Insider Selling: Thomas A. Bartlett Unloads 38,772 Shares of American Tower Corp Stock (AMT)
American Tower Corp (NYSE:AMT) CFO Thomas A. Bartlett sold 38,772 shares of the stock on the open market in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $97.96, for a total value of $3,798,105.12. Following the transaction, the chief financial officer now directly owns 33,105 shares of the company’s stock, valued at approximately $3,242,966. The sale 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 Morgan Stanley downgraded shares of American Tower Corp from an “overweight” rating to an “equal weight” rating in a research note on Wednesday. They now have a $98.00 price target on the stock, down previously from $101.00. They noted that the move was a valuation call. Separately, analysts at Goldman Sachs initiated coverage on shares of American Tower Corp in a research note on Tuesday. They set a “buy” rating on the stock. Finally, analysts at Barclays raised their price target on shares of American Tower Corp from $104.00 to $109.00 in a research note on Wednesday, August 27th. They now have an “overweight” rating on the stock. One analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. American Tower Corp has a consensus rating of “Buy” and a consensus price target of $104.33.
Shares of American Tower Corp (NYSE:AMT) traded up 0.50% during mid-day trading on Thursday, hitting $98.60. The stock had a trading volume of 2,460,017 shares. American Tower Corp has a 52 week low of $70.71 and a 52 week high of $99.90. The stock has a 50-day moving average of $96.23 and a 200-day moving average of $88.25. The company has a market cap of $39.060 billion and a P/E ratio of 55.12.
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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