American Tower (NYSE:AMT) Given New $220.00 Price Target at Citigroup

American Tower (NYSE:AMT) had its price target reduced by stock analysts at Citigroup from $255.00 to $220.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. Citigroup’s price objective indicates a potential upside of 15.00% from the company’s current price.

Other research analysts also recently issued research reports about the stock. The Goldman Sachs Group dropped their price objective on shares of American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Citizens Jmp raised shares of American Tower to a “strong-buy” rating in a report on Monday, January 27th. Mizuho dropped their price objective on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Finally, Scotiabank lowered their price target on shares of American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a report on Thursday, January 23rd. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $225.79.

American Tower Price Performance

AMT stock traded up $1.32 during trading on Friday, reaching $191.31. The company’s stock had a trading volume of 533,031 shares, compared to its average volume of 2,062,240. American Tower has a 1 year low of $170.46 and a 1 year high of $243.56. 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 $89.40 billion, a P/E ratio of 80.74, a price-to-earnings-growth ratio of 1.27 and a beta of 0.84. The company’s fifty day moving average is $187.05 and its 200-day moving average is $209.07.

Insider Activity at American Tower

In related news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the transaction, the chief financial officer now directly owns 62,792 shares of the company’s stock, valued at $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.18% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On American Tower

Several institutional investors have recently bought and sold shares of AMT. Fortitude Family Office LLC boosted its stake in American Tower by 269.0% in the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 78 shares in the last quarter. Northwest Investment Counselors LLC acquired a new stake in American Tower in the third quarter valued at approximately $30,000. Hara Capital LLC acquired a new stake in American Tower in the third quarter valued at approximately $31,000. Roxbury Financial LLC acquired a new stake in American Tower in the fourth quarter valued at approximately $32,000. Finally, Graney & King LLC acquired a new stake in American Tower in the fourth quarter valued at approximately $32,000. 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.