American Tower (AMT) Price Target Raised to $170.00 at KeyCorp

American Tower (NYSE:AMT) had its price objective boosted by stock analysts at KeyCorp from $165.00 to $170.00 in a research note issued to investors on Wednesday. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. KeyCorp’s target price would suggest a potential upside of 7.10% from the company’s current price.

A number of other brokerages have also issued reports on AMT. Morgan Stanley boosted their price target on shares of American Tower from $154.00 to $160.00 and gave the stock an “overweight” rating in a research note on Thursday, August 16th. Citigroup lowered shares of American Tower from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $161.00 to $176.00 in a research note on Wednesday. Guggenheim lowered shares of American Tower from a “buy” rating to a “neutral” rating and set a $135.00 price target on the stock. in a research note on Monday, July 16th. Oppenheimer boosted their price target on shares of American Tower from $167.00 to $160.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 1st. Finally, Deutsche Bank boosted their price target on shares of American Tower from $155.00 to $169.00 and gave the stock a “buy” rating in a research note on Wednesday, August 1st. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $163.14.

AMT traded down $2.22 on Wednesday, reaching $158.73. The company had a trading volume of 22,988 shares, compared to its average volume of 2,030,923. American Tower has a 1 year low of $130.37 and a 1 year high of $161.71. The stock has a market cap of $65.95 billion, a PE ratio of 24.83, a price-to-earnings-growth ratio of 1.59 and a beta of 0.80. The company has a debt-to-equity ratio of 2.99, a current ratio of 0.66 and a quick ratio of 0.66.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, October 30th. The real estate investment trust reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.02. American Tower had a net margin of 16.34% and a return on equity of 16.72%. The firm had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period in the previous year, the company earned $1.73 earnings per share. American Tower’s quarterly revenue was up 6.2% compared to the same quarter last year. As a group, equities analysts expect that American Tower will post 7.11 EPS for the current fiscal year.

In other American Tower news, EVP Edmund Disanto sold 13,000 shares of the company’s stock in a transaction dated Friday, September 7th. The shares were sold at an average price of $146.78, for a total transaction of $1,908,140.00. Following the transaction, the executive vice president now directly owns 160,021 shares in the company, valued at $23,487,882.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman James D. Taiclet, Jr. sold 43,808 shares of the company’s stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $150.65, for a total transaction of $6,599,675.20. The disclosure for this sale can be found here. Insiders have sold 80,281 shares of company stock worth $12,014,625 over the last 90 days. 0.87% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in AMT. Principal Financial Group Inc. lifted its position in American Tower by 12.6% during the first quarter. Principal Financial Group Inc. now owns 3,595,781 shares of the real estate investment trust’s stock valued at $522,610,000 after purchasing an additional 402,859 shares in the last quarter. Gulf International Bank UK Ltd lifted its position in American Tower by 5.1% during the second quarter. Gulf International Bank UK Ltd now owns 143,610 shares of the real estate investment trust’s stock valued at $20,704,000 after purchasing an additional 6,965 shares in the last quarter. Bath Savings Trust Co lifted its position in American Tower by 10.0% during the second quarter. Bath Savings Trust Co now owns 55,148 shares of the real estate investment trust’s stock valued at $7,951,000 after purchasing an additional 5,030 shares in the last quarter. DnB Asset Management AS lifted its position in American Tower by 8.1% during the second quarter. DnB Asset Management AS now owns 54,502 shares of the real estate investment trust’s stock valued at $7,858,000 after purchasing an additional 4,100 shares in the last quarter. Finally, Newman Dignan & Sheerar Inc. purchased a new position in American Tower during the second quarter valued at $235,000. 93.35% of the stock is currently owned by institutional investors.

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 approximately 170,000 communications sites.

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Analyst Recommendations for American Tower (NYSE:AMT)

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