American Tower (NYSE:AMT) Price Target Cut to $268.00 by Analysts at Morgan Stanley

American Tower (NYSE:AMTGet Rating) had its target price lowered by analysts at Morgan Stanley from $275.00 to $268.00 in a report released on Tuesday, Stock Target Advisor reports. The brokerage currently has an “equal weight” rating on the real estate investment trust’s stock. Morgan Stanley’s price target points to a potential upside of 1.85% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the company. Credit Suisse Group cut their price target on American Tower from $325.00 to $300.00 and set an “outperform” rating for the company in a report on Tuesday, March 1st. Bank of America began coverage on American Tower in a report on Sunday. They issued a “buy” rating and a $315.00 price target for the company. Deutsche Bank Aktiengesellschaft cut their price target on American Tower from $288.00 to $260.00 and set a “hold” rating for the company in a report on Monday, February 28th. Raymond James cut their price target on American Tower from $294.00 to $279.00 and set an “outperform” rating for the company in a report on Monday, February 28th. Finally, Wells Fargo & Company lifted their price target on American Tower from $250.00 to $280.00 and gave the company an “overweight” rating in a report on Friday, March 11th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $290.29.

Shares of NYSE AMT traded down $4.24 during midday trading on Tuesday, reaching $263.12. 14,593 shares of the company traded hands, compared to its average volume of 2,224,897. The firm has a market cap of $120.06 billion, a PE ratio of 45.36, a PEG ratio of 2.52 and a beta of 0.48. The stock’s 50-day simple moving average is $251.17 and its 200-day simple moving average is $252.68. 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 quick ratio of 0.51 and a current ratio of 0.51.

American Tower (NYSE:AMTGet Rating) last issued its quarterly earnings data on Wednesday, April 27th. The real estate investment trust reported $1.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.41 by ($0.85). The company had revenue of $2.66 billion for the quarter, compared to the consensus estimate of $2.61 billion. American Tower had a net margin of 26.72% and a return on equity of 30.44%. The firm’s revenue was up 23.2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.46 earnings per share. On average, equities research analysts expect 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 that occurred on Thursday, April 21st. The stock was sold at an average price of $270.00, for a total value of $6,855,030.00. Following the sale, the chief financial officer now owns 52,398 shares in the company, valued at approximately $14,147,460. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.24% of the company’s stock.

Several institutional investors have recently made changes to their positions in AMT. Cohen & Steers Inc. raised its stake in shares of American Tower by 27.5% during the 1st quarter. Cohen & Steers Inc. now owns 19,680,735 shares of the real estate investment trust’s stock worth $4,944,107,000 after purchasing an additional 4,239,151 shares in the last quarter. Norges Bank acquired a new position in shares of American Tower during the 4th quarter worth approximately $1,148,150,000. BlackRock Inc. increased its holdings in shares of American Tower by 6.7% during the 4th quarter. BlackRock Inc. now owns 36,636,712 shares of the real estate investment trust’s stock worth $10,716,237,000 after acquiring an additional 2,302,202 shares during the last quarter. State Street Corp increased its holdings in shares of American Tower by 7.9% during the 1st quarter. State Street Corp now owns 21,253,223 shares of the real estate investment trust’s stock worth $5,339,235,000 after acquiring an additional 1,550,683 shares during the last quarter. Finally, Jennison Associates LLC increased its holdings in shares of American Tower by 1,183.6% during the 1st quarter. Jennison Associates LLC now owns 1,518,225 shares of the real estate investment trust’s stock worth $381,408,000 after acquiring an additional 1,399,946 shares during the last quarter. 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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