American Tower Co. (NYSE:AMT - Get Free Report) was the target of a large drop in short interest during the month of September. As of September 30th, there was short interest totalling 3,610,000 shares, a drop of 8.6% from the September 15th total of 3,950,000 shares. Based on an average daily trading volume, of 2,140,000 shares, the days-to-cover ratio is presently 1.7 days.
American Tower Price Performance
NYSE:AMT traded down $3.36 during mid-day trading on Thursday, reaching $224.16. The stock had a trading volume of 2,021,719 shares, compared to its average volume of 2,284,516. The stock has a 50-day simple moving average of $228.55 and a two-hundred day simple moving average of $206.18. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81. American Tower has a 12 month low of $157.25 and a 12 month high of $243.56. The stock has a market capitalization of $104.70 billion, a PE ratio of 42.14, a P/E/G ratio of 1.01 and a beta of 0.83.
American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing analysts' consensus estimates of $2.44 by ($0.52). The business had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. American Tower's quarterly revenue was up 4.7% on a year-over-year basis. During the same period last year, the firm posted $2.46 EPS. On average, equities analysts anticipate that American Tower will post 10.13 earnings per share for the current year.
American Tower Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date of this dividend is Wednesday, October 9th. American Tower's payout ratio is 121.80%.
Insider Activity at American Tower
In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business's stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the sale, the chief accounting officer now owns 31,873 shares of the company's stock, valued at $7,424,177.89. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the company's stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the sale, the chief executive officer now directly owns 61,843 shares of the company's stock, valued at approximately $14,223,890. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business's stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the transaction, the chief accounting officer now owns 31,873 shares in the company, valued at $7,424,177.89. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,723 shares of company stock valued at $7,795,397. 0.18% of the stock is owned by insiders.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Northwest Investment Counselors LLC bought a new position in shares of American Tower in the 1st quarter worth $25,000. Fairscale Capital LLC purchased a new stake in shares of American Tower during the 2nd quarter valued at $27,000. Cultivar Capital Inc. bought a new stake in shares of American Tower during the 2nd quarter worth $25,000. Hobbs Group Advisors LLC bought a new position in American Tower during the second quarter valued at about $29,000. Finally, SOA Wealth Advisors LLC. purchased a new stake in American Tower during the first quarter worth about $30,000. Institutional investors own 92.69% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on AMT. Wells Fargo & Company cut American Tower from an "overweight" rating to an "equal weight" rating and dropped their price target for the company from $245.00 to $230.00 in a research note on Thursday, October 10th. StockNews.com upgraded shares of American Tower from a "hold" rating to a "buy" rating in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft increased their target price on American Tower from $212.00 to $235.00 and gave the stock a "buy" rating in a research note on Wednesday, August 14th. Barclays boosted their price target on American Tower from $223.00 to $255.00 and gave the company an "overweight" rating in a research note on Thursday, October 10th. Finally, The Goldman Sachs Group started coverage on American Tower in a research report on Monday, July 1st. They set a "buy" rating and a $230.00 price objective on the stock. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $235.21.
Get Our Latest Stock Analysis on American Tower
About American Tower
(
Get Free Report)
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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.
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