Analysts expect American Tower Corp (NYSE:AMT) to announce $1.69 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have made estimates for American Tower’s earnings. The highest sales estimate is $1.71 billion and the lowest is $1.67 billion. American Tower posted sales of $1.54 billion during the same quarter last year, which suggests a positive year over year growth rate of 9.7%. The company is scheduled to issue its next earnings results before the market opens on Tuesday, February 27th.
According to Zacks, analysts expect that American Tower will report full-year sales of $1.69 billion for the current year, with estimates ranging from $6.63 billion to $6.67 billion. For the next year, analysts expect that the business will post sales of $7.20 billion per share, with estimates ranging from $6.86 billion to $7.56 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for American Tower.
AMT has been the topic of a number of recent analyst reports. Cowen reissued a “buy” rating on shares of American Tower in a research note on Tuesday, October 24th. KeyCorp set a $156.00 price objective on American Tower and gave the company an “overweight” rating in a research note on Wednesday, November 1st. Macquarie boosted their price objective on American Tower from $162.00 to $165.00 and gave the company an “outperform” rating in a research note on Wednesday, November 1st. Jefferies Group boosted their price objective on American Tower from $144.00 to $163.00 and gave the company a “buy” rating in a research note on Wednesday, November 1st. Finally, Zacks Investment Research raised American Tower from a “hold” rating to a “buy” rating and set a $160.00 price objective on the stock in a research note on Friday, November 3rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and sixteen have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $158.60.
American Tower declared that its board has authorized a share repurchase program on Thursday, December 7th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Thursday, December 28th were paid a dividend of $0.70 per share. This is an increase from American Tower’s previous quarterly dividend of $0.66. This represents a $2.80 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend was Wednesday, December 27th. American Tower’s dividend payout ratio is 106.46%.
In related news, Director David E. Sharbutt sold 1,584 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $144.44, for a total transaction of $228,792.96. Following the transaction, the director now directly owns 4,861 shares of the company’s stock, valued at approximately $702,122.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Samme L. Thompson sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $143.16, for a total value of $715,800.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 75,251 shares of company stock worth $11,026,134. 0.86% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the stock. Howe & Rusling Inc. raised its stake in shares of American Tower by 1,608.0% in the third 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 during the last quarter. Legacy Advisors LLC purchased a new stake in shares of American Tower in the third quarter worth approximately $132,000. Fieldpoint Private Securities LLC raised its stake in shares of American Tower by 69.6% in the third quarter. Fieldpoint Private Securities LLC now owns 1,060 shares of the real estate investment trust’s stock worth $145,000 after purchasing an additional 435 shares during the last quarter. Americafirst Capital Management LLC purchased a new stake in shares of American Tower in the third quarter worth approximately $173,000. Finally, Resources Investment Advisors Inc. raised its stake in shares of American Tower by 51.1% in the fourth quarter. Resources Investment Advisors Inc. now owns 1,428 shares of the real estate investment trust’s stock worth $203,000 after purchasing an additional 483 shares during the last quarter. 91.75% of the stock is currently owned by institutional investors and hedge funds.
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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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