Investors Sell American Tower Corp. (AMT) on Strength (AMT)
Traders sold shares of American Tower Corp. (NYSE:AMT) on strength during trading 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 equities tracked, American Tower Corp. had the 0th 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 recently issued reports on AMT. Zacks Investment Research upgraded American Tower Corp. from a “hold” rating to a “strong-buy” rating and set a $121.00 price objective for the company in a report on Monday, May 2nd. Royal Bank Of Canada upped their price objective on American Tower Corp. from $128.00 to $132.00 and gave the stock an “outperform” rating in a report on Monday, May 2nd. BTIG Research upped their price objective on American Tower Corp. to $140.00 in a report on Tuesday, July 19th. They noted that the move was a valuation call. Bank of America Corp. reiterated a “buy” rating and issued a $112.00 price objective on shares of American Tower Corp. in a report on Thursday, April 28th. Finally, Oppenheimer Holdings Inc. reiterated a “buy” rating on shares of American Tower Corp. in a report on Monday, May 2nd. Two research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $119.71.
The firm has a 50 day moving average of $114.25 and a 200-day moving average of $103.34. The company has a market cap of $49.60 billion and a P/E ratio of 72.36.
American Tower Corp. (NYSE:AMT) last released its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $1.33 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.36 by $0.03. During the same period in the prior year, the company posted $1.26 EPS. The company earned $1.44 billion during the quarter, compared to the consensus estimate of $1.44 billion. The company’s quarterly revenue was up 22.8% compared to the same quarter last year. Analysts forecast that American Tower Corp. will post $5.72 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Friday, June 17th were given a $0.53 dividend. This is a positive change 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 annualized dividend and a yield of 1.82%.
In related news, Director David E. Sharbutt sold 10,000 shares of American Tower Corp. stock in a transaction dated 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 completion of the transaction, the director now owns 15,124 shares in the company, valued at $1,578,189.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO James D. Taiclet, Jr. sold 40,625 shares of the business’s stock in a transaction that occurred on Monday, July 18th. The shares were sold at an average price of $116.69, for a total value of $4,740,531.25. Following the transaction, the chief executive officer now owns 271,697 shares of the company’s stock, valued at approximately $31,704,322.93. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have made changes to their positions in the company. Ashburton Jersey Ltd acquired a new position in shares of American Tower Corp. during the fourth quarter valued at about $1,130,000. Robeco Institutional Asset Management B.V. raised its position in shares of 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 valued at $1,798,000 after buying an additional 2,957 shares during the period. Suntrust Banks Inc. raised its position in shares of 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 valued at $2,435,000 after buying an additional 10,263 shares during the period. Matarin Capital Management LLC acquired a new position in shares of American Tower Corp. during the fourth quarter valued at about $2,806,000. Finally, Advisors Asset Management Inc. raised its position in shares of American Tower Corp. by 8.1% in the fourth quarter. Advisors Asset Management Inc. now owns 30,862 shares of the real estate investment trust’s stock valued at $2,992,000 after buying an additional 2,312 shares during the period.
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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