American Tower Corp. (AMT) Upgraded by Zacks Investment Research to Buy
American Tower Corp. (NYSE:AMT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The firm presently has a $126.00 target price on the real estate investment trust’s stock. Zacks Investment Research’s target price points to a potential upside of 11.80% from the company’s previous close.
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.”
Several other equities analysts have also recently weighed in on AMT. Jefferies Group reissued a “buy” rating on shares of American Tower Corp. in a research report on Saturday, August 6th. Citigroup Inc. upped their price target on American Tower Corp. from $121.00 to $134.00 and gave the company a “buy” rating in a report on Monday, July 11th. Argus upped their price target on American Tower Corp. from $120.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, August 17th. SunTrust Banks Inc. began coverage on American Tower Corp. in a report on Monday, September 12th. They issued a “buy” rating and a $128.00 price target for the company. Finally, BTIG Research upped their price target on American Tower Corp. to $140.00 in a report on Tuesday, July 19th. They noted that the move was a valuation call. One investment analyst has rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. American Tower Corp. has an average rating of “Buy” and an average target price of $120.84.
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American Tower Corp. (NYSE:AMT) opened at 112.70 on Friday. The firm has a market cap of $47.95 billion, a price-to-earnings ratio of 69.96 and a beta of 0.62. American Tower Corp. has a 52-week low of $83.07 and a 52-week high of $118.26. The company’s 50-day moving average price is $111.71 and its 200-day moving average price is $110.10.
American Tower Corp. (NYSE:AMT) last posted its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $1.33 earnings per share for the quarter, missing the consensus estimate of $1.36 by $0.03. American Tower Corp. had a return on equity of 11.73% and a net margin of 15.21%. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period in the prior year, the firm posted $1.26 EPS. American Tower Corp.’s revenue for the quarter was up 22.8% on a year-over-year basis. Analysts predict that American Tower Corp. will post $5.70 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend is Wednesday, September 28th. This is an increase from American Tower Corp.’s previous quarterly dividend of $0.53. American Tower Corp.’s dividend payout ratio (DPR) is presently 136.65%.
In other American Tower Corp. news, Director Carolyn Katz sold 5,000 shares of the stock in a transaction dated Tuesday, September 6th. The stock was sold at an average price of $116.34, for a total transaction of $581,700.00. Following the completion of the transaction, the director now owns 14,484 shares in the company, valued at approximately $1,685,068.56. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman James D. Taiclet, Jr. sold 40,625 shares of the stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $108.80, for a total value of $4,420,000.00. Following the transaction, the chairman now owns 226,517 shares of the company’s stock, valued at approximately $24,645,049.60. The disclosure for this sale can be found here. Corporate insiders own 0.95% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in AMT. Atalanta Sosnoff Capital LLC boosted its position in American Tower Corp. by 22.6% in the second quarter. Atalanta Sosnoff Capital LLC now owns 756,884 shares of the real estate investment trust’s stock worth $85,990,000 after buying an additional 139,315 shares during the period. Standard Life Investments LTD boosted its position in American Tower Corp. by 5.6% in the second quarter. Standard Life Investments LTD now owns 4,467,595 shares of the real estate investment trust’s stock worth $507,519,000 after buying an additional 238,684 shares during the period. New York State Teachers Retirement System boosted its position in American Tower Corp. by 0.5% in the second quarter. New York State Teachers Retirement System now owns 752,616 shares of the real estate investment trust’s stock worth $85,505,000 after buying an additional 3,963 shares during the period. Waverton Investment Management Ltd boosted its position in American Tower Corp. by 0.3% in the second quarter. Waverton Investment Management Ltd now owns 99,781 shares of the real estate investment trust’s stock worth $11,336,000 after buying an additional 250 shares during the period. Finally, Smith Asset Management Group LP boosted its position in American Tower Corp. by 30,536.4% in the second quarter. Smith Asset Management Group LP now owns 101,100 shares of the real estate investment trust’s stock worth $11,486,000 after buying an additional 100,770 shares during the period. Hedge funds and other institutional investors own 94.23% of the company’s stock.
About American Tower Corp.
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.
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