Wells Fargo & Company Lowers American Tower (NYSE:AMT) Price Target to $285.00

American Tower (NYSE:AMT) had its price objective reduced by Wells Fargo & Company from $305.00 to $285.00 in a research note released on Friday morning, PriceTargets.com reports. Wells Fargo & Company currently has an overweight rating on the real estate investment trust’s stock.

Several other research analysts have also weighed in on the stock. Oppenheimer lowered shares of American Tower from an outperform rating to a market perform rating and cut their price objective for the stock from $305.00 to $300.00 in a report on Friday, September 10th. Truist lifted their price objective on shares of American Tower from $280.00 to $315.00 and gave the company a buy rating in a research report on Friday, July 30th. Credit Suisse Group lifted 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. KeyCorp boosted 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, Raymond James dropped their price target on shares of American Tower from $296.00 to $294.00 and set an outperform rating on the stock in a research note on Monday, November 1st. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, American Tower presently has an average rating of Buy and an average target price of $297.71.

NYSE:AMT opened at $257.63 on Friday. The stock’s 50-day moving average price is $275.94 and its 200-day moving average price is $274.47. American Tower has a 52 week low of $197.50 and a 52 week high of $303.72. The stock has a market capitalization of $117.33 billion, a PE ratio of 46.84, a price-to-earnings-growth ratio of 2.18 and a beta of 0.30. 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 announced its quarterly earnings data on Wednesday, October 27th. The real estate investment trust reported $1.58 earnings per share for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.69). The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.41 billion. American Tower had a net margin of 27.44% and a return on equity of 39.34%. The company’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same quarter last year, the firm posted $2.23 EPS. Sell-side analysts expect that American Tower will post 9.18 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, October 15th. Stockholders of record on Tuesday, September 28th were given a $1.31 dividend. The ex-dividend date was Monday, September 27th. This is a positive change from American Tower’s previous quarterly dividend of $1.27. This represents a $5.24 dividend on an annualized basis and a dividend yield of 2.03%. American Tower’s dividend payout ratio is 95.27%.

In related news, Director David E. Sharbutt sold 739 shares of the firm’s stock in a transaction that occurred on Friday, September 3rd. The shares were sold at an average price of $300.71, for a total value of $222,224.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joann A. Reed sold 866 shares of the firm’s stock in a transaction on Tuesday, November 16th. The shares were sold at an average price of $260.50, for a total transaction of $225,593.00. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bell Investment Advisors Inc acquired a new stake in shares of American Tower in the 3rd quarter valued at approximately $27,000. Destiny Wealth Partners LLC bought a new stake in shares of American Tower during the third quarter valued at about $30,000. Canton Hathaway LLC purchased a new stake in American Tower in the third quarter worth approximately $31,000. Pinnacle Holdings LLC purchased a new stake in shares of American Tower during the third quarter valued at approximately $31,000. Finally, MV Capital Management Inc. raised its holdings in American Tower by 72.9% in the third quarter. MV Capital Management Inc. now owns 121 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 51 shares in the last quarter. 89.57% of the stock is owned by institutional investors and hedge funds.

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.

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Analyst Recommendations for American Tower (NYSE:AMT)

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