American Tower Corp (NYSE:AMT) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 3,050,000 shares, a growth of 19.1% from the August 15th total of 2,560,000 shares. Based on an average trading volume of 1,630,000 shares, the days-to-cover ratio is currently 1.9 days.
In other American Tower news, Director David E. Sharbutt sold 973 shares of the company’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $255.27, for a total value of $248,377.71. Following the completion of the sale, the director now directly owns 763 shares of the company’s stock, valued at approximately $194,771.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Olivier Puech sold 415 shares of the company’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $266.70, for a total transaction of $110,680.50. The disclosure for this sale can be found here. Insiders sold a total of 9,688 shares of company stock valued at $2,518,080 over the last three months. 0.65% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. Winslow Evans & Crocker Inc. lifted its position in American Tower by 0.4% in the second quarter. Winslow Evans & Crocker Inc. now owns 10,706 shares of the real estate investment trust’s stock worth $2,768,000 after purchasing an additional 40 shares during the period. Old North State Trust LLC lifted its position in American Tower by 4.4% in the second quarter. Old North State Trust LLC now owns 1,120 shares of the real estate investment trust’s stock worth $290,000 after purchasing an additional 47 shares during the period. Cumberland Partners Ltd lifted its position in American Tower by 1.0% in the first quarter. Cumberland Partners Ltd now owns 5,071 shares of the real estate investment trust’s stock worth $1,104,000 after purchasing an additional 50 shares during the period. Dowling & Yahnke LLC lifted its position in American Tower by 3.7% in the second quarter. Dowling & Yahnke LLC now owns 1,397 shares of the real estate investment trust’s stock worth $361,000 after purchasing an additional 50 shares during the period. Finally, Schnieders Capital Management LLC lifted its position in American Tower by 2.0% in the second quarter. Schnieders Capital Management LLC now owns 2,509 shares of the real estate investment trust’s stock worth $649,000 after purchasing an additional 50 shares during the period. 90.60% of the stock is owned by institutional investors.
AMT has been the subject of a number of analyst reports. KeyCorp lowered shares of American Tower from an “overweight” rating to a “sector weight” rating in a research note on Monday, July 13th. Wells Fargo & Company dropped their target price on American Tower from $290.00 to $285.00 and set an “overweight” rating on the stock in a report on Wednesday. Deutsche Bank assumed coverage on American Tower in a report on Friday, June 5th. They issued a “buy” rating and a $287.00 target price on the stock. Morgan Stanley upped their target price on American Tower from $245.00 to $250.00 and gave the company an “equal weight” rating in a report on Monday, June 1st. Finally, Credit Suisse Group reiterated a “buy” rating and issued a $300.00 target price on shares of American Tower in a report on Friday, July 31st. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. American Tower presently has an average rating of “Buy” and a consensus target price of $272.69.
AMT stock traded down $0.46 during midday trading on Wednesday, hitting $263.29. 2,316,153 shares of the company traded hands, compared to its average volume of 2,058,583. American Tower has a twelve month low of $174.32 and a twelve month high of $272.20. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 5.38. The business has a 50 day simple moving average of $252.81 and a 200-day simple moving average of $246.76. The stock has a market capitalization of $116.79 billion, a price-to-earnings ratio of 61.09, a price-to-earnings-growth ratio of 2.21 and a beta of 0.38.
American Tower (NYSE:AMT) last announced its quarterly earnings results on Thursday, July 30th. The real estate investment trust reported $1.00 EPS for the quarter, missing the consensus estimate of $1.99 by ($0.99). American Tower had a net margin of 24.70% and a return on equity of 39.62%. The company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.95 billion. During the same quarter last year, the business earned $2.01 EPS. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. Equities research analysts forecast that American Tower will post 8 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Monday, September 28th will be given a $1.14 dividend. This represents a $4.56 annualized dividend and a dividend yield of 1.73%. This is a boost from American Tower’s previous quarterly dividend of $1.10. The ex-dividend date is Friday, September 25th. American Tower’s dividend payout ratio is currently 56.92%.
American Tower Company Profile
American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 171,000 communications sites.
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