American Tower (NYSE:AMT) Given New $236.00 Price Target at Royal Bank of Canada

American Tower (NYSE:AMT) had its price objective hoisted by stock analysts at Royal Bank of Canada from $225.00 to $236.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 7.76% from the company’s current price.

A number of other analysts also recently commented on the company. TD Cowen upped their price objective on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Barclays reduced their price target on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $226.00 to $248.00 in a research note on Wednesday, May 1st. BMO Capital Markets reaffirmed an “outperform” rating and issued a $246.00 target price (up previously from $225.00) on shares of American Tower in a research report on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft raised their target price on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $231.14.

American Tower Trading Down 1.9 %

Shares of NYSE:AMT traded down $4.17 during midday trading on Thursday, reaching $219.01. The company’s stock had a trading volume of 314,858 shares, compared to its average volume of 2,362,853. The firm has a market cap of $102.27 billion, a price-to-earnings ratio of 49.44, a price-to-earnings-growth ratio of 1.56 and a beta of 0.81. The business has a 50 day moving average price of $206.20 and a 200 day moving average price of $195.48. American Tower has a 1 year low of $154.58 and a 1 year high of $236.13. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The business had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter last year, the firm earned $2.46 EPS. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. Research analysts forecast that American Tower will post 10.04 EPS for the current year.

Insider Activity

In related news, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total value of $702,061.44. Following the completion of the transaction, the executive vice president now directly owns 28,413 shares in the company, valued at $5,692,828.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $230.00, for a total value of $4,953,510.00. Following the transaction, the chief executive officer now directly owns 61,843 shares in the company, valued at approximately $14,223,890. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total transaction of $702,061.44. Following the sale, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at approximately $5,692,828.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,227 shares of company stock worth $8,497,458. 0.18% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On American Tower

A number of hedge funds and other institutional investors have recently bought and sold shares of AMT. Vanguard Group Inc. raised its holdings in shares of American Tower by 1.6% during the first quarter. Vanguard Group Inc. now owns 61,991,053 shares of the real estate investment trust’s stock valued at $12,248,812,000 after buying an additional 965,938 shares during the last quarter. Cohen & Steers Inc. grew its holdings in American Tower by 3.7% during the fourth quarter. Cohen & Steers Inc. now owns 16,440,715 shares of the real estate investment trust’s stock worth $3,549,366,000 after acquiring an additional 583,892 shares during the period. Wellington Management Group LLP raised its position in American Tower by 21.9% in the fourth quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust’s stock worth $3,416,004,000 after acquiring an additional 2,839,570 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in American Tower by 36.2% in the 1st quarter. Principal Financial Group Inc. now owns 8,794,776 shares of the real estate investment trust’s stock valued at $1,737,760,000 after acquiring an additional 2,336,501 shares during the last quarter. Finally, Akre Capital Management LLC boosted its position in shares of American Tower by 0.5% during the 4th quarter. Akre Capital Management LLC now owns 6,804,599 shares of the real estate investment trust’s stock valued at $1,468,977,000 after purchasing an additional 36,375 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

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 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.