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

The Goldman Sachs Group cut shares of American Tower (NYSE:AMT) from a buy rating to a neutral rating in a report released on Tuesday morning, Analyst Price Targets reports. The Goldman Sachs Group currently has $281.00 target price on the real estate investment trust’s stock, down from their prior target price of $298.00.

A number of other research analysts have also recently issued reports on AMT. Credit Suisse Group lifted their price objective on American Tower from $324.00 to $328.00 and gave the company an outperform rating in a research note on Friday, October 29th. KeyCorp lifted their price objective on American Tower from $302.00 to $311.00 and gave the company an overweight rating in a research note on Friday, October 29th. JPMorgan Chase & Co. cut American Tower from a neutral rating to an underweight rating and lowered their price objective for the company from $285.00 to $271.00 in a research note on Wednesday, January 5th. Morgan Stanley decreased their price target on American Tower from $316.00 to $294.00 and set an equal weight rating for the company in a research note on Wednesday, December 1st. Finally, Raymond James decreased their price target on American Tower from $296.00 to $294.00 and set an outperform rating for the company in a research note on Monday, November 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Buy and an average price target of $293.63.

Shares of AMT stock opened at $255.44 on Tuesday. The firm has a market cap of $116.33 billion, a P/E ratio of 46.44, a P/E/G ratio of 1.94 and a beta of 0.37. American Tower has a fifty-two week low of $197.50 and a fifty-two week high of $303.72. The business’s 50 day moving average price is $271.67 and its 200-day moving average price is $278.31. The company has a debt-to-equity ratio of 3.32, a quick ratio of 1.30 and a current ratio of 1.30.

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

The business also recently declared a quarterly dividend, which will be paid on Friday, January 14th. Shareholders of record on Monday, December 27th will be issued a dividend of $1.39 per share. This represents a $5.56 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Thursday, December 23rd. This is a positive change from American Tower’s previous quarterly dividend of $1.31. American Tower’s payout ratio is currently 101.09%.

In other news, Director Joann A. Reed sold 866 shares of the company’s stock in a transaction dated Tuesday, November 16th. The stock was sold at an average price of $260.50, for a total value of $225,593.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Pamela D. A. Reeve sold 3,590 shares of the company’s stock in a transaction dated Thursday, December 9th. The stock was sold at an average price of $273.02, for a total value of $980,141.80. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC boosted its stake in American Tower by 235.3% during the fourth quarter. Exchange Traded Concepts LLC now owns 1,509 shares of the real estate investment trust’s stock valued at $441,000 after buying an additional 1,059 shares during the last quarter. Canandaigua National Corp boosted its stake in American Tower by 1.4% during the fourth quarter. Canandaigua National Corp now owns 7,098 shares of the real estate investment trust’s stock valued at $2,076,000 after buying an additional 96 shares during the last quarter. Stock Yards Bank & Trust Co. raised its position in American Tower by 1.4% during the fourth quarter. Stock Yards Bank & Trust Co. now owns 82,949 shares of the real estate investment trust’s stock valued at $24,263,000 after purchasing an additional 1,133 shares during the period. Wealth Alliance Advisory Group LLC raised its position in American Tower by 22.9% during the fourth quarter. Wealth Alliance Advisory Group LLC now owns 2,356 shares of the real estate investment trust’s stock valued at $689,000 after purchasing an additional 439 shares during the period. Finally, Perkins Coie Trust Co raised its position in American Tower by 9.1% during the fourth quarter. Perkins Coie Trust Co now owns 15,907 shares of the real estate investment trust’s stock valued at $4,653,000 after purchasing an additional 1,327 shares during the period. 89.37% of the stock is owned by hedge funds and other institutional investors.

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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