Truist Financial Reiterates "Buy" Rating for American Tower (NYSE:AMT)

Key Points

• Truist Financial reiterated its “Buy” rating on American Tower, lowering its price target slightly from $208 to $207. The target implies approximately 21.1% upside from the stock’s current price.
• American Tower shares rose 0.8% to $170.93, while analysts maintain a consensus “Moderate Buy” rating and an average price target of $215.14.
• Institutional investors own approximately 92.69% of the company, although insiders sold 6,791 shares worth about $1.2 million over the past 90 days.

American Tower (NYSE:AMT - Get Free Report)'s stock had its "buy" rating restated by Truist Financial in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $207.00 target price on the real estate investment trust's stock, down from their previous target price of $208.00. Truist Financial's target price would indicate a potential upside of 21.10% from the company's current price.

A number of other brokerages have also recently commented on AMT. JPMorgan Chase & Co. decreased their price objective on American Tower from $245.00 to $240.00 and set an "overweight" rating for the company in a research note on Wednesday, April 29th. Jefferies Financial Group reduced their target price on American Tower from $210.00 to $201.00 and set a "buy" rating on the stock in a report on Wednesday, July 15th. Mizuho upgraded American Tower from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $189.00 to $205.00 in a research report on Wednesday, April 15th. Scotiabank reiterated an "outperform" rating on shares of American Tower in a research report on Wednesday, July 29th. Finally, Wolfe Research upgraded shares of American Tower from a "peer perform" rating to an "outperform" rating and set a $188.00 price objective for the company in a report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $215.14.

American Tower Trading Up 0.8%

Shares of American Tower stock traded up $1.38 on Wednesday, hitting $170.93. 670,631 shares of the company's stock traded hands, compared to its average volume of 3,205,683. The firm's 50-day moving average price is $173.82 and its two-hundred day moving average price is $178.04. The stock has a market capitalization of $79.65 billion, a PE ratio of 23.51, a price-to-earnings-growth ratio of 2.68 and a beta of 0.90. American Tower has a one year low of $160.06 and a one year high of $214.79. The company has a debt-to-equity ratio of 3.12, a current ratio of 0.52 and a quick ratio of 0.52.

Insider Buying and Selling

In related news, EVP Ruth T. Dowling sold 1,106 shares of the firm's stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $174.96, for a total transaction of $193,505.76. Following the sale, the executive vice president directly owned 27,711 shares in the company, valued at $4,848,316.56. This trade represents a 3.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Robert Joseph Meyer sold 5,000 shares of the business's stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $178.89, for a total transaction of $894,450.00. Following the completion of the sale, the chief financial officer directly owned 21,428 shares in the company, valued at $3,833,254.92. This represents a 18.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 6,791 shares of company stock worth $1,204,091. Insiders own 0.08% of the company's stock.

Institutional Investors Weigh In On American Tower

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in American Tower during the 2nd quarter worth about $7,490,943,000. J. Stern & Co. LLP grew its holdings in shares of American Tower by 28,121.1% in the 4th quarter. J. Stern & Co. LLP now owns 37,686,978 shares of the real estate investment trust's stock valued at $6,616,703,000 after acquiring an additional 37,553,436 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of American Tower by 20,721.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 9,712,672 shares of the real estate investment trust's stock valued at $1,705,254,000 after acquiring an additional 9,666,025 shares during the last quarter. Deutsche Bank AG bought a new stake in American Tower during the second quarter worth about $1,096,186,000. Finally, Norges Bank acquired a new position in American Tower during the fourth quarter valued at approximately $1,171,180,000. Institutional investors and hedge funds own 92.69% of the company's stock.

About American Tower

American Tower NYSE: AMT is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company's core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.

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