American Tower (NYSE:AMT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The firm currently has a $237.00 target price on the real estate investment trust’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 4.52% from the stock’s previous close.
According to Zacks, “American Tower posted better-than-expected results in the second quarter of 2019. The property segment’s top-line growth and U.S. organic tenant billings buoyed results. A rise in use of mobile data and higher investments in 4G as well as 5G technology is fueling demand for space in the company’s telecom towers. This is anticipated to help American Tower witness splendid leasing activity and organic tenant billings growth in the upcoming period. Also, the company is strengthening its macro-tower portfolio and focusing on innovation to capture the underlying opportunities. Shares of the company have outperformed the industry, over the past three months. However, it has a substantially leveraged balance sheet. Further, the accelerated Indian carrier consolidation-driven churn and high customer concentration are headwinds.”
Other equities research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. increased their target price on shares of American Tower from $200.00 to $220.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. SunTrust Banks increased their target price on shares of American Tower to $230.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Morgan Stanley increased their target price on shares of American Tower from $185.00 to $201.00 and gave the stock an “equal weight” rating in a research report on Monday, May 20th. Royal Bank of Canada increased their target price on shares of American Tower from $195.00 to $203.00 and gave the stock an “outperform” rating in a research report on Thursday, May 9th. Finally, UBS Group cut shares of American Tower from a “buy” rating to a “neutral” rating and increased their target price for the stock from $195.00 to $222.00 in a research report on Friday, June 7th. Ten research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $199.94.
American Tower (NYSE:AMT) last announced its earnings results on Wednesday, July 31st. The real estate investment trust reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.87 by ($0.91). The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.83 billion. American Tower had a return on equity of 24.75% and a net margin of 19.30%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.74 EPS. On average, research analysts anticipate that American Tower will post 7.66 earnings per share for the current year.
In other American Tower news, CEO James D. Taiclet, Jr. sold 57,439 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $207.93, for a total value of $11,943,291.27. Following the completion of the sale, the chief executive officer now owns 255,415 shares in the company, valued at approximately $53,108,440.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO James D. Taiclet, Jr. sold 57,438 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $201.40, for a total transaction of $11,568,013.20. Following the completion of the sale, the chief executive officer now owns 255,414 shares of the company’s stock, valued at approximately $51,440,379.60. The disclosure for this sale can be found here. Insiders sold a total of 191,020 shares of company stock valued at $39,584,998 in the last 90 days. Corporate insiders own 0.75% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. Comerica Securities Inc. raised its stake in shares of American Tower by 3.0% in the fourth quarter. Comerica Securities Inc. now owns 3,029 shares of the real estate investment trust’s stock valued at $482,000 after acquiring an additional 87 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of American Tower by 11.1% in the fourth quarter. Geode Capital Management LLC now owns 5,244,004 shares of the real estate investment trust’s stock valued at $827,966,000 after acquiring an additional 525,601 shares in the last quarter. Financial Gravity Wealth Inc. acquired a new stake in shares of American Tower in the first quarter valued at $55,000. Horan Capital Advisors LLC. acquired a new stake in shares of American Tower in the first quarter valued at $39,000. Finally, Iberiabank Corp raised its stake in shares of American Tower by 32.7% in the first quarter. Iberiabank Corp now owns 35,474 shares of the real estate investment trust’s stock valued at $6,991,000 after acquiring an additional 8,747 shares in the last quarter. Hedge funds and other institutional investors own 93.22% of the company’s stock.
About American Tower
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 approximately 171,000 communications sites.
Further Reading: What is the Coverage Ratio?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for American Tower Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower and related companies with MarketBeat.com's FREE daily email newsletter.