American Tower Co. (NYSE:AMT – Get Free Report) was the recipient of a significant growth in short interest in June. As of June 30th, there was short interest totalling 6,020,000 shares, a growth of 8.3% from the June 15th total of 5,560,000 shares. Based on an average daily trading volume, of 2,410,000 shares, the days-to-cover ratio is presently 2.5 days.
American Tower Trading Down 0.7 %
NYSE AMT opened at $211.55 on Thursday. The company has a debt-to-equity ratio of 3.39, a current ratio of 0.85 and a quick ratio of 0.85. The stock has a market capitalization of $98.79 billion, a P/E ratio of 48.23, a PEG ratio of 1.48 and a beta of 0.81. The firm’s 50-day moving average is $194.62 and its two-hundred day moving average is $193.89. American Tower has a 12 month low of $154.58 and a 12 month high of $219.10.
American Tower (NYSE:AMT – Get Free Report) last posted its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The firm had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter in the prior year, the firm posted $2.54 EPS. American Tower’s quarterly revenue was up 2.4% compared to the same quarter last year. On average, sell-side analysts anticipate that American Tower will post 10.04 earnings per share for the current year.
American Tower Announces Dividend
Insider Transactions at American Tower
In other news, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction of $702,061.44. Following the completion of the transaction, the executive vice president now owns 28,413 shares in the company, valued at $5,692,828.68. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Robert D. Hormats sold 700 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the sale, the director now owns 7,332 shares in the company, valued at approximately $1,345,422. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Sanjay Goel sold 3,504 shares of the stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total transaction of $702,061.44. Following the completion of the sale, the executive vice president now directly owns 28,413 shares in the company, valued at approximately $5,692,828.68. The disclosure for this sale can be found here. Insiders own 0.18% of the company’s stock.
Institutional Trading of American Tower
A number of large investors have recently made changes to their positions in AMT. Northwest Investment Counselors LLC acquired a new position in American Tower during the first quarter worth approximately $25,000. Gold Investment Management Ltd. purchased a new stake in shares of American Tower in the fourth quarter valued at $28,000. Thompson Investment Management Inc. purchased a new stake in American Tower during the 4th quarter worth about $29,000. SOA Wealth Advisors LLC. acquired a new position in American Tower in the 1st quarter valued at about $30,000. Finally, Private Wealth Management Group LLC acquired a new position in American Tower in the 4th quarter valued at about $31,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on AMT. Morgan Stanley upped their price objective on shares of American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. BMO Capital Markets reduced their price objective on shares of American Tower from $228.00 to $220.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Raymond James upgraded shares of American Tower from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $226.00 to $248.00 in a research note on Wednesday, May 1st. Scotiabank reduced their price target on American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, May 1st. Finally, Barclays lowered their price objective on American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, American Tower has a consensus rating of “Moderate Buy” and a consensus target price of $222.92.
Get Our Latest Analysis on American Tower
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.
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