American Tower (NYSE:AMT) Coverage Initiated at Bank of America

Bank of America initiated coverage on shares of American Tower (NYSE:AMT) in a report issued on Monday. The brokerage set a “buy” rating and a $255.00 price target on the real estate investment trust’s stock. Bank of America‘s price target would indicate a potential upside of 19.57% from the company’s current price.

A number of other research analysts have also recently issued reports on AMT. Citizens Jmp upgraded shares of American Tower to a “strong-buy” rating in a research note on Monday, January 27th. Barclays boosted their price objective on shares of American Tower from $214.00 to $223.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. BMO Capital Markets boosted 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. Wells Fargo & Company boosted their price objective on shares of American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 30th. Finally, Raymond James boosted their price objective on shares of American Tower from $231.00 to $251.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, American Tower presently has a consensus rating of “Buy” and a consensus target price of $240.25.

American Tower Price Performance

Shares of NYSE:AMT traded down $0.12 during trading on Monday, reaching $213.27. The stock had a trading volume of 150,792 shares, compared to its average volume of 2,501,852. American Tower has a 52 week low of $172.51 and a 52 week high of $243.56. The business’s 50-day moving average price is $214.94 and its 200 day moving average price is $201.47. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The stock has a market capitalization of $99.84 billion, a PE ratio of 89.99, a P/E/G ratio of 1.29 and a beta of 0.86.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.41 by $0.34. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter in the previous year, the company posted $2.79 earnings per share. American Tower’s quarterly revenue was down 9.6% compared to the same quarter last year. As a group, equities analysts predict that American Tower will post 10.14 earnings per share for the current year.

Institutional Trading of American Tower

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of American Tower by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 62,809,486 shares of the real estate investment trust’s stock valued at $13,667,344,000 after buying an additional 434,118 shares in the last quarter. Cohen & Steers Inc. increased its position in shares of American Tower by 21.8% in the 4th quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust’s stock valued at $3,516,890,000 after buying an additional 3,437,602 shares in the last quarter. Geode Capital Management LLC increased its position in shares of American Tower by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 11,342,805 shares of the real estate investment trust’s stock valued at $2,074,956,000 after buying an additional 129,192 shares in the last quarter. FMR LLC increased its position in shares of American Tower by 5.0% in the 4th quarter. FMR LLC now owns 11,179,269 shares of the real estate investment trust’s stock valued at $2,050,390,000 after buying an additional 537,136 shares in the last quarter. Finally, Capital Research Global Investors increased its position in shares of American Tower by 66.5% in the 4th quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust’s stock valued at $1,570,547,000 after buying an additional 3,421,413 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

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.