American Tower (NYSE:AMT) Research Coverage Started at Bank of America

Posted by on Jun 5th, 2022

Research analysts at Bank of America started coverage on shares of American Tower (NYSE:AMT – Get Rating) in a report issued on Sunday, The Fly reports. The firm set a “buy” rating on the real estate investment trust’s stock.

Several other equities research analysts have also recently issued reports on the stock. Cowen lowered their target price on shares of American Tower from $350.00 to $325.00 in a research note on Friday, February 25th. TheStreet raised shares of American Tower from a “c+” rating to a “b” rating in a research report on Wednesday, April 27th. Wells Fargo & Company boosted their price target on shares of American Tower from $250.00 to $280.00 and gave the company an “overweight” rating in a research report on Friday, March 11th. KeyCorp lowered their price target on shares of American Tower from $311.00 to $286.00 and set an “overweight” rating on the stock in a research report on Friday, February 25th. Finally, StockNews.com initiated coverage on shares of American Tower in a research report on Thursday, March 31st. They set a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $288.92.

NYSE AMT traded up $4.37 on Friday, hitting $266.73. The company had a trading volume of 7,331,923 shares, compared to its average volume of 1,950,443. American Tower has a 12-month low of $220.00 and a 12-month high of $303.72. The company has a debt-to-equity ratio of 4.12, a current ratio of 0.51 and a quick ratio of 0.51. The company’s fifty day moving average price is $250.72 and its 200-day moving average price is $252.68. The company has a market capitalization of $121.70 billion, a PE ratio of 46.15, a PEG ratio of 2.66 and a beta of 0.48.

American Tower (NYSE:AMT – Get Rating) last announced its earnings results on Wednesday, April 27th. The real estate investment trust reported $1.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.41 by ($0.85). American Tower had a return on equity of 30.44% and a net margin of 26.72%. The business had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.61 billion. During the same period last year, the firm earned $2.46 EPS. The company’s revenue for the quarter was up 23.2% compared to the same quarter last year. On average, sell-side analysts anticipate that American Tower will post 9.61 EPS for the current year.

In other American Tower news, CFO Rodney M. Smith sold 25,389 shares of the business’s stock in a transaction dated Thursday, April 21st. The shares were sold at an average price of $270.00, for a total transaction of $6,855,030.00. Following the sale, the chief financial officer now directly owns 52,398 shares in the company, valued at $14,147,460. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.24% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the business. Morgan Stanley increased its stake in shares of American Tower by 26.7% during the second quarter. Morgan Stanley now owns 4,272,674 shares of the real estate investment trust’s stock worth $1,154,222,000 after buying an additional 900,101 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in shares of American Tower during the third quarter worth approximately $1,619,000. Ameritas Investment Company LLC purchased a new stake in shares of American Tower during the third quarter worth approximately $252,000. GSA Capital Partners LLP purchased a new stake in shares of American Tower during the third quarter worth approximately $312,000. Finally, Franklin Resources Inc. increased its stake in shares of American Tower by 1.8% during the third quarter. Franklin Resources Inc. now owns 1,167,424 shares of the real estate investment trust’s stock worth $309,848,000 after buying an additional 20,524 shares during the period. Institutional investors own 91.00% of the company’s stock.

American Tower Company Profile (Get Rating)

American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the Earnings Materials and Investor Presentations sections of our investor relations website at www.americantower.com.

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