American Tower Corp. (AMT) Stock Rating Lowered by Zacks Investment Research
American Tower Corp. (NYSE:AMT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “American tower will benefit from increased investment of wireless carriers as they push towards deployment of 5G networks. Moreover, American Tower has been focusing on its operations in India which include acquisition of 51% control in Viom Networks and the tower deal with Bharti Airtel’s Tanzania unit. These transactions will increase the tower count as well as help the company build stronger ties with mobile network operators such as Bharti Airtel, Vodafone, Idea, Tata, Reliance and Aircel. Going forward, we believe that American Tower’s buyout of towers in emerging markets should help drive its top line and lend a competitive edge over rivals. However, high customer concentration, foreign currency exchange rate risks, stiff competition, integration risks, rising operating expenses and a highly leveraged balance sheet are near-term risks.”
Several other analysts have also recently issued reports on the company. Jefferies Group reiterated a “buy” rating on shares of American Tower Corp. in a research note on Monday, August 29th. Citigroup Inc. reduced their price objective on American Tower Corp. from $134.00 to $133.00 and set a “buy” rating on the stock in a research note on Wednesday, August 10th. BTIG Research increased their target price on American Tower Corp. to $140.00 in a report on Tuesday, July 19th. They noted that the move was a valuation call. SunTrust Banks Inc. began coverage on American Tower Corp. in a report on Monday, September 12th. They issued a “buy” rating and a $128.00 target price on the stock. Finally, Argus increased their target price on American Tower Corp. from $120.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, August 17th. Two research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. American Tower Corp. presently has a consensus rating of “Buy” and a consensus target price of $120.99.
Shares of American Tower Corp. (NYSE:AMT) opened at 112.70 on Wednesday. American Tower Corp. has a 12 month low of $83.07 and a 12 month high of $118.26. The firm’s 50-day moving average price is $111.71 and its 200-day moving average price is $110.10. The firm has a market cap of $47.95 billion, a PE ratio of 69.96 and a beta of 0.62.
American Tower Corp. (NYSE:AMT) last announced its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $1.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.36 by $0.03. The company earned $1.44 billion during the quarter, compared to analyst estimates of $1.44 billion. American Tower Corp. had a net margin of 15.21% and a return on equity of 11.73%. The firm’s revenue was up 22.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.26 earnings per share. Analysts expect that American Tower Corp. will post $5.70 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.95%. This is an increase from American Tower Corp.’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Wednesday, September 28th. American Tower Corp.’s dividend payout ratio (DPR) is presently 136.65%.
In other news, CEO James D. Taiclet, Jr. sold 40,625 shares of American Tower Corp. stock in a transaction that occurred on Monday, July 18th. The shares were sold at an average price of $116.69, for a total transaction of $4,740,531.25. Following the completion of the sale, the chief executive officer now directly owns 271,697 shares in the company, valued at approximately $31,704,322.93. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Pamela D. A. Reeve sold 10,000 shares of American Tower Corp. stock in a transaction that occurred on Wednesday, August 17th. The shares were sold at an average price of $113.38, for a total transaction of $1,133,800.00. Following the sale, the director now owns 21,437 shares of the company’s stock, valued at $2,430,527.06. The disclosure for this sale can be found here. Insiders own 0.95% of the company’s stock.
Several large investors have recently bought and sold shares of AMT. Capital Analysts LLC increased its stake in American Tower Corp. by 158.1% in the second quarter. Capital Analysts LLC now owns 2,395 shares of the real estate investment trust’s stock worth $143,000 after buying an additional 1,467 shares during the last quarter. Financial Architects Inc increased its stake in American Tower Corp. by 15.5% in the second quarter. Financial Architects Inc now owns 1,289 shares of the real estate investment trust’s stock worth $147,000 after buying an additional 173 shares during the last quarter. Kernodle & Katon Asset Management Group LLC increased its stake in American Tower Corp. by 3.3% in the second quarter. Kernodle & Katon Asset Management Group LLC now owns 1,474 shares of the real estate investment trust’s stock worth $167,000 after buying an additional 47 shares during the last quarter. WFG Advisors LP increased its stake in American Tower Corp. by 1.2% in the second quarter. WFG Advisors LP now owns 1,473 shares of the real estate investment trust’s stock worth $167,000 after buying an additional 18 shares during the last quarter. Finally, PineBridge Investments L.P. bought a new stake in American Tower Corp. during the second quarter worth about $173,000. Institutional investors own 94.23% of the company’s stock.
American Tower Corp. Company Profile
American Tower Corporation is a holding company. The company owns, operates and develops wireless and broadcast communications real estate. Its primary business is leasing antenna space on multi-tenant communications sites to wireless service providers, radio and television broadcast companies, wireless data and data providers, government agencies and municipalities.
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