Zacks Investment Research Lowers American Tower Corporation (REIT) (AMT) to Hold

Zacks Investment Research downgraded shares of American Tower Corporation (REIT) (NYSE:AMT) from a buy rating to a hold rating in a research note issued to investors on Thursday morning.

According to Zacks, “American Tower posted strong third-quarter 2017 financial results. American Tower’s Indian, EMEA and Latin American operations account for almost 50% of its organic core revenue growth. 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. Over the past three months, the stock price grew 11.6%, as against the industry's gain of 4.5%. 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.”

Several other analysts also recently issued reports on AMT. Deutsche Bank AG boosted their target price on shares of American Tower Corporation (REIT) from $145.00 to $157.00 and gave the company a buy rating in a research note on Friday, July 14th. Cowen and Company reissued a buy rating and set a $155.00 target price on shares of American Tower Corporation (REIT) in a research note on Wednesday, July 19th. BidaskClub raised shares of American Tower Corporation (REIT) from a hold rating to a buy rating in a research note on Wednesday, July 19th. Argus boosted their target price on shares of American Tower Corporation (REIT) from $140.00 to $150.00 and gave the company a buy rating in a research note on Thursday, August 3rd. Finally, Citigroup Inc. upped their price target on shares of American Tower Corporation (REIT) from $142.00 to $167.00 and gave the stock a buy rating in a research note on Monday, August 28th. One equities research analyst has rated the stock with a hold rating and fifteen have assigned a buy rating to the company. American Tower Corporation (REIT) currently has an average rating of Buy and a consensus price target of $155.85.

Shares of American Tower Corporation (NYSE AMT) traded down $1.28 during trading hours on Thursday, reaching $150.54. 1,537,100 shares of the company’s stock traded hands, compared to its average volume of 2,144,415. The company has a debt-to-equity ratio of 2.61, a quick ratio of 1.42 and a current ratio of 1.42. American Tower Corporation has a 52 week low of $99.72 and a 52 week high of $155.28. The firm has a market cap of $64,559.98, a P/E ratio of 23.30, a P/E/G ratio of 1.77 and a beta of 0.74.

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The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 17th. Investors of record on Friday, September 29th were issued a $0.66 dividend. The ex-dividend date was Thursday, September 28th. This is a boost from American Tower Corporation (REIT)’s previous quarterly dividend of $0.64. This represents a $2.64 dividend on an annualized basis and a yield of 1.75%. American Tower Corporation (REIT)’s dividend payout ratio is currently 100.38%.

In related news, Director Pamela D. A. Reeve sold 5,000 shares of the company’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $143.49, for a total value of $717,450.00. Following the completion of the sale, the director now directly owns 17,758 shares in the company, valued at $2,548,095.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman James D. Taiclet, Jr. sold 34,000 shares of the company’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $139.40, for a total transaction of $4,739,600.00. Following the completion of the sale, the chairman now owns 304,707 shares of the company’s stock, valued at $42,476,155.80. The disclosure for this sale can be found here. Insiders sold 113,747 shares of company stock valued at $16,054,543 over the last quarter. 0.86% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of AMT. Janus Henderson Group PLC boosted its holdings in American Tower Corporation (REIT) by 1,886.3% in the second quarter. Janus Henderson Group PLC now owns 7,468,416 shares of the real estate investment trust’s stock worth $988,214,000 after purchasing an additional 7,092,413 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in American Tower Corporation (REIT) by 823.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,606,119 shares of the real estate investment trust’s stock valued at $212,525,000 after acquiring an additional 1,432,155 shares during the period. Vanguard Group Inc. boosted its holdings in American Tower Corporation (REIT) by 3.2% during the second quarter. Vanguard Group Inc. now owns 28,442,502 shares of the real estate investment trust’s stock valued at $3,763,512,000 after acquiring an additional 881,020 shares during the period. Prudential Financial Inc. boosted its holdings in American Tower Corporation (REIT) by 56.7% during the second quarter. Prudential Financial Inc. now owns 1,963,407 shares of the real estate investment trust’s stock valued at $259,798,000 after acquiring an additional 710,130 shares during the period. Finally, Winslow Capital Management LLC boosted its holdings in American Tower Corporation (REIT) by 36.5% during the second quarter. Winslow Capital Management LLC now owns 2,539,716 shares of the real estate investment trust’s stock valued at $336,055,000 after acquiring an additional 679,096 shares during the period. Hedge funds and other institutional investors own 92.01% of the company’s stock.

About American Tower Corporation (REIT)

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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