Traders Sell Shares of American Tower (AMT) on Strength After Insider Selling

Traders sold shares of American Tower Corp (NYSE:AMT) on strength during trading on Thursday after an insider sold shares in the company. $42.63 million flowed into the stock on the tick-up and $87.43 million flowed out of the stock on the tick-down, for a money net flow of $44.80 million out of the stock. Of all equities tracked, American Tower had the 31st highest net out-flow for the day. American Tower traded up $0.74 for the day and closed at $187.97Specifically, EVP William H. Hess sold 20,000 shares of American Tower stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $186.97, for a total value of $3,739,400.00. Following the completion of the transaction, the executive vice president now owns 92,231 shares in the company, valued at $17,244,430.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas A. Bartlett sold 51,203 shares of American Tower stock in a transaction that occurred on Friday, January 18th. The shares were sold at an average price of $165.00, for a total transaction of $8,448,495.00. Following the completion of the transaction, the chief financial officer now owns 165,433 shares of the company’s stock, valued at approximately $27,296,445. The disclosure for this sale can be found here. Insiders sold 88,084 shares of company stock valued at $14,996,082 in the last quarter. 0.87% of the stock is currently owned by corporate insiders.

A number of research analysts have recently issued reports on AMT shares. Macquarie reiterated a “buy” rating and issued a $210.00 target price on shares of American Tower in a research note on Thursday, February 28th. Morgan Stanley boosted their price objective on shares of American Tower from $170.00 to $185.00 and gave the stock an “equal weight” rating in a research report on Monday. Edward Jones cut shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday. Oppenheimer cut shares of American Tower from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 28th. Finally, CIBC restated a “market perform” rating on shares of American Tower in a research report on Thursday, February 28th. Eleven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. American Tower has a consensus rating of “Hold” and a consensus price target of $174.63.

The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 3.12. The firm has a market capitalization of $81.94 billion, a P/E ratio of 26.27, a price-to-earnings-growth ratio of 1.76 and a beta of 0.67.

American Tower (NYSE:AMT) last released its earnings results on Wednesday, February 27th. The real estate investment trust reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $2.25 by ($1.63). American Tower had a return on equity of 19.86% and a net margin of 16.62%. The business had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period in the prior year, the firm posted $0.51 EPS. American Tower’s revenue was up 25.0% on a year-over-year basis. As a group, equities research analysts predict that American Tower Corp will post 7.53 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Thursday, April 11th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date is Wednesday, April 10th. This is a positive change from American Tower’s previous quarterly dividend of $0.84.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cornerstone Advisors Inc. grew its holdings in shares of American Tower by 4.7% in the 4th quarter. Cornerstone Advisors Inc. now owns 1,413 shares of the real estate investment trust’s stock valued at $224,000 after buying an additional 64 shares during the period. Legacy Financial Advisors Inc. grew its holdings in shares of American Tower by 20.4% in the 4th quarter. Legacy Financial Advisors Inc. now owns 396 shares of the real estate investment trust’s stock valued at $63,000 after buying an additional 67 shares during the period. Waldron Private Wealth LLC grew its holdings in shares of American Tower by 3.0% in the 3rd quarter. Waldron Private Wealth LLC now owns 2,410 shares of the real estate investment trust’s stock valued at $350,000 after buying an additional 70 shares during the period. CAPROCK Group Inc. grew its holdings in shares of American Tower by 2.6% in the 4th quarter. CAPROCK Group Inc. now owns 2,769 shares of the real estate investment trust’s stock valued at $440,000 after buying an additional 70 shares during the period. Finally, Atwood & Palmer Inc. grew its holdings in shares of American Tower by 17.5% in the 4th quarter. Atwood & Palmer Inc. now owns 470 shares of the real estate investment trust’s stock valued at $74,000 after buying an additional 70 shares during the period. 94.11% of the stock is owned by hedge funds and other institutional investors.

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About American Tower (NYSE:AMT)

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 170,000 communications sites.

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