Zacks: Brokerages Expect American Tower Co. (REIT) (NYSE:AMT) Will Announce Quarterly Sales of $2.40 Billion

Equities analysts forecast that American Tower Co. (REIT) (NYSE:AMT) will post $2.40 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have made estimates for American Tower’s earnings, with the highest sales estimate coming in at $2.44 billion and the lowest estimate coming in at $2.35 billion. American Tower reported sales of $2.01 billion during the same quarter last year, which would suggest a positive year over year growth rate of 19.4%. The business is expected to issue its next quarterly earnings results on Thursday, November 4th.

On average, analysts expect that American Tower will report full year sales of $9.29 billion for the current fiscal year, with estimates ranging from $9.22 billion to $9.34 billion. For the next year, analysts anticipate that the business will report sales of $10.01 billion, with estimates ranging from $9.55 billion to $10.31 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover American Tower.

American Tower (NYSE:AMT) last released its earnings results on Wednesday, July 28th. The real estate investment trust reported $1.65 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.27 by ($0.62). American Tower had a net margin of 25.84% and a return on equity of 44.60%.

Several equities research analysts recently issued reports on AMT shares. Raymond James upped their price target on American Tower from $261.00 to $296.00 and gave the company an “outperform” rating in a research report on Tuesday, August 3rd. Argus upped their price target on American Tower from $288.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, August 12th. Oppenheimer lowered American Tower from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $305.00 to $300.00 in a research report on Friday, September 10th. Credit Suisse Group upped their price target on American Tower from $314.00 to $323.00 and gave the company an “outperform” rating in a research report on Friday, July 30th. Finally, Citigroup lowered American Tower from a “buy” rating to a “neutral” rating in a research report on Tuesday, July 13th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $298.29.

In related news, Director David E. Sharbutt sold 739 shares of the firm’s stock in a transaction dated Friday, September 3rd. The stock was sold at an average price of $300.71, for a total transaction of $222,224.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert D. Hormats sold 100 shares of the firm’s stock in a transaction dated Tuesday, July 6th. The shares were sold at an average price of $272.87, for a total value of $27,287.00. Following the transaction, the director now directly owns 6,640 shares of the company’s stock, valued at approximately $1,811,856.80. The disclosure for this sale can be found here. Insiders have sold 9,085 shares of company stock worth $2,552,330 over the last three months. Corporate insiders own 0.68% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. NEXT Financial Group Inc boosted its position in shares of American Tower by 1.4% in the 2nd quarter. NEXT Financial Group Inc now owns 2,819 shares of the real estate investment trust’s stock valued at $762,000 after purchasing an additional 38 shares during the period. Parkside Financial Bank & Trust boosted its position in shares of American Tower by 7.1% in the 2nd quarter. Parkside Financial Bank & Trust now owns 631 shares of the real estate investment trust’s stock valued at $170,000 after purchasing an additional 42 shares during the period. Quest Capital Management Inc. ADV boosted its position in shares of American Tower by 2.7% in the 2nd quarter. Quest Capital Management Inc. ADV now owns 1,640 shares of the real estate investment trust’s stock valued at $443,000 after purchasing an additional 43 shares during the period. Heritage Wealth Advisors boosted its position in shares of American Tower by 14.5% in the 2nd quarter. Heritage Wealth Advisors now owns 348 shares of the real estate investment trust’s stock valued at $78,000 after purchasing an additional 44 shares during the period. Finally, Adams Chetwood Wealth Management LLC boosted its position in shares of American Tower by 1.1% in the 2nd quarter. Adams Chetwood Wealth Management LLC now owns 4,103 shares of the real estate investment trust’s stock valued at $1,108,000 after purchasing an additional 44 shares during the period. 89.57% of the stock is owned by institutional investors and hedge funds.

Shares of American Tower stock traded down $0.69 on Friday, hitting $295.71. 22,379 shares of the company’s stock traded hands, compared to its average volume of 1,857,303. The stock has a market cap of $134.59 billion, a P/E ratio of 59.76, a PEG ratio of 2.07 and a beta of 0.24. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 4.83. The firm’s 50-day moving average is $286.28 and its 200 day moving average is $260.52. American Tower has a 52-week low of $197.50 and a 52-week high of $303.72.

American Tower Company Profile

American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.

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Earnings History and Estimates for American Tower (NYSE:AMT)

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