Citigroup Cuts American Tower (AMT) Price Target to $162.00
American Tower (NYSE:AMT) had its price objective decreased by Citigroup from $169.00 to $162.00 in a research report issued on Monday. The firm presently has a “buy” rating on the real estate investment trust’s stock. Citigroup’s price target points to a potential upside of 20.58% from the company’s previous close.
Several other research firms also recently commented on AMT. Argus increased their price objective on American Tower to $170.00 and gave the company a “buy” rating in a report on Thursday, November 9th. Zacks Investment Research downgraded American Tower from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. ValuEngine upgraded American Tower from a “hold” rating to a “buy” rating in a research note on Friday, November 10th. Morgan Stanley increased their price target on American Tower from $155.00 to $172.00 and gave the company an “overweight” rating in a research note on Tuesday, November 14th. Finally, KeyCorp restated an “overweight” rating and issued a $177.00 price target (up previously from $156.00) on shares of American Tower in a research note on Monday, November 27th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and sixteen have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $157.87.
American Tower (AMT) traded up $0.35 during midday trading on Monday, hitting $134.35. The stock had a trading volume of 327,520 shares, compared to its average volume of 2,841,280. The firm has a market cap of $57,340.00, a P/E ratio of 51.08, a PEG ratio of 1.50 and a beta of 0.80. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 2.85. American Tower has a 12 month low of $112.78 and a 12 month high of $155.28.
American Tower declared that its board has authorized a stock repurchase program on Thursday, December 7th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the real estate investment trust to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other American Tower news, Director David E. Sharbutt sold 1,584 shares of the stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $144.44, for a total transaction of $228,792.96. Following the transaction, the director now owns 4,861 shares in the company, valued at approximately $702,122.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman James D. Taiclet, Jr. sold 34,667 shares of the stock in a transaction on Monday, December 11th. The stock was sold at an average price of $142.52, for a total value of $4,940,740.84. Following the transaction, the chairman now owns 305,374 shares in the company, valued at approximately $43,521,902.48. The disclosure for this sale can be found here. Insiders have sold a total of 41,251 shares of company stock worth $5,885,334 in the last quarter. Company insiders own 0.86% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. Janus Henderson Group PLC increased its position in American Tower by 5.4% during the 3rd quarter. Janus Henderson Group PLC now owns 7,868,533 shares of the real estate investment trust’s stock worth $1,075,458,000 after buying an additional 400,117 shares during the period. Edgewood Management LLC grew its holdings in shares of American Tower by 1.6% during the 3rd quarter. Edgewood Management LLC now owns 6,326,717 shares of the real estate investment trust’s stock worth $864,736,000 after purchasing an additional 99,052 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of American Tower by 3.4% during the 4th quarter. Geode Capital Management LLC now owns 4,113,653 shares of the real estate investment trust’s stock worth $585,539,000 after purchasing an additional 136,669 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of American Tower by 1.5% during the 4th quarter. American Century Companies Inc. now owns 3,248,232 shares of the real estate investment trust’s stock worth $463,425,000 after purchasing an additional 46,708 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of American Tower by 5.6% during the 3rd quarter. Principal Financial Group Inc. now owns 3,164,598 shares of the real estate investment trust’s stock worth $432,537,000 after purchasing an additional 166,910 shares in the last quarter. Hedge funds and other institutional investors own 91.78% of the company’s stock.
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About American Tower
American Tower Corporation (ATC) is a holding company. The Company operates as a real estate investment trust (REIT), which owns, operates and develops multitenant communications real estate. ATC’s segments include U.S. property, Asia property, EMEA property, Latin America property, Services and Other.
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