Investors Sell Shares of American Tower Corp. (AMT) on Strength (AMT)
Traders sold shares of American Tower Corp. (NYSE:AMT) on strength during trading hours on Thursday. $43.55 million flowed into the stock on the tick-up and $75.92 million flowed out of the stock on the tick-down, for a money net flow of $32.37 million out of the stock. Of all companies tracked, American Tower Corp. had the 9th highest net out-flow for the day. American Tower Corp. traded up $0.69 for the day and closed at $116.42
A number of research firms have issued reports on AMT. Oppenheimer Holdings Inc. reaffirmed a “buy” rating on shares of American Tower Corp. in a report on Monday, May 2nd. Jefferies Group raised their target price on American Tower Corp. from $120.00 to $136.00 and gave the company a “buy” rating in a report on Friday, July 29th. BTIG Research raised their target price on American Tower Corp. to $140.00 in a report on Tuesday, July 19th. They noted that the move was a valuation call. Evercore ISI lowered American Tower Corp. from a “buy” rating to a “hold” rating and raised their target price for the company from $105.00 to $110.00 in a report on Tuesday, April 19th. They noted that the move was a valuation call. Finally, Zacks Investment Research lowered American Tower Corp. from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 4th. Two research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $119.71.
The company’s 50 day moving average is $114.00 and its 200-day moving average is $103.24. The stock has a market capitalization of $49.54 billion and a P/E ratio of 72.27.
American Tower Corp. (NYSE:AMT) last announced its earnings results on Thursday, July 28th. The real estate investment trust reported $1.33 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.36 by $0.03. The firm earned $1.44 billion during the quarter, compared to the consensus estimate of $1.44 billion. The company’s revenue for the quarter was up 22.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.26 EPS. Equities analysts predict that American Tower Corp. will post $5.72 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Friday, June 17th were paid a dividend of $0.53 per share. This is a boost from American Tower Corp.’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Wednesday, June 15th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.82%.
In other news, EVP Steven C. Marshall sold 100,000 shares of the stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $113.33, for a total transaction of $11,333,000.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David E. Sharbutt sold 10,000 shares of the stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $104.35, for a total value of $1,043,500.00. Following the transaction, the director now owns 15,124 shares in the company, valued at approximately $1,578,189.40. The disclosure for this sale can be found here.
Several institutional investors have recently made changes to their positions in the company. Ashburton Jersey Ltd purchased a new position in shares of American Tower Corp. during the fourth quarter worth $1,130,000. Robeco Institutional Asset Management B.V. raised its position in American Tower Corp. by 19.0% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 18,548 shares of the real estate investment trust’s stock worth $1,798,000 after buying an additional 2,957 shares during the period. Suntrust Banks Inc. raised its position in American Tower Corp. by 69.0% in the fourth quarter. Suntrust Banks Inc. now owns 25,134 shares of the real estate investment trust’s stock worth $2,435,000 after buying an additional 10,263 shares during the period. Gabelli Funds LLC raised its position in American Tower Corp. by 107.4% in the fourth quarter. Gabelli Funds LLC now owns 28,000 shares of the real estate investment trust’s stock worth $2,715,000 after buying an additional 14,500 shares during the period. Finally, Matarin Capital Management LLC bought a new position in American Tower Corp. during the fourth quarter worth approximately $2,806,000.
American Tower Corporation is a holding company. The company owns, operates and develops wireless and broadcast communications real estate. Its primary business is leasing antenna space on multi-tenant communications sites to wireless service providers, radio and television broadcast companies, wireless data and data providers, government agencies and municipalities.
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