American Tower Corp (NYSE:AMT) – Equities research analysts at Oppenheimer dropped their FY2017 earnings per share (EPS) estimates for American Tower in a research note issued on Wednesday. Oppenheimer analyst T. Horan now anticipates that the real estate investment trust will post earnings of $6.57 per share for the year, down from their prior estimate of $6.58. Oppenheimer currently has a “Outperform” rating and a $160.00 target price on the stock. Oppenheimer also issued estimates for American Tower’s Q4 2017 earnings at $1.67 EPS, FY2018 earnings at $7.75 EPS and FY2019 earnings at $8.96 EPS.
Several other research analysts have also issued reports on the company. Royal Bank of Canada reaffirmed a “buy” rating and set a $153.00 target price on shares of American Tower in a research report on Friday, September 1st. Citigroup increased their price objective on American Tower from $142.00 to $167.00 and gave the company a “buy” rating in a report on Monday, August 28th. UBS Group increased their price objective on American Tower from $150.00 to $163.00 and gave the company a “buy” rating in a report on Monday, September 11th. BidaskClub raised American Tower from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Finally, Argus increased their price objective on American Tower to $170.00 and gave the company a “buy” rating in a report on Thursday, November 9th. Two investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. American Tower currently has an average rating of “Buy” and an average price target of $158.60.
A number of large investors have recently added to or reduced their stakes in the stock. Howe & Rusling Inc. lifted its holdings 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 valued at $117,000 after purchasing an additional 804 shares during the last quarter. Legacy Advisors LLC acquired a new position in American Tower in the 3rd quarter valued at about $132,000. Glassman Wealth Services increased its position 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 valued at $136,000 after acquiring an additional 231 shares during the period. Fieldpoint Private Securities LLC increased its position in American Tower by 69.6% in the 3rd quarter. Fieldpoint Private Securities LLC now owns 1,060 shares of the real estate investment trust’s stock valued at $145,000 after acquiring an additional 435 shares during the period. Finally, Americafirst Capital Management LLC acquired a new position in American Tower in the 3rd quarter valued at about $173,000. Hedge funds and other institutional investors own 91.60% of the company’s stock.
In related news, Director David E. Sharbutt sold 1,584 shares of American Tower stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $144.44, for a total value of $228,792.96. Following the completion of the transaction, the director now directly owns 4,861 shares in the company, valued at $702,122.84. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Edmund Disanto sold 10,000 shares of American Tower stock in a transaction on Friday, September 29th. The shares were sold at an average price of $136.00, for a total value of $1,360,000.00. Following the completion of the transaction, the executive vice president now owns 151,928 shares of the company’s stock, valued at $20,662,208. The disclosure for this sale can be found here. In the last three months, insiders have sold 114,251 shares of company stock valued at $16,409,934. 0.86% of the stock is owned by insiders.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Thursday, December 28th will be paid a dividend of $0.70 per share. This is a boost from American Tower’s previous quarterly dividend of $0.66. The ex-dividend date is Wednesday, December 27th. This represents a $2.80 annualized dividend and a yield of 1.99%. American Tower’s dividend payout ratio (DPR) is 100.38%.
American Tower declared that its Board of Directors has initiated a stock buyback plan on Thursday, December 7th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the real estate investment trust to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
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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