American Tower (NYSE:AMT) had its price objective lifted by stock analysts at Oppenheimer from $155.00 to $160.00 in a research note issued to investors on Wednesday, December 20th. The firm presently has an “outperform” rating on the real estate investment trust’s stock. Oppenheimer’s price objective indicates a potential upside of 18.54% from the stock’s previous close. Oppenheimer also issued estimates for American Tower’s Q4 2017 earnings at $1.67 EPS, FY2017 earnings at $6.57 EPS, FY2018 earnings at $7.75 EPS and FY2019 earnings at $8.96 EPS.
A number of other research firms have also recently weighed in on AMT. Zacks Investment Research cut shares of American Tower from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. KeyCorp set a $156.00 target price on shares of American Tower and gave the stock an “overweight” rating in a report on Wednesday, November 1st. Jefferies Group reiterated a “buy” rating and set a $144.00 target price on shares of American Tower in a report on Tuesday, September 12th. SunTrust Banks reissued a “buy” rating on shares of American Tower in a research report on Wednesday, September 20th. Finally, Macquarie increased their price target on shares of American Tower from $162.00 to $165.00 and gave the company an “outperform” rating in a research report on Wednesday, November 1st. One investment analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $158.60.
Shares of American Tower (NYSE AMT) opened at $134.97 on Wednesday. The stock has a market cap of $59,100.00, a price-to-earnings ratio of 51.32, a P/E/G ratio of 1.46 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. American Tower has a 12 month low of $102.73 and a 12 month high of $155.28.
American Tower declared that its board has initiated a share repurchase program on Thursday, December 7th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the real estate investment trust to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
In related news, Director David E. Sharbutt sold 1,584 shares of American Tower stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $144.44, for a total value of $228,792.96. Following the sale, the director now owns 4,861 shares of the company’s stock, valued at approximately $702,122.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Samme L. Thompson sold 5,000 shares of American Tower stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $143.16, for a total transaction of $715,800.00. The disclosure for this sale can be found here. Insiders have sold a total of 109,251 shares of company stock valued at $15,765,734 over the last three months. 0.86% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. LVM Capital Management Ltd. MI raised its holdings in American Tower by 11.6% in the 4th quarter. LVM Capital Management Ltd. MI now owns 57,741 shares of the real estate investment trust’s stock valued at $8,238,000 after buying an additional 5,986 shares during the period. Waverton Investment Management Ltd raised its holdings in American Tower by 1.2% in the 4th quarter. Waverton Investment Management Ltd now owns 49,729 shares of the real estate investment trust’s stock valued at $7,095,000 after buying an additional 605 shares during the period. Bath Savings Trust Co raised its holdings in American Tower by 11.6% in the 4th quarter. Bath Savings Trust Co now owns 47,773 shares of the real estate investment trust’s stock valued at $6,816,000 after buying an additional 4,965 shares during the period. Boltwood Capital Management acquired a new position in American Tower in the 4th quarter valued at about $443,000. Finally, DnB Asset Management AS grew its position in American Tower by 1.5% in the 4th quarter. DnB Asset Management AS now owns 48,702 shares of the real estate investment trust’s stock valued at $6,948,000 after acquiring an additional 700 shares in the last quarter. 91.61% of the stock is currently owned by hedge funds and other institutional investors.
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About American Tower
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.
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