American Tower Corp. (AMT) Shares Gap Up to $113.82
American Tower Corp. (NYSE:AMT) gapped up before the market opened on Friday . The stock had previously closed at $113.43, but opened at $113.82. American Tower Corp. shares last traded at $114.93, with a volume of 856,929 shares traded.
Several equities research analysts have issued reports on AMT shares. Jefferies Group restated a “buy” rating on shares of American Tower Corp. in a research report on Monday. Citigroup Inc. raised their price objective on shares of American Tower Corp. from $121.00 to $134.00 and gave the stock a “buy” rating in a research report on Monday, July 11th. Argus raised their price objective on shares of American Tower Corp. from $120.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, August 17th. Deutsche Bank AG reiterated a “buy” rating and issued a $117.00 price target on shares of American Tower Corp. in a research report on Tuesday, May 31st. Finally, BTIG Research lifted their price target on shares of American Tower Corp. to $140.00 in a research report on Tuesday, July 19th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $120.20.
The firm has a 50 day moving average of $115.67 and a 200 day moving average of $106.77. The firm has a market cap of $48.97 billion and a P/E ratio of 71.44.
American Tower Corp. (NYSE:AMT) last released its quarterly earnings data 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. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the previous year, the business posted $1.26 earnings per share. The company’s revenue for the quarter was up 22.8% compared to the same quarter last year. Equities analysts forecast that American Tower Corp. will post $5.72 EPS for the current year.
In other American Tower Corp. news, SVP Robert Joseph Meyer, Jr. sold 3,106 shares of the stock in a transaction that occurred on Thursday, June 9th. The shares were sold at an average price of $108.68, for a total value of $337,560.08. Following the sale, the senior vice president now directly owns 21,386 shares in the company, valued at approximately $2,324,230.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Raymond P. Dolan sold 11,319 shares of the stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $108.00, for a total transaction of $1,222,452.00. Following the completion of the sale, the director now owns 15,604 shares in the company, valued at $1,685,232. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in American Tower Corp. stock. Schwab Charles Investment Management Inc. boosted its stake in American Tower Corp. (NYSE:AMT) by 4.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 1,108,097 shares of the real estate investment trust’s stock after buying an additional 48,520 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.26% of American Tower Corp. worth $107,431,000 as of its most recent filing with the SEC.
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.