Truist Financial Forecasts Strong Price Appreciation for American Tower (NYSE:AMT) Stock

American Tower (NYSE:AMT) had its target price lifted by research analysts at Truist Financial from $207.00 to $210.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the real estate investment trust’s stock. Truist Financial‘s target price would indicate a potential upside of 11.54% from the company’s previous close.

AMT has been the topic of a number of other reports. Barclays increased their price target on shares of American Tower from $198.00 to $199.00 and gave the stock an “overweight” rating in a report on Wednesday, September 30th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $205.00 price objective on shares of American Tower in a report on Wednesday. TD Cowen upped their price objective on shares of American Tower from $225.00 to $227.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Weiss Ratings raised shares of American Tower from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, October 23rd. Finally, Sanford C. Bernstein reduced their price target on American Tower from $214.00 to $212.00 and set an “outperform” rating for the company in a report on Tuesday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $216.44.

American Tower Stock Performance

AMT stock traded up $2.38 during trading on Friday, hitting $188.26. 450,016 shares of the company traded hands, compared to its average volume of 3,100,292. The stock’s 50-day simple moving average is $175.61 and its 200 day simple moving average is $177.27. The company has a debt-to-equity ratio of 3.30, a current ratio of 0.51 and a quick ratio of 0.52. The company has a market cap of $87.72 billion, a PE ratio of 26.56, a P/E/G ratio of 2.95 and a beta of 0.88. American Tower has a 1 year low of $160.06 and a 1 year high of $202.50.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, October 27th. The real estate investment trust reported $1.64 EPS for the quarter, hitting the consensus estimate of $1.64. The business had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.76 billion. American Tower had a return on equity of 32.71% and a net margin of 30.10%. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.78 EPS. On average, equities analysts expect that American Tower will post 10.80 earnings per share for the current fiscal year.

American Tower announced that its board has initiated a share buyback program on Tuesday, October 27th that allows the company to repurchase $2 billion in outstanding shares. This buyback authorization allows the real estate investment trust to repurchase shares of its stock through open market purchases. Share buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity at American Tower

In other American Tower news, Director Rajesh Kalathur bought 2,829 shares of American Tower stock in a transaction dated Friday, August 21st. The stock was acquired at an average cost of $177.00 per share, for a total transaction of $500,733.00. Following the completion of the transaction, the director directly owned 7,765 shares of the company’s stock, valued at approximately $1,374,405. This represents a 57.31% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.08% of the stock is owned by company insiders.

Institutional Trading of American Tower

A number of hedge funds have recently bought and sold shares of the business. Operose Advisors LLC acquired a new position in shares of American Tower in the 2nd quarter worth approximately $25,000. Allied Private Wealth LLC purchased a new position in shares of American Tower during the 2nd quarter worth approximately $29,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in American Tower in the 2nd quarter valued at approximately $33,000. SBI Securities Co. Ltd. acquired a new stake in American Tower in the 3rd quarter valued at approximately $35,000. Finally, Kelleher Financial Advisors purchased a new stake in American Tower in the second quarter valued at approximately $37,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Company Profile

American Tower Corporation (NYSE:AMT) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its portfolio primarily includes communications towers, rooftop sites, distributed antenna systems and other infrastructure used by wireless carriers, broadcasters, governments and businesses to support voice, data and video communications.

The company leases space on its sites to multiple customers, allowing them to install antennas and related equipment without building and maintaining individual tower locations.