American Tower (NYSE:AMT) Given New $246.00 Price Target at Barclays

American Tower (NYSE:AMT - Get Free Report) had its price target boosted by investment analysts at Barclays from $223.00 to $246.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the real estate investment trust's stock. Barclays's price objective suggests a potential upside of 7.07% from the stock's current price.

AMT has been the topic of several other reports. JMP Securities increased their target price on shares of American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a research note on Wednesday, April 30th. Wells Fargo & Company boosted their price objective on shares of American Tower from $230.00 to $240.00 and gave the company an "overweight" rating in a research note on Wednesday, April 30th. Royal Bank Of Canada lifted their target price on shares of American Tower from $240.00 to $250.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Raymond James Financial boosted their price objective on shares of American Tower from $231.00 to $251.00 and gave the stock a "strong-buy" rating in a report on Wednesday, April 30th. Finally, Bank of America assumed coverage on shares of American Tower in a report on Monday, May 19th. They set a "buy" rating and a $255.00 price target for the company. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $242.31.

American Tower Price Performance

AMT stock traded down $1.49 during mid-day trading on Wednesday, hitting $229.75. The stock had a trading volume of 1,031,209 shares, compared to its average volume of 2,617,078. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.43. American Tower has a 52 week low of $172.51 and a 52 week high of $243.56. The firm has a market capitalization of $107.55 billion, a P/E ratio of 59.06, a P/E/G ratio of 1.27 and a beta of 0.82. The firm has a fifty day simple moving average of $218.37 and a 200 day simple moving average of $208.71.

American Tower (NYSE:AMT - Get Free Report) last issued its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, beating analysts' consensus estimates of $2.41 by $0.34. The firm had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.54 billion. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The company's quarterly revenue was down 9.6% on a year-over-year basis. During the same quarter last year, the business posted $2.79 earnings per share. As a group, research analysts forecast that American Tower will post 10.14 EPS for the current year.

Hedge Funds Weigh In On American Tower

Several institutional investors have recently added to or reduced their stakes in the business. Blossom Wealth Management lifted its position in American Tower by 1.8% during the 2nd quarter. Blossom Wealth Management now owns 2,601 shares of the real estate investment trust's stock worth $575,000 after acquiring an additional 45 shares in the last quarter. TFG Advisers LLC lifted its holdings in American Tower by 0.3% during the 2nd quarter. TFG Advisers LLC now owns 16,186 shares of the real estate investment trust's stock worth $3,578,000 after buying an additional 47 shares during the last quarter. Novem Group raised its position in shares of American Tower by 3.8% during the 2nd quarter. Novem Group now owns 1,316 shares of the real estate investment trust's stock worth $291,000 after purchasing an additional 48 shares during the period. Elmwood Wealth Management Inc. raised its position in shares of American Tower by 2.5% during the 1st quarter. Elmwood Wealth Management Inc. now owns 2,087 shares of the real estate investment trust's stock worth $454,000 after purchasing an additional 50 shares during the period. Finally, 4J Wealth Management LLC raised its position in shares of American Tower by 4.0% during the 1st quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust's stock worth $283,000 after purchasing an additional 50 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

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.