American Tower (NYSE:AMT) Now Covered by Analysts at The Goldman Sachs Group

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

A number of other brokerages also recently commented on AMT. Barclays reduced their price objective on American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. Raymond James upgraded American Tower from an “outperform” rating to a “strong-buy” rating and raised their price objective for the stock from $226.00 to $248.00 in a research report on Wednesday, May 1st. Morgan Stanley raised their price objective on American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Mizuho initiated coverage on American Tower in a research report on Monday, April 8th. They issued a “neutral” rating and a $205.00 price objective for the company. Finally, BMO Capital Markets cut their target price on American Tower from $228.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. Three 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 company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $221.67.

American Tower Stock Down 0.5 %

Shares of American Tower stock opened at $194.38 on Monday. The stock has a 50-day moving average price of $188.22 and a 200 day moving average price of $194.95. The company has a market cap of $90.77 billion, a P/E ratio of 43.98, a P/E/G ratio of 1.39 and a beta of 0.81. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 3.39. American Tower has a 1 year low of $154.58 and a 1 year high of $219.10.

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

Insider Activity

In other news, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction on 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 sale, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction of $702,061.44. Following the completion of the sale, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the sale, 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 Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Alera Investment Advisors LLC lifted its holdings in shares of American Tower by 1.3% in the fourth quarter. Alera Investment Advisors LLC now owns 4,105 shares of the real estate investment trust’s stock valued at $886,000 after purchasing an additional 51 shares in the last quarter. Allstate Corp lifted its holdings in shares of American Tower by 3.1% in the fourth quarter. Allstate Corp now owns 1,750 shares of the real estate investment trust’s stock valued at $378,000 after purchasing an additional 53 shares in the last quarter. Augustine Asset Management Inc. lifted its holdings in shares of American Tower by 0.8% in the fourth quarter. Augustine Asset Management Inc. now owns 7,092 shares of the real estate investment trust’s stock valued at $1,531,000 after purchasing an additional 56 shares in the last quarter. McIlrath & Eck LLC lifted its holdings in shares of American Tower by 13.9% in the fourth quarter. McIlrath & Eck LLC now owns 459 shares of the real estate investment trust’s stock valued at $99,000 after purchasing an additional 56 shares in the last quarter. Finally, Glassman Wealth Services lifted its holdings in shares of American Tower by 4.7% in the fourth quarter. Glassman Wealth Services now owns 1,242 shares of the real estate investment trust’s stock valued at $268,000 after purchasing an additional 56 shares in 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.