American Tower (NYSE:AMT) Stock Rating Upgraded by Wells Fargo & Company

American Tower (NYSE:AMT) was upgraded by equities researchers at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research note issued on Monday, MarketBeat Ratings reports. The brokerage presently has a $230.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $210.00. Wells Fargo & Company‘s price target indicates a potential upside of 7.07% from the company’s current price.

Other equities research analysts have also recently issued reports about the stock. Morgan Stanley cut their price objective on shares of American Tower from $219.00 to $213.00 and set an “equal weight” rating for the company in a research report on Monday, February 24th. JMP Securities started coverage on shares of American Tower in a research report on Monday, January 27th. They set an “outperform” rating and a $225.00 price objective for the company. BMO Capital Markets raised their price objective on shares of American Tower from $210.00 to $220.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 26th. Hsbc Global Res upgraded shares of American Tower to a “strong-buy” rating in a research report on Thursday, February 27th. Finally, Scotiabank lowered their target price on shares of American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a research note on Thursday, January 23rd. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, American Tower currently has an average rating of “Buy” and an average price target of $228.79.

American Tower Price Performance

Shares of NYSE AMT opened at $214.82 on Monday. The firm has a 50-day simple moving average of $193.74 and a 200-day simple moving average of $205.54. The stock has a market capitalization of $100.42 billion, a price-to-earnings ratio of 90.64, a price-to-earnings-growth ratio of 1.29 and a beta of 0.85. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. American Tower has a 52 week low of $170.46 and a 52 week high of $243.56.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.83. The business had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.51 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.29 earnings per share. On average, equities analysts predict that American Tower will post 10.14 earnings per share for the current fiscal year.

Insider Buying and Selling

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the sale, the chief financial officer now owns 62,792 shares of the company’s stock, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.18% of the stock is owned by insiders.

Institutional Trading of American Tower

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Legacy Investment Solutions LLC acquired a new stake in American Tower during the third quarter worth approximately $34,000. Activest Wealth Management increased its holdings in shares of American Tower by 431.0% in the 3rd quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 125 shares during the period. Minot DeBlois Advisors LLC acquired a new position in shares of American Tower in the 4th quarter valued at $29,000. Graney & King LLC acquired a new position in shares of American Tower in the 4th quarter valued at $32,000. Finally, Roxbury Financial LLC acquired a new position in shares of American Tower in the 4th quarter valued at $32,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

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.