FY2018 Earnings Forecast for American Tower Corp (AMT) Issued By SunTrust Banks
American Tower Corp (NYSE:AMT) – Research analysts at SunTrust Banks upped their FY2018 earnings estimates for American Tower in a report released on Wednesday. SunTrust Banks analyst G. Miller now forecasts that the real estate investment trust will earn $7.54 per share for the year, up from their prior estimate of $7.50. SunTrust Banks has a “Buy” rating on the stock. SunTrust Banks also issued estimates for American Tower’s Q4 2018 earnings at $1.93 EPS and FY2019 earnings at $8.58 EPS.
A number of other equities research analysts have also issued reports on AMT. ValuEngine lowered American Tower from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. KeyCorp reaffirmed an “overweight” rating and set a $177.00 price target (up previously from $156.00) on shares of American Tower in a research report on Monday, November 27th. Zacks Investment Research lowered American Tower from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Jefferies Group reiterated a “buy” rating and set a $144.00 target price on shares of American Tower in a research note on Tuesday, September 12th. Finally, Macquarie boosted their price target on American Tower from $162.00 to $165.00 and gave the company an “outperform” rating in a research note on Wednesday, November 1st. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $158.50.
American Tower declared that its Board of Directors has approved a share buyback plan on Thursday, December 7th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the real estate investment trust to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Thursday, December 28th will be issued a $0.70 dividend. This is a positive change from American Tower’s previous quarterly dividend of $0.66. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date is Wednesday, December 27th. American Tower’s dividend payout ratio (DPR) is presently 100.38%.
In other news, EVP Edmund Disanto sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $136.00, for a total value of $1,360,000.00. Following the sale, the executive vice president now directly owns 151,928 shares of the company’s stock, valued at approximately $20,662,208. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman James D. Taiclet, Jr. sold 34,000 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $151.20, for a total value of $5,140,800.00. The disclosure for this sale can be found here. Insiders sold 88,000 shares of company stock valued at $12,619,900 over the last ninety days. Corporate insiders own 0.86% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of AMT. Shine Investment Advisory Services Inc. purchased a new stake in American Tower during the 2nd quarter valued at $100,000. Howe & Rusling Inc. increased its stake in shares of American Tower by 1,608.0% in the 3rd quarter. Howe & Rusling Inc. now owns 854 shares of the real estate investment trust’s stock worth $117,000 after purchasing an additional 804 shares in the last quarter. Peddock Capital Advisors LLC purchased a new stake in shares of American Tower in the 2nd quarter worth $119,000. Legacy Advisors LLC purchased a new stake in shares of American Tower in the 3rd quarter worth $132,000. Finally, Glassman Wealth Services boosted its holdings in American Tower by 28.9% in the 2nd quarter. Glassman Wealth Services now owns 1,029 shares of the real estate investment trust’s stock worth $136,000 after buying an additional 231 shares during the period. 91.89% of the stock is currently owned by hedge funds and other institutional investors.
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American Tower Company Profile
American Tower Corporation (ATC) is a holding company. The Company operates as a real estate investment trust (REIT), which owns, operates and develops multitenant communications real estate. ATC’s segments include U.S. property, Asia property, EMEA property, Latin America property, Services and Other.
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