American Tower (NYSE:AMT) Price Target Raised to $223.00 at Barclays

American Tower (NYSE:AMT) had its price target boosted by equities research analysts at Barclays from $214.00 to $223.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. Barclays‘s price target points to a potential upside of 3.05% from the company’s previous close.

Several other equities research analysts have also issued reports on AMT. Mizuho reduced their target price on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. JMP Securities initiated coverage on shares of American Tower in a report on Monday, January 27th. They set an “outperform” rating and a $225.00 price objective for the company. BMO Capital Markets increased their price objective on shares of American Tower from $210.00 to $220.00 and gave the company an “outperform” rating in a report on Wednesday, February 26th. Wells Fargo & Company raised shares of American Tower from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $210.00 to $230.00 in a report on Monday, March 17th. Finally, Scotiabank cut their price objective on shares of American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a report on Thursday, January 23rd. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $229.43.

American Tower Price Performance

Shares of NYSE:AMT opened at $216.41 on Friday. The firm’s 50 day moving average price is $195.99 and its 200-day moving average price is $205.43. American Tower has a twelve month low of $170.46 and a twelve month high of $243.56. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The stock has a market capitalization of $101.16 billion, a PE ratio of 91.31, a price-to-earnings-growth ratio of 1.29 and a beta of 0.85.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.83. The company had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.51 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.29 EPS. Equities research analysts expect that American Tower will post 10.14 EPS for the current year.

Insider Buying and Selling

In related news, CFO Rodney M. Smith sold 16,567 shares of the firm’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $181.10, for a total value of $3,000,283.70. Following the completion of the sale, the chief financial officer now directly owns 62,792 shares in the company, valued at $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.18% of the stock is owned by corporate insiders.

Institutional Trading of American Tower

Institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of American Tower during the fourth quarter worth $1,164,851,000. Cohen & Steers Inc. lifted its position in shares of American Tower by 21.8% during the fourth quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust’s stock worth $3,516,890,000 after purchasing an additional 3,437,602 shares during the last quarter. Capital Research Global Investors lifted its position in shares of American Tower by 66.5% during the fourth quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust’s stock worth $1,570,547,000 after purchasing an additional 3,421,413 shares during the last quarter. Capital World Investors lifted its position in shares of American Tower by 160.6% during the fourth quarter. Capital World Investors now owns 4,920,100 shares of the real estate investment trust’s stock worth $902,396,000 after purchasing an additional 3,032,005 shares during the last quarter. Finally, FMR LLC lifted its position in shares of American Tower by 25.4% during the third quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust’s stock worth $2,474,934,000 after purchasing an additional 2,152,646 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

About American Tower

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.