Insider Selling: American Tower Corp SVP Unloads 8,000 Shares of Stock (AMT)
American Tower Corp (NYSE:AMT) SVP Robert Joseph Meyer, Jr. sold 8,000 shares of the company’s stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $96.33, for a total value of $770,640.00. Following the transaction, the senior vice president now directly owns 7,258 shares of the company’s stock, valued at approximately $699,163. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
A number of research firms have recently commented on AMT. 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 investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. 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. The stock had a trading volume of 1,873,949 shares. American Tower Corp has a 52 week low of $67.89 and a 52 week high of $97.61. The stock’s 50-day moving average is $91.66 and its 200-day moving average is $85.87. The company has a market cap of $38.866 billion and a price-to-earnings ratio of 54.63. American Tower Corp also was the recipient of some unusual options trading activity on Friday. Investors acquired 623 put options on the stock. This is an increase of approximately 125% compared to the typical volume of 277 put options.
American Tower Corp (NYSE:AMT) last posted its quarterly earnings results 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. Analysts expect that American Tower Corp will post $2.25 EPS 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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