American Tower Corp. (AMT) Cut to Hold at Zacks Investment Research
American Tower Corp. (NYSE:AMT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “American tower will benefit from increased investment of wireless carriers as they push towards deployment of 5G networks. Moreover, American Tower has been focusing on its operations in India which include acquisition of 51% control in Viom Networks and the tower deal with Bharti Airtel’s Tanzania unit. These transactions will increase the tower count as well as help the company build stronger ties with mobile network operators such as Bharti Airtel, Vodafone, Idea, Tata, Reliance and Aircel. Going forward, we believe that American Tower’s buyout of towers in emerging markets should help drive its top line and lend a competitive edge over rivals. However, high customer concentration, foreign currency exchange rate risks, stiff competition, integration risks, rising operating expenses and a highly leveraged balance sheet are near-term risks.”
Other analysts have also issued research reports about the company. Jefferies Group restated a “buy” rating on shares of American Tower Corp. in a report on Saturday, August 6th. SunTrust Banks Inc. assumed coverage on American Tower Corp. in a research report on Monday, September 12th. They set a “buy” rating and a $128.00 price target on the stock. BTIG Research upped their price target on American Tower Corp. to $140.00 in a research report on Tuesday, July 19th. They noted that the move was a valuation call. Argus upped their price target on American Tower Corp. from $120.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, August 17th. Finally, Citigroup Inc. upped their price target on American Tower Corp. from $108.00 to $121.00 and gave the stock a “buy” rating in a research report on Thursday, June 16th. Two research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. American Tower Corp. currently has an average rating of “Buy” and a consensus target price of $120.99.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/12/american-tower-corp-amt-cut-to-hold-at-zacks-investment-research.html
American Tower Corp. (NYSE:AMT) traded up 2.39% during mid-day trading on Wednesday, hitting $111.54. The company’s stock had a trading volume of 2,420,744 shares. The firm’s 50-day moving average is $111.87 and its 200-day moving average is $110.07. The company has a market cap of $47.46 billion, a P/E ratio of 69.24 and a beta of 0.62. American Tower Corp. has a 12-month low of $83.07 and a 12-month high of $118.26.
American Tower Corp. (NYSE:AMT) last posted its earnings results on Thursday, July 28th. The real estate investment trust reported $1.33 earnings per share for the quarter, missing analysts’ consensus estimates of $1.36 by $0.03. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.44 billion. American Tower Corp. had a return on equity of 11.73% and a net margin of 15.21%. The firm’s quarterly revenue was up 22.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.26 EPS. Analysts predict that American Tower Corp. will post $5.70 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be given a dividend of $0.55 per share. This is an increase from American Tower Corp.’s previous quarterly dividend of $0.53. This represents a $2.20 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend is Wednesday, September 28th. American Tower Corp.’s dividend payout ratio (DPR) is currently 136.65%.
In other news, Director Carolyn Katz sold 10,000 shares of the stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $116.25, for a total transaction of $1,162,500.00. Following the sale, the director now directly owns 16,584 shares of the company’s stock, valued at approximately $1,927,890. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO James D. Taiclet, Jr. sold 40,625 shares of the stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $116.69, for a total transaction of $4,740,531.25. Following the sale, the chief executive officer now directly owns 271,697 shares in the company, valued at $31,704,322.93. The disclosure for this sale can be found here. Company insiders own 0.95% of the company’s stock.
Several large investors have recently bought and sold shares of AMT. Virginia Retirement System purchased a new stake in American Tower Corp. during the first quarter valued at about $703,000. Bessemer Group Inc. raised its stake in American Tower Corp. by 77.7% in the first quarter. Bessemer Group Inc. now owns 9,094 shares of the real estate investment trust’s stock valued at $931,000 after buying an additional 3,976 shares during the last quarter. Aviva PLC raised its stake in American Tower Corp. by 1.7% in the first quarter. Aviva PLC now owns 254,535 shares of the real estate investment trust’s stock valued at $26,057,000 after buying an additional 4,312 shares during the last quarter. Motley Fool Wealth Management LLC raised its stake in American Tower Corp. by 1.2% in the first quarter. Motley Fool Wealth Management LLC now owns 118,157 shares of the real estate investment trust’s stock valued at $12,096,000 after buying an additional 1,446 shares during the last quarter. Finally, AMF Pensionsforsakring AB raised its stake in American Tower Corp. by 7.3% in the first quarter. AMF Pensionsforsakring AB now owns 1,209,463 shares of the real estate investment trust’s stock valued at $123,813,000 after buying an additional 81,972 shares during the last quarter. 94.23% of the stock is currently owned by institutional investors and hedge funds.
American Tower Corp. Company Profile
American Tower Corporation is a holding company. The company owns, operates and develops wireless and broadcast communications real estate. Its primary business is leasing antenna space on multi-tenant communications sites to wireless service providers, radio and television broadcast companies, wireless data and data providers, government agencies and municipalities.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for American Tower Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower Corp. and related companies with MarketBeat.com's FREE daily email newsletter.