American Tower (NYSE:AMT) had its price target hoisted by equities research analysts at Oppenheimer from $155.00 to $160.00 in a research note issued on Wednesday. The brokerage currently has an “outperform” rating on the real estate investment trust’s stock. Oppenheimer’s price objective points to a potential upside of 12.79% from the stock’s previous close.
Several other research analysts have also recently commented on AMT. BidaskClub upgraded shares of American Tower from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Citigroup raised their target price on shares of American Tower from $142.00 to $167.00 and gave the stock a “buy” rating in a report on Monday, August 28th. Royal Bank of Canada reissued a “buy” rating and issued a $153.00 price target on shares of American Tower in a research report on Friday, September 1st. UBS increased their price target on shares of American Tower from $150.00 to $163.00 and gave the stock a “buy” rating in a research report on Monday, September 11th. Finally, Jefferies Group reissued a “buy” rating and issued a $144.00 price target on shares of American Tower in a research report on Tuesday, September 12th. Two research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $158.60.
Shares of American Tower (NYSE AMT) traded down $0.98 on Wednesday, hitting $141.86. 2,284,600 shares of the company’s stock traded hands, compared to its average volume of 1,986,966. American Tower has a one year low of $102.51 and a one year high of $155.28. The firm has a market capitalization of $61,257.79, a PE ratio of 22.11, a price-to-earnings-growth ratio of 1.68 and a beta of 0.73. The company has a debt-to-equity ratio of 2.61, a quick ratio of 1.42 and a current ratio of 1.42.
In related news, Chairman James D. Taiclet, Jr. sold 34,667 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $142.52, for a total transaction of $4,940,740.84. Following the transaction, the chairman now owns 305,374 shares of the company’s stock, valued at $43,521,902.48. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman James D. Taiclet, Jr. sold 34,000 shares of the firm’s stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $139.40, for a total transaction of $4,739,600.00. Following the transaction, the chairman now directly owns 304,707 shares in the company, valued at approximately $42,476,155.80. The disclosure for this sale can be found here. Insiders sold 124,251 shares of company stock valued at $17,789,434 over the last three months. 0.86% of the stock is owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. CIBC World Markets Inc. raised its position in shares of American Tower by 100.6% in the second quarter. CIBC World Markets Inc. now owns 21,261 shares of the real estate investment trust’s stock valued at $2,813,000 after purchasing an additional 10,663 shares during the period. Oppenheimer & Co. Inc. raised its position in shares of American Tower by 33.0% in the second quarter. Oppenheimer & Co. Inc. now owns 81,470 shares of the real estate investment trust’s stock valued at $10,780,000 after purchasing an additional 20,222 shares during the period. State of Tennessee Treasury Department raised its position in shares of American Tower by 9.7% in the second quarter. State of Tennessee Treasury Department now owns 349,736 shares of the real estate investment trust’s stock valued at $46,277,000 after purchasing an additional 30,885 shares during the period. BB&T Corp raised its position in shares of American Tower by 3.1% in the third quarter. BB&T Corp now owns 37,161 shares of the real estate investment trust’s stock valued at $5,079,000 after purchasing an additional 1,104 shares during the period. Finally, Motco raised its position in shares of American Tower by 6.8% in the second quarter. Motco now owns 3,112 shares of the real estate investment trust’s stock valued at $412,000 after purchasing an additional 199 shares during the period. 91.60% of the stock is currently owned by hedge funds and other institutional investors.
American Tower Company Profile
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.
