American Tower Co. (NYSE:AMT) CFO Sells $3,000,283.70 in Stock

American Tower Co. (NYSE:AMT) CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $181.10, for a total value of $3,000,283.70. Following the completion of the sale, the chief financial officer now directly owns 62,792 shares in the company, valued at approximately $11,371,631.20. This represents a 20.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

American Tower Trading Up 0.2 %

NYSE AMT opened at $190.51 on Monday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The company has a market cap of $89.02 billion, a price-to-earnings ratio of 80.39, a P/E/G ratio of 1.16 and a beta of 0.84. The business has a 50 day moving average price of $192.86 and a 200-day moving average price of $211.42.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing the consensus estimate of $2.45 by ($1.56). The firm had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. American Tower’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same period in the prior year, the business earned $2.58 EPS. As a group, equities analysts expect that American Tower Co. will post 10.15 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Friday, December 27th. This represents a $6.48 annualized dividend and a dividend yield of 3.40%. American Tower’s payout ratio is 273.42%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on AMT shares. Scotiabank reduced their price target on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research note on Wednesday, October 30th. The Goldman Sachs Group decreased their price target on shares of American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Wells Fargo & Company downgraded American Tower from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $245.00 to $230.00 in a research report on Thursday, October 10th. Barclays reduced their price objective on shares of American Tower from $251.00 to $215.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Finally, JPMorgan Chase & Co. boosted their price target on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $230.67.

Institutional Trading of American Tower

A number of hedge funds and other institutional investors have recently made changes to their positions in AMT. Fortitude Family Office LLC lifted its holdings in shares of American Tower by 269.0% in the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 78 shares in the last quarter. Fairscale Capital LLC bought a new stake in American Tower during the 2nd quarter worth approximately $27,000. Northwest Investment Counselors LLC bought a new stake in American Tower during the 3rd quarter worth approximately $30,000. Hara Capital LLC bought a new position in American Tower in the 3rd quarter valued at $31,000. Finally, Legacy Investment Solutions LLC bought a new position in American Tower in the 3rd quarter valued at $34,000. 92.69% of the stock is currently owned by institutional investors.

About American Tower

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.