The Goldman Sachs Group Lowers American Tower (NYSE:AMT) to Neutral

American Tower (NYSE:AMT) was downgraded by investment analysts at The Goldman Sachs Group from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday, The Fly reports.

AMT has been the subject of several other reports. Raymond James decreased their price objective on shares of American Tower from $296.00 to $294.00 and set an “outperform” rating for the company in a report on Monday, November 1st. Wells Fargo & Company reduced their target price on shares of American Tower from $305.00 to $285.00 and set an “overweight” rating on the stock in a research report on Friday, November 19th. Morgan Stanley cut their price objective on shares of American Tower from $316.00 to $294.00 and set an “equal weight” rating on the stock in a research report on Wednesday, December 1st. KeyCorp upped their target price on shares of American Tower from $302.00 to $311.00 and gave the company an “overweight” rating in a research note on Friday, October 29th. Finally, Credit Suisse Group increased their price objective on shares of American Tower from $324.00 to $328.00 and gave the stock an “outperform” rating in a research note on Friday, October 29th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $294.47.

AMT opened at $264.41 on Tuesday. The firm has a 50-day moving average price of $273.01 and a 200-day moving average price of $278.55. The company has a market capitalization of $120.42 billion, a price-to-earnings ratio of 48.07, a PEG ratio of 2.03 and a beta of 0.37. American Tower has a twelve month low of $197.50 and a twelve month high of $303.72. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 3.32.

American Tower (NYSE:AMT) last released its quarterly earnings results on Wednesday, October 27th. The real estate investment trust reported $1.58 EPS for the quarter, missing the Zacks’ consensus estimate of $2.27 by ($0.69). The company had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.41 billion. American Tower had a return on equity of 39.34% and a net margin of 27.44%. American Tower’s quarterly revenue was up 21.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.23 EPS. On average, sell-side analysts expect that American Tower will post 9.18 earnings per share for the current fiscal year.

In other news, Director Pamela D. A. Reeve sold 3,590 shares of American Tower stock in a transaction on Thursday, December 9th. The stock was sold at an average price of $273.02, for a total value of $980,141.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Joann A. Reed sold 866 shares of the business’s stock in a transaction dated Tuesday, November 16th. The shares were sold at an average price of $260.50, for a total value of $225,593.00. The disclosure for this sale can be found here. 0.68% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in AMT. Pinnacle Wealth Planning Services Inc. grew its holdings in American Tower by 2.5% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 1,449 shares of the real estate investment trust’s stock worth $385,000 after buying an additional 36 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of American Tower by 1.0% in the third quarter. Geneos Wealth Management Inc. now owns 3,671 shares of the real estate investment trust’s stock valued at $978,000 after purchasing an additional 36 shares in the last quarter. Patriot Financial Group Insurance Agency LLC lifted its holdings in shares of American Tower by 3.0% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 1,312 shares of the real estate investment trust’s stock valued at $348,000 after purchasing an additional 38 shares in the last quarter. Outlook Wealth Advisors LLC raised its holdings in shares of American Tower by 2.9% during the third quarter. Outlook Wealth Advisors LLC now owns 1,369 shares of the real estate investment trust’s stock worth $363,000 after acquiring an additional 39 shares in the last quarter. Finally, McClarren Financial Advisors Inc. increased its position in American Tower by 34.2% during the third quarter. McClarren Financial Advisors Inc. now owns 157 shares of the real estate investment trust’s stock worth $41,000 after buying an additional 40 shares during the last quarter. Hedge funds and other institutional investors own 89.57% of the company’s stock.

American Tower Company Profile

American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.

Further Reading: Outperform Rating

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Analyst Recommendations for American Tower (NYSE:AMT)

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