American Tower Corp. (AMT) Shares Gap Up to $113.82
American Tower Corp. (NYSE:AMT)’s share price gapped up prior to trading 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 analysts recently weighed in on AMT shares. Jefferies Group reiterated a “buy” rating on shares of American Tower Corp. in a report on Saturday, August 6th. Deutsche Bank AG reiterated a “buy” rating and issued a $117.00 price target on shares of American Tower Corp. in a report on Tuesday, May 31st. Citigroup Inc. increased their price target on shares of American Tower Corp. from $121.00 to $134.00 and gave the stock a “buy” rating in a report on Monday, July 11th. BTIG Research increased their price target on shares of American Tower Corp. to $140.00 in a report on Tuesday, July 19th. They noted that the move was a valuation call. Finally, Argus increased their price target on shares of American Tower Corp. from $120.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, August 17th. Two investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $120.20.
The company has a market cap of $48.97 billion and a price-to-earnings ratio of 71.44. The company has a 50-day moving average of $115.67 and a 200-day moving average of $106.77.
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. The firm earned $1.44 billion during the quarter, compared to analyst estimates of $1.44 billion. American Tower Corp.’s revenue was up 22.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.26 EPS. Equities research analysts expect that American Tower Corp. will post $5.72 earnings per share for the current year.
In other news, Director Raymond P. Dolan sold 11,319 shares of the company’s 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Steven C. Marshall sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $113.33, for a total value of $11,333,000.00. The disclosure for this sale can be found here.
An institutional investor recently raised its position in American Tower Corp. stock. Schwab Charles Investment Management Inc. raised its position in American Tower Corp. (NYSE:AMT) by 4.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (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 SEC filing.
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.