Zacks Investment Research upgraded shares of American Tower Corp. (NYSE:AMT) from a hold rating to a strong-buy rating in a research note published on Wednesday morning. They currently have $129.00 target price on the real estate investment trust’s stock.
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. American Tower’s Indian, EMEA and Latin American operations account for almost 50% of its organic core revenue growth. Notably, in order to support the rising demand for LTE, American Tower plans to construct nearly 2,500 sites globally in 2016.”
A number of other equities analysts have also commented on the stock. Jefferies Group restated a buy rating on shares of American Tower Corp. in a research report on Monday, August 29th. Citigroup Inc. reduced their price target on shares of American Tower Corp. from $134.00 to $133.00 and set a buy rating on the stock in a research report on Wednesday, August 10th. BTIG Research boosted their price target on shares of American Tower Corp. to $140.00 in a research report on Tuesday, July 19th. They noted that the move was a valuation call. SunTrust Banks Inc. started coverage on shares of American Tower Corp. in a research report on Monday, September 12th. They issued a buy rating and a $128.00 price target on the stock. Finally, Argus boosted their price target on shares of American Tower Corp. from $120.00 to $130.00 and gave the company a buy rating in a research report on Wednesday, August 17th. One analyst has rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $120.99.
American Tower Corp. (NYSE:AMT) opened at 113.33 on Wednesday. American Tower Corp. has a 52-week low of $83.07 and a 52-week high of $118.26. The firm’s 50-day moving average is $112.95 and its 200 day moving average is $109.54. The stock has a market capitalization of $48.22 billion, a PE ratio of 70.35 and a beta of 0.62.
American Tower Corp. (NYSE:AMT) last released its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $1.33 EPS for the quarter, missing the Zacks’ consensus estimate of $1.36 by $0.03. The firm earned $1.44 billion during the quarter, compared to analyst estimates of $1.44 billion. American Tower Corp. had a net margin of 15.21% and a return on equity of 11.73%. American Tower Corp.’s quarterly revenue was up 22.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.26 earnings per share. On average, equities analysts forecast that American Tower Corp. will post $5.70 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.94%. The ex-dividend date 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 is presently 136.65%.
In other American Tower Corp. news, EVP Steven C. Marshall sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of $113.33, for a total value of $11,333,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman James D. Taiclet, Jr. sold 40,625 shares of the company’s stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $108.80, for a total transaction of $4,420,000.00. Following the completion of the sale, the chairman now directly 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. 0.95% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of AMT. Virginia Retirement System bought a new stake in shares of American Tower Corp. during the first quarter valued at about $703,000. Torray LLC increased its stake in shares of American Tower Corp. by 46.4% in the first quarter. Torray LLC now owns 589,116 shares of the real estate investment trust’s stock valued at $60,308,000 after buying an additional 186,615 shares in the last quarter. WASHINGTON TRUST Co increased its stake in shares of American Tower Corp. by 9.3% in the first quarter. WASHINGTON TRUST Co now owns 30,697 shares of the real estate investment trust’s stock valued at $3,142,000 after buying an additional 2,610 shares in the last quarter. First Long Island Investors LLC increased its stake in shares of American Tower Corp. by 1.4% in the first quarter. First Long Island Investors LLC now owns 107,160 shares of the real estate investment trust’s stock valued at $10,970,000 after buying an additional 1,446 shares in the last quarter. Finally, Stratos Wealth Partners LTD. increased its stake in shares of American Tower Corp. by 12.4% in the first quarter. Stratos Wealth Partners LTD. now owns 6,776 shares of the real estate investment trust’s stock valued at $694,000 after buying an additional 746 shares in the last quarter. 94.23% of the stock is owned by hedge funds and other institutional investors.
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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