Equities research analysts expect American Tower Corp (NYSE:AMT) to announce sales of $1.69 billion for the current 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 would indicate a positive year-over-year growth rate of 9.7%. The business is expected to report its next quarterly earnings report on Monday, February 26th.
On average, analysts expect that American Tower will report full-year sales of $1.69 billion for the current fiscal year, with estimates ranging from $6.63 billion to $6.67 billion. For the next fiscal year, analysts anticipate that the company will post sales of $7.21 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 follow American Tower.
AMT has been the topic of several research analyst reports. Argus raised their price target on American Tower to $170.00 and gave the company a “buy” rating in a research report on Thursday, November 9th. Zacks Investment Research upgraded shares of American Tower from a “hold” rating to a “buy” rating and set a $160.00 target price for the company in a research note on Friday, November 3rd. Jefferies Group increased their target price on shares of American Tower from $144.00 to $163.00 and gave the company a “buy” rating in a research note on Wednesday, November 1st. SunTrust Banks reiterated a “buy” rating on shares of American Tower in a research note on Wednesday, September 20th. Finally, UBS Group increased their target price on shares of American Tower from $150.00 to $163.00 and gave the company a “buy” rating in a research note on Monday, September 11th. One analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $158.60.
American Tower announced that its board has authorized a stock buyback plan on Thursday, December 7th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the real estate investment trust to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Thursday, December 28th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 1.99%. The ex-dividend date is Wednesday, December 27th. This is a boost from American Tower’s previous quarterly dividend of $0.66. American Tower’s dividend payout ratio (DPR) is presently 106.46%.
In other American Tower news, Director Samme L. Thompson sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $143.16, for a total transaction of $715,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director David E. Sharbutt sold 1,584 shares of the firm’s stock in a transaction dated 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 owns 4,861 shares of the company’s stock, valued at approximately $702,122.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 109,251 shares of company stock valued at $15,765,734. 0.86% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Atlantic Trust Group LLC lifted its stake in American Tower by 89.8% during the third quarter. Atlantic Trust Group LLC now owns 1,896,026 shares of the real estate investment trust’s stock worth $259,148,000 after purchasing an additional 897,138 shares during the period. Parametric Portfolio Associates LLC lifted its stake in American Tower by 6.8% during the third quarter. Parametric Portfolio Associates LLC now owns 989,655 shares of the real estate investment trust’s stock worth $135,266,000 after purchasing an additional 63,131 shares during the period. AXA lifted its stake in American Tower by 3.1% during the third quarter. AXA now owns 594,258 shares of the real estate investment trust’s stock worth $81,223,000 after purchasing an additional 17,897 shares during the period. Shelton Capital Management lifted its stake in American Tower by 48.3% during the third quarter. Shelton Capital Management now owns 4,260 shares of the real estate investment trust’s stock worth $582,000 after purchasing an additional 1,387 shares during the period. Finally, Chicago Partners Investment Group LLC lifted its stake in American Tower by 172.4% during the third quarter. Chicago Partners Investment Group LLC now owns 49,800 shares of the real estate investment trust’s stock worth $6,807,000 after purchasing an additional 31,516 shares during the period. Hedge funds and other institutional investors own 91.60% of the company’s stock.
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About American Tower
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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