Zacks downgraded shares of American Tower Corp (NYSE:AMT) from a neutral rating to an underperform rating in a research note released on Thursday morning, Analyst Ratings Network.com reports. They currently have $70.00 target price on the stock.
Zacks’ analyst wrote, “American Tower reported tepid third-quarter 2013 results with both the top and the bottom line missing the Zacks Consensus Estimate. Despite increased deployment of 3G/4G network by carriers across the world and aggressive buyouts of towers in emerging markets, the company is exposed to stiff competition and new technologies. Moreover, foreign exchange rate risk, less customer concentration, integration risk, rising operating expenses and a highly leveraged balance sheet may act as headwinds for the company going forward. Nevertheless, the stock is currently trading at a 52-week high range. We believe it is overvalued at current level and therefore downgraded American Tower to an Underperform recommendation. “
Several other analysts have also recently commented on the stock. Analysts at Macquarie raised their price target on shares of American Tower Corp from $88.00 to $91.00 in a research note to investors on Thursday, November 14th. Separately, analysts at Citigroup Inc. upgraded shares of American Tower Corp from a neutral rating to a buy rating in a research note to investors on Monday, November 11th. They now have a $89.00 price target on the stock. Finally, analysts at Stifel Nicolaus raised their price target on shares of American Tower Corp from $90.00 to $95.00 in a research note to investors on Friday, November 1st. They now have a buy rating on the stock. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of Buy and a consensus target price of $91.00.
In other American Tower Corp news, Director Pamela Reeve sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $78.28, for a total transaction of $782,800.00. Following the transaction, the director now directly owns 8,135 shares in the company, valued at approximately $636,808. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
American Tower Corp (NYSE:AMT) opened at 77.75 on Thursday. American Tower Corp has a 52 week low of $67.89 and a 52 week high of $85.26. The stock’s 50-day moving average is $78.73 and its 200-day moving average is $74.97. The company has a market cap of $30.683 billion and a price-to-earnings ratio of 52.89.
American Tower Corp (NYSE:AMT) last announced its earnings results on Wednesday, October 30th. The company reported $0.45 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.53 by $0.08. The company had revenue of $807.90 million for the quarter, compared to the consensus estimate of $822.04 million. During the same quarter in the prior year, the company posted $0.58 earnings per share. The company’s quarterly revenue was up 13.3% on a year-over-year basis. On average, analysts predict that American Tower Corp will post $1.64 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 1.49%. The ex-dividend date is Thursday, December 12th. This is a positive change from American Tower Corp’s previous quarterly dividend of $0.28.
American Tower Corporation is a holding company. The Company conducts its operations through its directly and indirectly owned subsidiaries and joint ventures.
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