American Tower Corp. (AMT) Shares Gap Up to $114.62
American Tower Corp. (NYSE:AMT) gapped up prior to trading on Tuesday . The stock had previously closed at $114.37, but opened at $114.62. American Tower Corp. shares last traded at $115.19, with a volume of 882,225 shares changing hands.
A number of equities research analysts have recently issued reports on AMT shares. BTIG Research upped their price objective on shares of American Tower Corp. to $140.00 in a research note on Tuesday, July 19th. They noted that the move was a valuation call. Citigroup Inc. dropped their price target on shares of American Tower Corp. from $134.00 to $133.00 and set a “buy” rating for the company in a research report on Wednesday, August 10th. Jefferies Group reissued a “buy” rating on shares of American Tower Corp. in a research report on Saturday, August 6th. Morgan Stanley reissued a “buy” rating and set a $125.00 price target on shares of American Tower Corp. in a research report on Friday, April 29th. Finally, Bank of America Corp. reaffirmed a “buy” rating and issued a $112.00 target price on shares of American Tower Corp. in a research report on Thursday, April 28th. Two analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. American Tower Corp. has a consensus rating of “Buy” and an average target price of $120.20.
The firm has a 50 day moving average of $115.81 and a 200 day moving average of $105.64. The firm has a market cap of $48.72 billion and a P/E ratio of 71.0798.
American Tower Corp. (NYSE:AMT) last issued its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $1.33 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.36 by $0.03. The company had revenue of $1.44 billion for 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 previous year, the business posted $1.26 EPS. On average, equities analysts forecast that American Tower Corp. will post $5.72 EPS for the current fiscal year.
In related news, CEO James D. Taiclet, Jr. sold 40,625 shares of the 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 in the company, valued at approximately $31,704,322.93. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Carolyn Katz sold 5,000 shares of the stock in a transaction that occurred on Wednesday, June 1st. The stock was sold at an average price of $105.26, for a total transaction of $526,300.00. Following the completion of the transaction, the director now owns 16,584 shares in the company, valued at approximately $1,745,631.84. The disclosure for this sale can be found here.
Other institutional investors have modified their holdings of the company. Schwab Charles Investment Management Inc. increased its position in shares of American Tower Corp. by 4.6% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,108,097 shares of the real estate investment trust’s stock valued at $107,431,000 after buying an additional 48,520 shares during the period. American International Group Inc. raised its stake in American Tower Corp. by 1.1% in the fourth quarter. American International Group Inc. now owns 188,739 shares of the real estate investment trust’s stock valued at $18,298,000 after buying an additional 2,141 shares in the last quarter. KBC Group NV raised its stake in American Tower Corp. by 7.8% in the fourth quarter. KBC Group NV now owns 39,550 shares of the real estate investment trust’s stock valued at $3,835,000 after buying an additional 2,847 shares in the last quarter. State of Tennessee Treasury Department raised its stake in American Tower Corp. by 50.4% in the fourth quarter. State of Tennessee Treasury Department now owns 134,450 shares of the real estate investment trust’s stock valued at $13,035,000 after buying an additional 45,050 shares in the last quarter. Finally, Matarin Capital Management LLC bought a new stake in American Tower Corp. during the fourth quarter valued at 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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