Insider Buying: Ronald M. Dykes Acquires 2,900 Shares of American Tower Corp Stock (AMT)
American Tower Corp (NYSE:AMT) Director Ronald M. Dykes acquired 2,900 shares of the stock on the open market in a transaction that occurred on Wednesday, August 6th. The shares were purchased at an average price of $95.65 per share, with a total value of $277,385.00. Following the completion of the purchase, the director now directly owns 20,285 shares in the company, valued at approximately $1,940,260. The purchase was disclosed in a document filed with the SEC, which is available at this link.
Several analysts have recently commented on the stock. Analysts at RBC Capital raised their price target on shares of American Tower Corp from $105.00 to $108.00 in a research note on Friday, August 1st. Separately, analysts at Raymond James reiterated a “strong-buy” rating on shares of American Tower Corp in a research note on Thursday, July 31st. They now have a $112.00 price target on the stock, up previously from $106.00. Finally, analysts at Barclays reiterated an “overweight” rating on shares of American Tower Corp in a research note on Thursday, July 31st. They now have a $104.00 price target on the stock, up previously from $95.00. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. American Tower Corp has a consensus rating of “Buy” and a consensus price target of $102.73.
Shares of American Tower Corp (NYSE:AMT) traded up 0.89% during mid-day trading on Friday, hitting $98.11. 1,873,949 shares of the company’s stock traded hands. American Tower Corp has a 52 week low of $67.89 and a 52 week high of $97.61. The stock has a 50-day moving average of $91.66 and a 200-day moving average of $85.87. The company has a market cap of $38.866 billion and a P/E ratio of 54.63. American Tower Corp also was the target of some unusual options trading on Friday. Investors acquired 623 put options on the company. This represents an increase of approximately 125% compared to the typical volume of 277 put options.
American Tower Corp (NYSE:AMT) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.04. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $999.15 million. During the same quarter in the previous year, the company posted $0.25 earnings per share. The company’s revenue for the quarter was up 27.5% on a year-over-year basis. On average, analysts predict that American Tower Corp will post $2.25 earnings per share for the current fiscal year.
American Tower Corporation is a holding company. The Company conducts its operations through its directly and indirectly owned subsidiaries and joint ventures.
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