Traders sold shares of American Tower Corp (NYSE:AMT) on strength during trading on Wednesday after an insider sold shares in the company. $55.06 million flowed into the stock on the tick-up and $118.47 million flowed out of the stock on the tick-down, for a money net flow of $63.41 million out of the stock. Of all companies tracked, American Tower had the 8th highest net out-flow for the day. American Tower traded up $0.21 for the day and closed at $146.46Specifically, EVP William H. Hess sold 28,291 shares of the company’s stock in a transaction on Monday, March 12th. The shares were sold at an average price of $145.28, for a total value of $4,110,116.48. Following the completion of the transaction, the executive vice president now owns 92,721 shares of the company’s stock, valued at approximately $13,470,506.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Samme L. Thompson sold 5,000 shares of the company’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $143.16, for a total transaction of $715,800.00. The disclosure for this sale can be found here. Corporate insiders own 0.86% of the company’s stock.
Several research analysts recently weighed in on the stock. Citigroup dropped their target price on shares of American Tower from $169.00 to $162.00 and set a “buy” rating for the company in a report on Monday, March 5th. KeyCorp set a $171.00 price objective on shares of American Tower and gave the company a “buy” rating in a report on Tuesday, February 27th. Zacks Investment Research downgraded shares of American Tower from a “hold” rating to a “sell” rating in a report on Tuesday, February 6th. Oppenheimer increased their price objective on shares of American Tower from $155.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, December 20th. Finally, Morgan Stanley reissued an “overweight” rating and set a $172.00 price objective on shares of American Tower in a report on Wednesday, December 13th. One analyst has rated the stock with a sell rating, one has given a hold rating and sixteen have issued a buy rating to the company’s stock. American Tower presently has an average rating of “Buy” and a consensus price target of $157.87.
The company has a debt-to-equity ratio of 2.85, a quick ratio of 1.25 and a current ratio of 1.25. The stock has a market capitalization of $63,958.66, a price-to-earnings ratio of 54.85, a P/E/G ratio of 1.63 and a beta of 0.80.
American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.59 EPS for the quarter, missing the Zacks’ consensus estimate of $1.63 by ($0.04). American Tower had a net margin of 18.31% and a return on equity of 17.20%. The business had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same period in the previous year, the business posted $1.52 EPS. The firm’s revenue was up 10.7% on a year-over-year basis. equities research analysts predict that American Tower Corp will post 7.09 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 27th. Investors of record on Wednesday, April 11th will be issued a $0.75 dividend. This is an increase from American Tower’s previous quarterly dividend of $0.70. The ex-dividend date is Tuesday, April 10th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.05%. American Tower’s dividend payout ratio (DPR) is presently 104.87%.
American Tower declared that its Board of Directors has approved a share buyback plan on Thursday, December 7th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the real estate investment trust to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
Several large investors have recently made changes to their positions in AMT. Dimensional Fund Advisors LP raised its position in American Tower by 56.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,510,444 shares of the real estate investment trust’s stock worth $343,124,000 after purchasing an additional 904,325 shares during the period. Atlantic Trust Group LLC raised its position in American Tower by 89.8% in the 3rd quarter. Atlantic Trust Group LLC now owns 1,896,026 shares of the real estate investment trust’s stock worth $259,148,000 after purchasing an additional 897,138 shares during the period. Commonwealth Bank of Australia raised its position in American Tower by 26.1% in the 3rd quarter. Commonwealth Bank of Australia now owns 2,790,646 shares of the real estate investment trust’s stock worth $380,074,000 after purchasing an additional 577,069 shares during the period. Renaissance Technologies LLC raised its position in American Tower by 24.4% in the 4th quarter. Renaissance Technologies LLC now owns 2,703,900 shares of the real estate investment trust’s stock worth $385,765,000 after purchasing an additional 530,200 shares during the period. Finally, Brookfield Asset Management Inc. raised its position in American Tower by 18.1% in the 4th quarter. Brookfield Asset Management Inc. now owns 2,810,143 shares of the real estate investment trust’s stock worth $400,923,000 after purchasing an additional 430,500 shares during the period. 92.52% of the stock is owned by hedge funds and other institutional investors.
About American Tower
American Tower Corporation (ATC) is a holding company. The Company operates as a real estate investment trust (REIT), which owns, operates and develops multitenant communications real estate. ATC’s segments include U.S. property, Asia property, EMEA property, Latin America property, Services and Other.
Receive News & Ratings for American Tower Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower and related companies with MarketBeat.com's FREE daily email newsletter.