American Tower Corporation (REIT) (AMT) Volatility Spurs A Quest For Clarity

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Wellington Management Co. LLP recently announced the acquisition of new stake in American Tower Corporation (REIT) (NYSE:AMT). The institutional investor has increased its shareholding in the Real Estate company by 0.03% to 17.46 million shares with purchase of 5206.0 shares. This fresh investment now brings its stake to 3.94% valued currently at $4.51 billion. In addition, Cohen & Steers Capital Management. raised its holdings by 0.95 million to 9.99 million shares. And Edgewood Management LLC has lifted its position by 1.63% or 0.14 million shares – to 8.7 million shares.

With over 1.34 million American Tower Corporation (REIT) (AMT) shares trading Friday and a closing price of $260.31 on the day, the dollar volume was approximately $348.68 million. The shares have shown a negative weekly performance of -1.07% and its price on 07/24/20 gained nearly 1.55%. Currently, there are 443.06M common shares owned by the public and among those 442.02M shares have been available to trade.

An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 20 analysts who have offered their price forecasts for AMT have a consensus price objective of $279.24. The analysts have set the share’s price value over the next 12 months at a high of $315.00 and a low of $250.00 should the stock experience a downside. Incidentally, analysts’ outlook for the American Tower Corporation (REIT) stock is 2.00 for the next 12 months. The average price target is 7.12% above its last price level and an upside to the estimated low will see the stock lose -4.12% over that period. But an upside of 17.36% will see the stock hit the forecast high price target while mean target price for the stock is $276.00.

Insiders at the company have transacted a total of 138 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 38 of these insider trades were purchases, accounting for 474,943 shares. Insider sales of the common stock occurred on 100 occasions, with total insider shares sold totaling 356,652 shares.

The top 3 mutual fund holders in American Tower Corporation (REIT) are Vanguard Real Estate Index Fund, Vanguard Total Stock Market Index, and Vanguard 500 Index Fund. Vanguard Real Estate Index Fund owns 19.86 million shares of the company’s stock, all valued at over $5.14 billion. The company bought an additional 0.16 million shares recently to bring their total holdings to about 4.48% of the shares outstanding. Vanguard Total Stock Market Index sold -0.14 million shares to see its total holdings shrink to 12.64 million shares valued at over $3.27 billion and representing 2.85% of the shares outstanding. Vanguard 500 Index Fund bought 0.15 million shares to bring its total holdings to over 9.2 million shares at a value of $2.38 billion. Vanguard 500 Index Fund now owns shares totaling to 2.08% of the shares outstanding.

Shares of American Tower Corporation (REIT) (NYSE: AMT) opened at $259.75, up $3.42 from a prior closing price of $256.33. However, the script later closed the day at $260.31, up 1.55%. The company’s stock has a 5-day price change of -1.07% and 4.79% over the past three months. AMT shares are trading 11.54% year to date (YTD), with the 12-month market performance up to 24.78% higher. It has a 12-month low price of $174.32 and touched a high of $269.73 over the same period. Currently, 1.34 million shares have been traded, compared to an average intraday trading volume of 1.95 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.18%, 1.57%, and 10.65% respectively.

Institutional ownership of American Tower Corporation (REIT) (NYSE: AMT) shares accounts for 94.40% of the company’s 443.06M shares outstanding. Mutual fund holders own 38.99%, while other institutional holders and individual stakeholders account for 54.69% and 0.33% respectively.

It has a market capitalization of $114.33B and a beta (3y monthly) value of 0.44. The stock’s trailing 12-month PE ratio is 59.97, while the earnings-per-share (ttm) stands at $4.27. The company has a PEG of 3.99 and a Quick Ratio of 0.50 with the debt-to-equity ratio at 6.76. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.94% over the week and 2.52% over the month.

Analysts forecast that American Tower Corporation (REIT) (AMT) will achieve an EPS of $1.03 for the current quarter, $1.09 for the next quarter and $4.94 for 2021. The lowest estimate earnings-per-share for the quarter is $0.87 while analysts give the company a high EPS estimate of $1.11. Comparatively, EPS for the current quarter was $0.96 a year ago. Earnings per share for the fiscal year are expected to increase by 53.00%, and 18.05% over the next financial year. EPS should shrink at an annualized rate of 15.05% over the next five years, compared to 16.20% over the past 5-year period.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 20 brokerage firm advisors rate American Tower Corporation (REIT) (AMT) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 15 Wall Street analysts polled rate the stock as a buy, while 3 of the 20 advise that investors “hold,” and 0 rated it as a “Sell.”

Looking at the support for the AMT, a number of firms have released research notes about the stock. Barclays stated their Overweight rating for the stock in a research note on July 15, 2020, with the firm’s price target at $296. KeyBanc Capital Markets coverage for the American Tower Corporation (REIT) (AMT) stock in a research note released on July 13, 2020 offered a Sector Weight rating with a price target of. Deutsche Bank was of a view on June 05, 2020 that the stock is Buy, while Oppenheimer gave the stock Outperform rating on May 22, 2020, issuing a price target of. Credit Suisse on their part issued Outperform rating on April 28, 2020.

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