American Tower Corporation (REIT) (AMT) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research cut shares of American Tower Corporation (REIT) (NYSE:AMT) from a buy rating to a hold rating in a research note released on Monday morning.

According to Zacks, “Over the past three months, share price of American Tower grew 4%, as against the industry's loss of 1.5% . American Tower continues to benefit from increased investment of wireless carriers in 4G LTE and 5G networks. The company’s tower buyouts in emerging markets and long-term tower leases with major wireless carriers have driven its top line and lend it a competitive edge over rivals. American Tower’s Indian, EMEA and Latin American operations account for almost 50% of its organic core revenue growth. However, American Tower has a substantially leveraged balance sheet. High customer concentration is likely to affect the company’s top line. Expansion in the global market increases the company’s exposure to foreign currency exchange rate risks. Stiff competition, integration risks and rising operating expenses are other headwinds.”

A number of other brokerages also recently commented on AMT. BidaskClub downgraded shares of American Tower Corporation (REIT) from a buy rating to a hold rating in a research report on Tuesday, June 13th. Jefferies Group LLC reissued a buy rating and issued a $144.00 price objective on shares of American Tower Corporation (REIT) in a research report on Tuesday, September 12th. Cowen and Company reissued a buy rating and issued a $155.00 price objective on shares of American Tower Corporation (REIT) in a research report on Wednesday, July 19th. SunTrust Banks, Inc. reissued a buy rating on shares of American Tower Corporation (REIT) in a research report on Wednesday, September 20th. Finally, Deutsche Bank AG lifted their price objective on shares of American Tower Corporation (REIT) from $145.00 to $157.00 and gave the company a buy rating in a research report on Friday, July 14th. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. American Tower Corporation (REIT) presently has an average rating of Buy and an average target price of $148.58.

Shares of American Tower Corporation (AMT) opened at 139.25 on Monday. The firm’s 50-day moving average is $141.99 and its 200-day moving average is $132.74. American Tower Corporation has a 12-month low of $99.72 and a 12-month high of $148.71. The company has a market capitalization of $59.76 billion, a PE ratio of 55.70 and a beta of 0.69.

American Tower Corporation (REIT) (NYSE:AMT) last announced its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $1.55 by ($0.75). American Tower Corporation (REIT) had a net margin of 18.58% and a return on equity of 16.70%. The firm had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same period last year, the business earned $1.38 EPS. The business’s revenue was up 15.3% on a year-over-year basis. On average, equities research analysts anticipate that American Tower Corporation will post $3.02 EPS for the current fiscal year.

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The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 17th. Investors of record on Friday, September 29th will be issued a dividend of $0.66 per share. This is an increase from American Tower Corporation (REIT)’s previous quarterly dividend of $0.64. The ex-dividend date is Thursday, September 28th. This represents a $2.64 annualized dividend and a dividend yield of 1.90%. American Tower Corporation (REIT)’s payout ratio is presently 106.02%.

In other American Tower Corporation (REIT) news, EVP Edmund Disanto sold 10,000 shares of the business’s stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $136.00, for a total value of $1,360,000.00. Following the completion of the sale, the executive vice president now owns 151,928 shares of the company’s stock, valued at approximately $20,662,208. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman James D. Taiclet, Jr. sold 34,000 shares of the business’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $145.89, for a total transaction of $4,960,260.00. Following the completion of the sale, the chairman now directly owns 304,707 shares of the company’s stock, valued at approximately $44,453,704.23. The disclosure for this sale can be found here. Insiders sold a total of 79,747 shares of company stock valued at $11,314,943 in the last three months. Insiders own 0.86% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of AMT. Shine Investment Advisory Services Inc. bought a new stake in American Tower Corporation (REIT) in the 2nd quarter valued at about $100,000. Alexandria Capital LLC boosted its holdings in American Tower Corporation (REIT) by 0.5% in the 2nd quarter. Alexandria Capital LLC now owns 812 shares of the real estate investment trust’s stock valued at $107,000 after purchasing an additional 4 shares during the period. Peddock Capital Advisors LLC bought a new stake in American Tower Corporation (REIT) in the 2nd quarter valued at about $119,000. Glassman Wealth Services boosted its holdings in American Tower Corporation (REIT) by 28.9% in the 2nd quarter. Glassman Wealth Services now owns 1,029 shares of the real estate investment trust’s stock valued at $136,000 after purchasing an additional 231 shares during the period. Finally, Farmers & Merchants Investments Inc. boosted its holdings in American Tower Corporation (REIT) by 72.6% in the 2nd quarter. Farmers & Merchants Investments Inc. now owns 1,189 shares of the real estate investment trust’s stock valued at $157,000 after purchasing an additional 500 shares during the period. 92.07% of the stock is owned by hedge funds and other institutional investors.

American Tower Corporation (REIT) Company Profile

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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