American Tower (NYSE:AMT) Given New $220.00 Price Target at Scotiabank

American Tower (NYSE:AMT) had its price target decreased by research analysts at Scotiabank from $236.00 to $220.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s target price points to a potential upside of 18.91% from the company’s previous close.

A number of other brokerages also recently issued reports on AMT. StockNews.com downgraded American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. BMO Capital Markets lowered their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Barclays lowered their price target on American Tower from $251.00 to $215.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. Wells Fargo & Company decreased their price objective on American Tower from $215.00 to $195.00 and set an “equal weight” rating on the stock in a report on Thursday. Finally, The Goldman Sachs Group lowered their price objective on shares of American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $226.42.

American Tower Stock Performance

NYSE:AMT traded down $0.28 during trading hours on Thursday, reaching $185.01. The stock had a trading volume of 511,631 shares, compared to its average volume of 2,413,451. The stock has a market cap of $86.45 billion, a P/E ratio of 78.12, a price-to-earnings-growth ratio of 1.27 and a beta of 0.84. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The stock has a 50 day simple moving average of $192.48 and a 200 day simple moving average of $211.29. American Tower has a 12-month low of $170.46 and a 12-month high of $243.56.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing the consensus estimate of $2.45 by ($1.56). American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter in the prior year, the business earned $2.58 EPS. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. On average, research analysts forecast that American Tower will post 10.15 EPS for the current fiscal year.

Insider Buying and Selling

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the firm’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the completion of the transaction, the chief financial officer now owns 62,792 shares of the company’s stock, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.18% of the stock is owned by insiders.

Hedge Funds Weigh In On American Tower

Institutional investors and hedge funds have recently made changes to their positions in the business. CX Institutional grew its stake in American Tower by 2.9% in the third quarter. CX Institutional now owns 1,933 shares of the real estate investment trust’s stock worth $450,000 after purchasing an additional 54 shares in the last quarter. Palumbo Wealth Management LLC grew its position in shares of American Tower by 1.6% in the 3rd quarter. Palumbo Wealth Management LLC now owns 3,714 shares of the real estate investment trust’s stock worth $864,000 after buying an additional 57 shares during the last quarter. Rehmann Capital Advisory Group boosted its position in shares of American Tower by 4.2% in the 3rd quarter. Rehmann Capital Advisory Group now owns 1,426 shares of the real estate investment trust’s stock worth $332,000 after purchasing an additional 58 shares in the last quarter. Precedent Wealth Partners LLC raised its position in shares of American Tower by 4.7% in the 4th quarter. Precedent Wealth Partners LLC now owns 1,281 shares of the real estate investment trust’s stock valued at $235,000 after purchasing an additional 58 shares during the last quarter. Finally, Sivia Capital Partners LLC increased its stake in American Tower by 5.3% during the 3rd quarter. Sivia Capital Partners LLC now owns 1,179 shares of the real estate investment trust’s stock valued at $274,000 after purchasing an additional 59 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

American Tower Company Profile

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.