Citigroup Cuts American Tower (NYSE:AMT) Price Target to $220.00

American Tower (NYSE:AMT - Get Free Report) had its price target reduced by equities research analysts at Citigroup from $255.00 to $220.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the real estate investment trust's stock. Citigroup's price target indicates a potential upside of 15.94% from the stock's current price.

Other equities analysts have also recently issued research reports about the stock. Mizuho cut their target price on shares of American Tower from $221.00 to $204.00 and set a "neutral" rating on the stock in a report on Wednesday, January 8th. Scotiabank reduced their price objective on American Tower from $236.00 to $220.00 and set a "sector outperform" rating for the company in a research report on Thursday, January 23rd. The Goldman Sachs Group dropped their target price on American Tower from $260.00 to $234.00 and set a "buy" rating on the stock in a research report on Thursday, December 12th. JMP Securities initiated coverage on shares of American Tower in a report on Monday, January 27th. They set an "outperform" rating and a $225.00 price target for the company. Finally, BMO Capital Markets lowered their price target on shares of American Tower from $255.00 to $245.00 and set an "outperform" rating for the company in a research report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $225.79.

American Tower Stock Performance

AMT stock traded up $0.37 during trading on Friday, hitting $189.75. 2,301,000 shares of the company's stock traded hands, compared to its average volume of 2,111,813. The stock has a fifty day moving average price of $186.31 and a two-hundred day moving average price of $208.44. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. American Tower has a 52 week low of $170.46 and a 52 week high of $243.56. The stock has a market capitalization of $88.67 billion, a price-to-earnings ratio of 80.06, a price-to-earnings-growth ratio of 1.27 and a beta of 0.84.

Insider Activity

In other news, CFO Rodney M. Smith sold 16,567 shares of the business's stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the sale, the chief financial officer now directly owns 62,792 shares of the company's stock, valued at $11,371,631.20. The trade was a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.18% of the company's stock.

Hedge Funds Weigh In On American Tower

A number of institutional investors have recently bought and sold shares of AMT. Fortitude Family Office LLC boosted its holdings in shares of 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 worth $25,000 after buying an additional 78 shares during the period. Northwest Investment Counselors LLC acquired a new position in American Tower in the 3rd quarter worth approximately $30,000. Hara Capital LLC purchased a new position in American Tower during the 3rd quarter worth approximately $31,000. Legacy Investment Solutions LLC purchased a new stake in shares of American Tower in the third quarter valued at $34,000. Finally, Activest Wealth Management boosted its position in shares of American Tower by 431.0% in the third quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust's stock worth $36,000 after buying an additional 125 shares during the period. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Company Profile

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.