American Tower (NYSE:AMT) Price Target Raised to $240.00 at JPMorgan Chase & Co.

American Tower (NYSE:AMT) had its target price increased by equities researchers at JPMorgan Chase & Co. from $230.00 to $240.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 6.67% from the company’s previous close.

AMT has been the topic of a number of other reports. The Goldman Sachs Group began coverage on American Tower in a report on Monday, July 1st. They set a “buy” rating and a $230.00 price objective on the stock. Morgan Stanley upped their price target on American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Barclays cut their price objective on American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and upped their target price for the stock from $226.00 to $248.00 in a report on Wednesday, May 1st. Finally, Scotiabank cut their price target on shares of American Tower from $243.00 to $223.00 and set a “sector outperform” rating for the company in a report on Wednesday, May 1st. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $225.92.

American Tower Stock Performance

Shares of NYSE AMT opened at $225.00 on Wednesday. The firm has a market capitalization of $105.07 billion, a price-to-earnings ratio of 50.90, a PEG ratio of 1.51 and a beta of 0.81. American Tower has a one year low of $154.58 and a one year high of $225.00. The business has a fifty day simple moving average of $198.63 and a 200 day simple moving average of $193.69. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 3.39.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The business had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. During the same quarter in the prior year, the company posted $2.46 EPS. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. Sell-side analysts expect that American Tower will post 10.04 EPS for the current year.

Insider Buying and Selling at American Tower

In other news, Director Robert D. Hormats sold 700 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the transaction, the director now owns 7,332 shares of the company’s stock, valued at $1,345,422. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total transaction of $702,061.44. Following the completion of the sale, the executive vice president now owns 28,413 shares in the company, valued at approximately $5,692,828.68. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Robert D. Hormats sold 700 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the transaction, the director now owns 7,332 shares in the company, valued at $1,345,422. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company’s stock.

Institutional Trading of American Tower

Several institutional investors and hedge funds have recently made changes to their positions in AMT. Cross Staff Investments Inc lifted its stake in American Tower by 5.1% in the fourth quarter. Cross Staff Investments Inc now owns 5,027 shares of the real estate investment trust’s stock valued at $1,085,000 after buying an additional 244 shares during the period. Anchor Capital Advisors LLC grew its holdings in American Tower by 38.1% during the fourth quarter. Anchor Capital Advisors LLC now owns 76,625 shares of the real estate investment trust’s stock valued at $16,542,000 after purchasing an additional 21,139 shares during the period. Meyer Handelman Co. acquired a new position in American Tower during the first quarter valued at approximately $801,000. TD Asset Management Inc raised its holdings in American Tower by 23.2% in the fourth quarter. TD Asset Management Inc now owns 275,428 shares of the real estate investment trust’s stock worth $59,459,000 after purchasing an additional 51,882 shares during the period. Finally, Kingsview Wealth Management LLC raised its holdings in American Tower by 13.8% in the first quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust’s stock worth $7,613,000 after purchasing an additional 4,660 shares during the period. Institutional investors 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.