American Tower Corp Reaches New 1-Year High on Insider Buying Activity (AMT)
American Tower Corp (NYSE:AMT) hit a new 52-week high on Monday after an insider bought additional shares in the company, Stock Ratings News reports. The company traded as high as $99.56 and last traded at $98.55, with a volume of 1,044,744 shares traded. The stock had previously closed at $98.11.
Specifically, SVP Robert Joseph Meyer, Jr. unloaded 8,000 shares of American Tower Corp stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $96.33, for a total transaction of $770,640.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
A number of analysts have recently weighed in on AMT shares. 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 research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $102.73.
The stock has a 50-day moving average of $91.94 and a 200-day moving average of $85.96. The company has a market cap of $39.064 billion and a price-to-earnings ratio of 55.12. American Tower Corp also saw unusually large options trading on Friday. Traders bought 623 put options on the company. This is an increase of approximately 125% compared to the typical daily 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 Thomson Reuters 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 prior year, the company posted $0.25 earnings per share. The company’s quarterly revenue 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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