American Tower (NYSE:AMT) Research Coverage Started at The Goldman Sachs Group

Research analysts at The Goldman Sachs Group assumed coverage on shares of American Tower (NYSE:AMT) in a report released on Monday, Briefing.com reports. The brokerage set a “buy” rating and a $230.00 price target on the real estate investment trust’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 18.32% from the stock’s previous close.

Other analysts have also issued reports about the stock. Raymond James upgraded shares of American Tower from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $226.00 to $248.00 in a report on Wednesday, May 1st. Mizuho began coverage on shares of American Tower in a research note on Monday, April 8th. They issued a “neutral” rating and a $205.00 price target for the company. BMO Capital Markets decreased their target price on shares of American Tower from $228.00 to $220.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Barclays decreased their target price on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. Finally, Morgan Stanley raised their price target on shares of American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, American Tower currently has a consensus rating of “Moderate Buy” and a consensus target price of $221.67.

American Tower Stock Performance

NYSE AMT opened at $194.38 on Monday. The company has a 50-day simple moving average of $188.22 and a two-hundred day simple moving average of $194.95. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 3.39. American Tower has a 12-month low of $154.58 and a 12-month high of $219.10. The firm has a market cap of $90.77 billion, a price-to-earnings ratio of 43.98, a PEG ratio of 1.39 and a beta of 0.81.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). The business had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.79 billion. American Tower had a net margin of 18.42% and a return on equity of 18.45%. The business’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.54 earnings per share. On average, equities analysts forecast that American Tower will post 10.03 EPS for the current year.

Insider Transactions at American Tower

In other news, 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 value of $702,061.44. Following the sale, the executive vice president now directly owns 28,413 shares in the company, valued at approximately $5,692,828.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Sanjay Goel sold 3,504 shares of American Tower 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 completion of the transaction, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at approximately $5,692,828.68. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the transaction, the director now directly owns 7,332 shares of the company’s stock, valued at $1,345,422. The disclosure for this sale can be found here. Insiders own 0.18% of the company’s stock.

Institutional Investors Weigh In On American Tower

Several large investors have recently added to or reduced their stakes in AMT. Lazard Asset Management LLC boosted its position in American Tower by 1,760.5% in the 3rd quarter. Lazard Asset Management LLC now owns 98,176 shares of the real estate investment trust’s stock valued at $16,144,000 after buying an additional 92,899 shares during the period. AQR Capital Management LLC lifted its position in shares of American Tower by 3.3% in the 3rd quarter. AQR Capital Management LLC now owns 158,725 shares of the real estate investment trust’s stock worth $26,102,000 after purchasing an additional 5,045 shares during the period. Truist Financial Corp lifted its position in shares of American Tower by 20.0% in the 3rd quarter. Truist Financial Corp now owns 212,844 shares of the real estate investment trust’s stock worth $35,002,000 after purchasing an additional 35,444 shares during the period. Axxcess Wealth Management LLC lifted its position in shares of American Tower by 196.6% in the 3rd quarter. Axxcess Wealth Management LLC now owns 7,199 shares of the real estate investment trust’s stock worth $1,184,000 after purchasing an additional 4,772 shares during the period. Finally, Evergreen Capital Management LLC lifted its position in shares of American Tower by 49.3% in the 3rd quarter. Evergreen Capital Management LLC now owns 2,148 shares of the real estate investment trust’s stock worth $353,000 after purchasing an additional 709 shares during the period. 92.69% of the stock is owned by hedge funds and other 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.