American Tower (NYSE:AMT) Stock Price Expected to Rise, Scotiabank Analyst Says

American Tower (NYSE:AMT) had its price objective increased by stock analysts at Scotiabank from $234.00 to $248.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s price objective indicates a potential upside of 10.55% from the stock’s previous close.

A number of other equities research analysts have also commented on AMT. JMP Securities upped their price target on shares of American Tower from $248.00 to $260.00 and gave the company a “market outperform” rating in a report on Wednesday. Raymond James increased their target price on shares of American Tower from $231.00 to $251.00 and gave the stock a “strong-buy” rating in a report on Wednesday. Hsbc Global Res upgraded American Tower to a “strong-buy” rating in a report on Thursday, February 27th. Citigroup increased their price objective on American Tower from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Finally, Mizuho reduced their target price on American Tower from $221.00 to $204.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, American Tower has a consensus rating of “Buy” and a consensus price target of $239.27.

American Tower Price Performance

Shares of NYSE:AMT opened at $224.33 on Wednesday. The company’s fifty day moving average is $213.19 and its 200 day moving average is $202.25. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. American Tower has a 52 week low of $172.51 and a 52 week high of $243.56. The stock has a market cap of $104.86 billion, a PE ratio of 94.65, a PEG ratio of 1.29 and a beta of 0.87.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, beating the consensus estimate of $2.41 by $0.34. The company had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.54 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. American Tower’s quarterly revenue was down 9.6% compared to the same quarter last year. During the same period in the prior year, the business posted $2.79 EPS. Research analysts anticipate that American Tower will post 10.14 earnings per share for the current year.

Institutional Investors Weigh In On American Tower

Institutional investors have recently modified their holdings of the stock. Cohen & Steers Inc. increased its stake in American Tower by 21.8% during the 4th quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust’s stock valued at $3,516,890,000 after purchasing an additional 3,437,602 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of American Tower by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 11,342,805 shares of the real estate investment trust’s stock valued at $2,074,956,000 after buying an additional 129,192 shares during the last quarter. FMR LLC increased its position in shares of American Tower by 5.0% during the fourth quarter. FMR LLC now owns 11,179,269 shares of the real estate investment trust’s stock valued at $2,050,390,000 after acquiring an additional 537,136 shares in the last quarter. Capital Research Global Investors raised its holdings in American Tower by 66.5% in the 4th quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust’s stock worth $1,570,547,000 after acquiring an additional 3,421,413 shares during the last quarter. Finally, Norges Bank bought a new position in American Tower in the 4th quarter valued at approximately $1,164,851,000. 92.69% of the stock is 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.