Wells Fargo & Company Lowers American Tower (NYSE:AMT) Price Target to $195.00

American Tower (NYSE:AMT) had its target price lowered by Wells Fargo & Company from $215.00 to $195.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 6.15% from the stock’s current price.

A number of other equities research analysts have also weighed in on AMT. Mizuho cut their price objective on American Tower from $221.00 to $204.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. The Goldman Sachs Group decreased 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. Barclays cut their target price on shares of American Tower from $251.00 to $215.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Finally, Scotiabank reduced their price target on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $227.75.

American Tower Trading Down 0.9 %

Shares of NYSE AMT traded down $1.59 during mid-day trading on Thursday, hitting $183.71. The stock had a trading volume of 49,154 shares, compared to its average volume of 2,382,885. The business has a 50 day moving average price of $192.48 and a two-hundred day moving average price of $211.29. American Tower has a 1 year low of $170.46 and a 1 year high of $243.56. 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 firm has a market cap of $85.84 billion, a P/E ratio of 77.53, a price-to-earnings-growth ratio of 1.27 and a beta of 0.84.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). The firm had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. American Tower’s revenue was down 10.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.58 EPS. On average, equities analysts anticipate that American Tower will post 10.15 EPS for the current fiscal year.

Insider Transactions at American Tower

In related news, CFO Rodney M. Smith sold 16,567 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total value of $3,000,283.70. Following 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.18% of the company’s stock.

Institutional Investors Weigh In On American Tower

Hedge funds and other institutional investors have recently modified their holdings of the stock. Fortitude Family Office LLC increased its position in American Tower by 269.0% in the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 78 shares in the last quarter. Northwest Investment Counselors LLC bought a new stake in American Tower in the 3rd quarter valued at $30,000. Hara Capital LLC purchased a new position in shares of American Tower during the third quarter valued at about $31,000. Legacy Investment Solutions LLC bought a new stake in shares of American Tower in the third quarter worth about $34,000. Finally, Activest Wealth Management boosted its stake in American Tower by 431.0% during the third quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 125 shares during the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.