Insider Selling: American Tower Corp (AMT) SVP Sells 44,959 Shares of Stock

American Tower Corp (NYSE:AMT) SVP Robert Joseph Meyer, Jr. sold 44,959 shares of American Tower stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $156.43, for a total value of $7,032,936.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Shares of NYSE AMT traded up $0.43 during trading hours on Friday, hitting $159.79. The company’s stock had a trading volume of 66,731 shares, compared to its average volume of 2,700,638. The company has a debt-to-equity ratio of 3.11, a current ratio of 0.72 and a quick ratio of 0.72. The stock has a market capitalization of $68.84 billion, a PE ratio of 25.02, a PEG ratio of 1.51 and a beta of 0.59. American Tower Corp has a 12 month low of $130.37 and a 12 month high of $161.71.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, October 30th. The real estate investment trust reported $0.83 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.02. The company had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.76 billion. American Tower had a return on equity of 18.55% and a net margin of 17.07%. American Tower’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period last year, the firm earned $1.73 earnings per share. As a group, equities research analysts anticipate that American Tower Corp will post 7.58 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 17th. Investors of record on Friday, September 28th were paid a $0.79 dividend. The ex-dividend date of this dividend was Thursday, September 27th. This is a boost from American Tower’s previous quarterly dividend of $0.77. This represents a $3.16 annualized dividend and a dividend yield of 1.98%. American Tower’s dividend payout ratio (DPR) is presently 49.53%.

Several research analysts have recently commented on AMT shares. Barclays lifted their price objective on American Tower from $156.00 to $164.00 and gave the stock an “overweight” rating in a report on Wednesday, October 31st. Morgan Stanley lifted their price objective on American Tower from $154.00 to $160.00 and gave the stock an “overweight” rating in a report on Thursday, August 16th. Citigroup cut American Tower from a “buy” rating to a “neutral” rating and raised their target price for the stock from $161.00 to $176.00 in a research note on Wednesday, October 31st. Bank of America set a $172.00 target price on American Tower and gave the stock a “buy” rating in a research note on Wednesday, October 31st. Finally, Guggenheim cut American Tower from a “buy” rating to a “neutral” rating and set a $135.00 target price on the stock. in a research note on Monday, July 16th. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $164.20.

A number of institutional investors have recently bought and sold shares of AMT. BlackRock Inc. boosted its position in American Tower by 8.9% during the 2nd quarter. BlackRock Inc. now owns 29,362,957 shares of the real estate investment trust’s stock valued at $4,233,258,000 after acquiring an additional 2,410,425 shares in the last quarter. Resolution Capital Ltd boosted its position in American Tower by 291.1% during the 3rd quarter. Resolution Capital Ltd now owns 1,522,702 shares of the real estate investment trust’s stock valued at $187,429,000 after acquiring an additional 1,133,323 shares in the last quarter. AustralianSuper Pty Ltd bought a new stake in American Tower during the 2nd quarter valued at approximately $155,992,000. Dimensional Fund Advisors LP boosted its position in American Tower by 13.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,032,192 shares of the real estate investment trust’s stock valued at $869,663,000 after acquiring an additional 713,894 shares in the last quarter. Finally, Putnam Investments LLC boosted its position in American Tower by 19.5% during the 2nd quarter. Putnam Investments LLC now owns 2,710,662 shares of the real estate investment trust’s stock valued at $390,796,000 after acquiring an additional 441,479 shares in the last quarter. 93.24% of the stock is currently owned by institutional investors and hedge funds.

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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 approximately 170,000 communications sites.

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