American Tower Corp (NYSE:AMT) Director Joann A. Reed sold 7,400 shares of the stock in a transaction dated Wednesday, May 3rd. The stock was sold at an average price of $126.87, for a total transaction of $938,838.00. Following the sale, the director now owns 37,758 shares of the company’s stock, valued at $4,790,357.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Shares of American Tower Corp (NYSE:AMT) traded up 0.160% during midday trading on Friday, hitting $128.185. 992,405 shares of the company traded hands. The stock has a market capitalization of $54.48 billion, a P/E ratio of 61.895 and a beta of 0.61. American Tower Corp has a 52 week low of $99.72 and a 52 week high of $132.86. The company has a 50-day moving average price of $124.97 and a 200-day moving average price of $112.60.
American Tower Corp (NYSE:AMT) last issued its quarterly earnings data on Thursday, April 27th. The real estate investment trust reported $0.67 earnings per share for the quarter, missing the consensus estimate of $1.51 by $0.84. The company had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.58 billion. American Tower Corp had a return on equity of 14.05% and a net margin of 17.37%. The firm’s quarterly revenue was up 25.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.58 EPS. Analysts anticipate that American Tower Corp will post $2.97 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, April 28th. Stockholders of record on Wednesday, April 12th were given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 1.94%. The ex-dividend date was Monday, April 10th. This is an increase from American Tower Corp’s previous quarterly dividend of $0.58. American Tower Corp’s payout ratio is currently 117.17%.
Several hedge funds have recently modified their holdings of AMT. Ancora Advisors LLC acquired a new stake in American Tower Corp during the fourth quarter valued at approximately $104,000. Webster Bank N. A. increased its stake in American Tower Corp by 86.1% in the first quarter. Webster Bank N. A. now owns 1,005 shares of the real estate investment trust’s stock valued at $122,000 after buying an additional 465 shares during the period. Heritage Trust Co acquired a new stake in American Tower Corp during the first quarter valued at approximately $122,000. Hemenway Trust Co LLC acquired a new stake in American Tower Corp during the fourth quarter valued at approximately $124,000. Finally, FNY Partners Fund LP acquired a new stake in American Tower Corp during the fourth quarter valued at approximately $137,000. Institutional investors and hedge funds own 93.07% of the company’s stock.
Several analysts have commented on AMT shares. Zacks Investment Research upgraded shares of American Tower Corp from a “hold” rating to a “buy” rating and set a $142.00 price objective for the company in a report on Thursday, May 4th. Royal Bank of Canada raised their price objective on shares of American Tower Corp from $134.00 to $145.00 and gave the stock an “outperform” rating in a report on Friday, April 28th. Guggenheim upgraded shares of American Tower Corp from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $117.00 to $135.00 in a report on Monday, April 10th. Jefferies Group LLC restated a “buy” rating and issued a $136.00 price objective on shares of American Tower Corp in a report on Monday, April 3rd. Finally, Pacific Crest raised their price objective on shares of American Tower Corp to $132.00 in a report on Wednesday, March 22nd. Ten research analysts have rated the stock with a buy rating, The company presently has an average rating of “Buy” and a consensus target price of $134.67.
About American Tower Corp
American Tower Corporation (ATC) is a holding company. The Company operates as a real estate investment trust (REIT), which owns, operates and develops multitenant communications real estate. ATC’s segments include U.S. property, Asia property, EMEA property, Latin America property, Services and Other.
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