:AMT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday, July 27th. The firm presently has a $153.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s price target indicates a potential upside of 9.53% from the company’s current price.

According to Zacks, “Over the past three months, share price of American Tower grew 11.61%, beating the industry's 0.12% gain. Further, American Tower continues to benefit from increased investment of wireless carriers in 4G LTE and 5G networks. We further believe that American Tower’s tower buyouts in emerging markets and long-term tower leases with major wireless carriers have driven its top line and lend it a competitive edge over rivals. American Tower’s Indian, EMEA and Latin American operations account for almost 50% of its organic core revenue growth. However, American Tower has a substantially leveraged balance sheet. High customer concentration is likely to affect the company’s top line. Expansion in the global market increases the company’s exposure to foreign currency exchange rate risks. Stiff competition, integration risks and rising operating expenses are other headwinds.”

A number of other research firms have also commented on AMT. BidaskClub lowered shares of American Tower Corporation (REIT) from a “buy” rating to a “hold” rating in a report on Tuesday, June 13th. Cowen and Company restated a “buy” rating and issued a $155.00 price objective on shares of American Tower Corporation (REIT) in a report on Wednesday, July 19th. Jefferies Group LLC restated a “buy” rating and issued a $136.00 price objective on shares of American Tower Corporation (REIT) in a report on Monday, April 3rd. Deutsche Bank AG upped their price objective on shares of American Tower Corporation (REIT) from $145.00 to $157.00 and gave the stock a “buy” rating in a report on Friday, July 14th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $150.00 price target on shares of American Tower Corporation (REIT) in a research note on Thursday, July 6th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $142.67.

American Tower Corporation (NYSE AMT) traded up 0.93% during trading on Thursday, reaching $140.99. The company’s stock had a trading volume of 1,009,810 shares. The company has a market cap of $60.51 billion, a P/E ratio of 56.40 and a beta of 0.71. American Tower Corporation has a 52 week low of $99.72 and a 52 week high of $141.00. The company’s 50 day moving average price is $135.59 and its 200 day moving average price is $124.75.

American Tower Corporation (REIT) (NYSE:AMT) last posted its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $0.80 EPS for the quarter, missing the Zacks’ consensus estimate of $1.55 by $0.75. American Tower Corporation (REIT) had a net margin of 18.58% and a return on equity of 16.70%. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter in the prior year, the company earned $1.38 earnings per share. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. On average, equities analysts anticipate that American Tower Corporation will post $3.02 earnings per share for the current fiscal year.

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In related news, EVP Steven C. Marshall sold 20,548 shares of the firm’s stock in a transaction that occurred on Tuesday, June 27th. The shares were sold at an average price of $134.92, for a total value of $2,772,336.16. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director David E. Sharbutt sold 3,653 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $128.61, for a total transaction of $469,812.33. Following the completion of the transaction, the director now directly owns 10,098 shares in the company, valued at approximately $1,298,703.78. The disclosure for this sale can be found here. Company insiders own 0.86% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC boosted its stake in American Tower Corporation (REIT) by 1,886.3% in the second quarter. Janus Henderson Group PLC now owns 7,468,416 shares of the real estate investment trust’s stock valued at $988,214,000 after buying an additional 7,092,413 shares during the last quarter. Wellington Management Group LLP boosted its stake in American Tower Corporation (REIT) by 8.4% in the first quarter. Wellington Management Group LLP now owns 21,788,278 shares of the real estate investment trust’s stock valued at $2,648,146,000 after buying an additional 1,679,615 shares during the last quarter. American Century Companies Inc. boosted its stake in American Tower Corporation (REIT) by 60.8% in the first quarter. American Century Companies Inc. now owns 3,986,977 shares of the real estate investment trust’s stock valued at $484,577,000 after buying an additional 1,507,172 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in American Tower Corporation (REIT) by 823.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,606,119 shares of the real estate investment trust’s stock valued at $212,525,000 after buying an additional 1,432,155 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in American Tower Corporation (REIT) by 3.8% in the first quarter. Vanguard Group Inc. now owns 27,561,482 shares of the real estate investment trust’s stock valued at $3,349,823,000 after buying an additional 1,008,946 shares during the last quarter. Hedge funds and other institutional investors own 92.36% of the company’s stock.

About American Tower Corporation (REIT)

American Tower Corporation (ATC) is a holding company. The Company operates as a real estate investment trust (REIT), which owns, operates and develops multitenant communications real estate. ATC’s segments include U.S. property, Asia property, EMEA property, Latin America property, Services and Other.

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