American Tower (NYSE:AMT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday.
According to Zacks, “Shares of American Tower have underperformed its industry in the past month. Moreover, the Zacks Consensus Estimate for 2018 funds from operations (FFO) per share was revised downward in the past two months. American Tower has a substantially leveraged balance sheet. Further, high customer concentration is likely to affect the company’s top line. Moreover, the company is affected by the change in rate of foreign currencies, stiff competition and integration risks. Additionally, the rising operating expenses pose a challenge to American Tower. Nonetheless, the company continues to benefit from increased investment of wireless carriers in 4G LTE and 5G networks. Its tower buyouts in emerging markets and long-term tower leases with major wireless carriers lend it a competitive edge over rivals.”
A number of other research firms also recently issued reports on AMT. Morgan Stanley dropped their price target on American Tower from $161.00 to $157.00 and set an “overweight” rating on the stock in a research note on Friday, March 16th. Citigroup dropped their price target on American Tower from $162.00 to $161.00 and set a “buy” rating on the stock in a research note on Tuesday, March 27th. Finally, KeyCorp set a $171.00 price target on American Tower and gave the stock a “buy” rating in a research note on Tuesday, February 27th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and fifteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $160.38.
AMT stock opened at $136.62 on Friday. The firm has a market capitalization of $60,581.75, a PE ratio of 21.41, a PEG ratio of 1.55 and a beta of 0.78. American Tower has a 1 year low of $122.73 and a 1 year high of $155.28. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 2.85.
American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.63 by ($0.04). The firm had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.69 billion. American Tower had a return on equity of 17.20% and a net margin of 18.31%. The business’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the business earned $1.52 earnings per share. equities research analysts expect that American Tower will post 7.09 earnings per share for the current fiscal year.
In other American Tower news, Director Joann A. Reed sold 845 shares of the firm’s stock in a transaction dated Wednesday, March 14th. The stock was sold at an average price of $146.83, for a total transaction of $124,071.35. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Amit Sharma sold 32,943 shares of the firm’s stock in a transaction dated Monday, April 16th. The shares were sold at an average price of $138.82, for a total value of $4,573,147.26. Following the sale, the executive vice president now directly owns 111,558 shares in the company, valued at $15,486,481.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 65,579 shares of company stock worth $9,319,595. 0.86% of the stock is owned by insiders.
A number of large investors have recently bought and sold shares of AMT. Renaissance Technologies LLC raised its holdings in American Tower by 24.4% during the fourth quarter. Renaissance Technologies LLC now owns 2,703,900 shares of the real estate investment trust’s stock valued at $385,765,000 after acquiring an additional 530,200 shares during the period. Brookfield Asset Management Inc. raised its holdings in American Tower by 18.1% during the fourth quarter. Brookfield Asset Management Inc. now owns 2,810,143 shares of the real estate investment trust’s stock valued at $400,923,000 after acquiring an additional 430,500 shares during the period. Amundi Pioneer Asset Management Inc. bought a new stake in American Tower during the fourth quarter valued at about $60,810,000. Rivulet Capital LLC bought a new stake in American Tower during the fourth quarter valued at about $45,241,000. Finally, Elkfork Partners LLC bought a new stake in American Tower during the fourth quarter valued at about $32,481,000. 89.98% of the stock is currently owned by institutional investors and hedge funds.
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American Tower Company Profile
American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 150,000 communications sites. For more information about American Tower, please visit the ?Earnings Materials? and ?Company & Industry Resources? sections of our investor relations website at www.americantower.com.
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