Zacks Investment Research upgraded shares of American Tower Corp. (NYSE:AMT) from a hold rating to a buy rating in a report released on Friday morning. Zacks Investment Research currently has $126.00 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. 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 equities analysts have also recently issued reports about the stock. Jefferies Group restated a buy rating on shares of American Tower Corp. in a research report on Saturday, August 6th. SunTrust Banks Inc. assumed coverage on shares of American Tower Corp. in a research report on Monday, September 12th. They issued a buy rating and a $128.00 target price for the company. BTIG Research boosted their target price 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. Argus boosted their target price 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. Finally, Citigroup Inc. boosted their target price on shares of American Tower Corp. from $108.00 to $121.00 and gave the company a buy rating in a research report on Thursday, June 16th. One equities research analyst has rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $120.84.
Shares of American Tower Corp. (NYSE:AMT) remained flat at $113.35 during trading on Friday. 740,808 shares of the company were exchanged. The firm has a market capitalization of $48.23 billion, a PE ratio of 70.36 and a beta of 0.62. American Tower Corp. has a one year low of $83.07 and a one year high of $118.26. The stock has a 50-day moving average price of $111.69 and a 200 day moving average price of $110.19.
American Tower Corp. (NYSE:AMT) last issued 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. The business earned $1.44 billion during the quarter, compared to analyst estimates of $1.44 billion. American Tower Corp. had a return on equity of 11.73% and a net margin of 15.21%. American Tower Corp.’s revenue for the quarter was up 22.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.26 EPS. On average, equities analysts predict that American Tower Corp. will post $5.70 earnings per share for the current fiscal year.
The business also recently announced 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. The ex-dividend date of this dividend is Wednesday, September 28th. This is a positive change from American Tower Corp.’s previous quarterly dividend of $0.53. This represents a $2.20 annualized dividend and a yield of 1.94%. American Tower Corp.’s dividend payout ratio is currently 136.65%.
In other American Tower Corp. news, Director Carolyn Katz sold 10,000 shares of the company’s stock in a transaction on 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 transaction, the director now owns 16,584 shares in the company, valued at $1,927,890. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman James D. Taiclet, Jr. sold 40,625 shares of the company’s stock in a transaction on Monday, September 19th. The stock was sold at an average price of $108.80, for a total transaction of $4,420,000.00. Following the transaction, the chairman now owns 226,517 shares in the company, 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.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital Analysts LLC increased its position in American Tower Corp. by 158.1% in the second quarter. Capital Analysts LLC now owns 2,395 shares of the real estate investment trust’s stock valued at $143,000 after buying an additional 1,467 shares during the last quarter. Financial Architects Inc increased its position in American Tower Corp. by 15.5% in the second quarter. Financial Architects Inc now owns 1,289 shares of the real estate investment trust’s stock valued at $147,000 after buying an additional 173 shares during the last quarter. Kernodle & Katon Asset Management Group LLC increased its position in American Tower Corp. by 3.3% in the second quarter. Kernodle & Katon Asset Management Group LLC now owns 1,474 shares of the real estate investment trust’s stock valued at $167,000 after buying an additional 47 shares during the last quarter. WFG Advisors LP increased its position in American Tower Corp. by 1.2% in the second quarter. WFG Advisors LP now owns 1,473 shares of the real estate investment trust’s stock valued at $167,000 after buying an additional 18 shares during the last quarter. Finally, PineBridge Investments L.P. acquired a new position in American Tower Corp. during the second quarter valued at $173,000. Hedge funds and other institutional investors own 94.15% of the company’s stock.
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.