SunTrust Banks Raises American Tower (NYSE:AMT) Price Target to $210.00

American Tower (NYSE:AMT) had its price target increased by analysts at SunTrust Banks to $210.00 in a research report issued on Monday, May 6th, The Fly reports. The firm currently has a “positive” rating on the real estate investment trust’s stock. SunTrust Banks’ target price indicates a potential upside of 0.59% from the stock’s current price.

AMT has been the subject of several other research reports. Morgan Stanley lifted their price objective on shares of American Tower from $170.00 to $185.00 and gave the stock an “equal weight” rating in a research note on Monday, March 11th. Oppenheimer reiterated a “market perform” rating and issued a $173.00 price objective on shares of American Tower in a research note on Thursday, February 28th. They noted that the move was a valuation call. Citigroup lifted their price objective on shares of American Tower from $176.00 to $186.00 and gave the stock a “neutral” rating in a research note on Monday, March 4th. Royal Bank of Canada lifted their price objective on shares of American Tower from $173.00 to $195.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 6th. Finally, Bank of America lifted their price objective on shares of American Tower from $172.00 to $208.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. Twelve analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $181.44.

NYSE AMT traded up $4.08 during trading hours on Monday, hitting $208.77. The company’s stock had a trading volume of 2,706,139 shares, compared to its average volume of 1,756,200. The company has a debt-to-equity ratio of 4.31, a current ratio of 0.50 and a quick ratio of 0.50. American Tower has a twelve month low of $134.87 and a twelve month high of $210.25. The firm has a market capitalization of $88.90 billion, a P/E ratio of 26.13, a P/E/G ratio of 1.64 and a beta of 0.66.

American Tower (NYSE:AMT) last released its earnings results on Friday, May 3rd. The real estate investment trust reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.80 by $0.04. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.80 billion. American Tower had a net margin of 17.95% and a return on equity of 22.61%. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.63 earnings per share. Sell-side analysts expect that American Tower will post 7.51 EPS for the current fiscal year.

In related news, EVP William H. Hess sold 20,000 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $186.97, for a total transaction of $3,739,400.00. Following the transaction, the executive vice president now owns 92,231 shares in the company, valued at approximately $17,244,430.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP William H. Hess sold 12,768 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $192.60, for a total transaction of $2,459,116.80. Following the transaction, the executive vice president now owns 62,663 shares in the company, valued at approximately $12,068,893.80. The disclosure for this sale can be found here. Insiders sold a total of 214,448 shares of company stock worth $41,684,822 in the last 90 days. Corporate insiders own 0.75% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AMT. Morgan Stanley grew its stake in shares of American Tower by 26.9% in the 3rd quarter. Morgan Stanley now owns 4,116,265 shares of the real estate investment trust’s stock worth $598,093,000 after acquiring an additional 873,644 shares in the last quarter. Federated Investors Inc. PA grew its stake in shares of American Tower by 550.0% in the 3rd quarter. Federated Investors Inc. PA now owns 415,826 shares of the real estate investment trust’s stock worth $60,419,000 after acquiring an additional 351,848 shares in the last quarter. Vanguard Group Inc grew its stake in shares of American Tower by 6.7% in the 3rd quarter. Vanguard Group Inc now owns 56,635,438 shares of the real estate investment trust’s stock worth $8,229,130,000 after acquiring an additional 3,579,249 shares in the last quarter. Moody National Bank Trust Division bought a new stake in shares of American Tower in the 4th quarter worth $44,000. Finally, Boltwood Capital Management grew its stake in shares of American Tower by 2.7% in the 4th quarter. Boltwood Capital Management now owns 3,800 shares of the real estate investment trust’s stock worth $601,000 after acquiring an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 94.34% of the company’s stock.

About American Tower

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 approximately 171,000 communications sites.

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