JMP Securities Raises American Tower (NYSE:AMT) Price Target to $260.00

American Tower (NYSE:AMT) had its price objective boosted by equities research analysts at JMP Securities from $248.00 to $260.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “market outperform” rating on the real estate investment trust’s stock. JMP Securities’ price target points to a potential upside of 15.90% from the stock’s current price.

Several other brokerages have also recently commented on AMT. Citigroup raised their target price on shares of American Tower from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, March 10th. UBS Group raised their price objective on American Tower from $245.00 to $250.00 and gave the stock a “buy” rating in a research note on Wednesday. Barclays upped their target price on American Tower from $214.00 to $223.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. Hsbc Global Res raised American Tower to a “strong-buy” rating in a report on Thursday, February 27th. Finally, Raymond James boosted their price target on American Tower from $231.00 to $251.00 and gave the company a “strong-buy” rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $239.27.

American Tower Trading Down 0.5 %

Shares of AMT stock opened at $224.33 on Wednesday. American Tower has a 12-month low of $172.51 and a 12-month high of $243.56. The firm has a 50 day moving average price of $213.19 and a two-hundred day moving average price of $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. The company has a market capitalization of $104.86 billion, a PE ratio of 94.65, a price-to-earnings-growth ratio of 1.29 and a beta of 0.87.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, topping analysts’ consensus estimates of $2.41 by $0.34. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter last year, the firm earned $2.79 earnings per share. The company’s revenue was down 9.6% on a year-over-year basis. As a group, analysts predict that American Tower will post 10.14 earnings per share for the current year.

Institutional Investors Weigh In On American Tower

Hedge funds have recently modified their holdings of the company. Cohen & Steers Inc. raised its position in American Tower by 21.8% in the fourth 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 during the last quarter. Geode Capital Management LLC raised its holdings in American Tower by 1.2% in the 4th 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 boosted its position in American Tower by 5.0% during the 4th quarter. FMR LLC now owns 11,179,269 shares of the real estate investment trust’s stock worth $2,050,390,000 after buying an additional 537,136 shares during the period. Capital Research Global Investors increased its position 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 valued at $1,570,547,000 after acquiring an additional 3,421,413 shares during the period. Finally, Norges Bank bought a new position in shares of American Tower during the fourth quarter valued at $1,164,851,000. Institutional investors and hedge funds own 92.69% 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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.