According to Zacks, “American tower will benefit from increased investment of wireless carriers as they push towards deployment of 5G networks. Moreover, American Tower has been focusing on its operations in India which include acquisition of 51% control in Viom Networks and the tower deal with Bharti Airtel’s Tanzania unit. These transactions will increase the tower count as well as help the company build stronger ties with mobile network operators such as Bharti Airtel, Vodafone, Idea, Tata, Reliance and Aircel. Going forward, we believe that American Tower’s buyout of towers in emerging markets should help drive its top line and lend a competitive edge over rivals. However, high customer concentration, foreign currency exchange rate risks, stiff competition, integration risks, rising operating expenses and a highly leveraged balance sheet are near-term risks.”
A number of other brokerages have also issued reports on AMT. SunTrust Banks Inc. started coverage on shares of American Tower Corp. in a research report on Monday, September 12th. They set a buy rating and a $128.00 target price on the stock. Jefferies Group reiterated a buy rating on shares of American Tower Corp. in a research report on Saturday, August 6th. Citigroup Inc. increased their price objective on shares of American Tower Corp. from $121.00 to $134.00 and gave the company a buy rating in a report on Monday, July 11th. BTIG Research increased their price objective on shares of American Tower Corp. to $140.00 in a report on Tuesday, July 19th. They noted that the move was a valuation call. Finally, Argus increased their price objective on shares of American Tower Corp. from $120.00 to $130.00 and gave the company a buy rating in a report on Wednesday, August 17th. Two analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $120.99.
American Tower Corp. (NYSE:AMT) traded up 0.10% during trading on Wednesday, hitting $111.65. 528,414 shares of the stock traded hands. The company’s 50 day moving average is $111.77 and its 200 day moving average is $110.08. American Tower Corp. has a one year low of $83.07 and a one year high of $118.26. The company has a market capitalization of $47.51 billion, a P/E ratio of 69.30 and a beta of 0.62.
American Tower Corp. (NYSE:AMT) last announced its earnings results on Thursday, July 28th. The real estate investment trust reported $1.33 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.36 by $0.03. American Tower Corp. had a return on equity of 11.73% and a net margin of 15.21%. The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same quarter in the previous year, the company posted $1.26 earnings per share. American Tower Corp.’s revenue for the quarter was up 22.8% on a year-over-year basis. On average, equities analysts forecast that American Tower Corp. will post $5.70 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date of this dividend is Wednesday, September 28th. This is an increase from American Tower Corp.’s previous quarterly dividend of $0.53. American Tower Corp.’s dividend payout ratio (DPR) is 136.65%.
In other news, Director Carolyn Katz sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $116.34, for a total transaction of $581,700.00. Following the completion of the sale, the director now owns 14,484 shares in the company, valued at approximately $1,685,068.56. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO James D. Taiclet, Jr. sold 40,625 shares of the firm’s stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $116.69, for a total transaction of $4,740,531.25. Following the sale, the chief executive officer now owns 271,697 shares of the company’s stock, valued at approximately $31,704,322.93. The disclosure for this sale can be found here. 0.95% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of the company. Gulf International Bank UK Ltd boosted its stake in American Tower Corp. by 3.7% in the third quarter. Gulf International Bank UK Ltd now owns 130,744 shares of the real estate investment trust’s stock worth $14,817,000 after buying an additional 4,700 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in American Tower Corp. by 10.4% in the third quarter. Nisa Investment Advisors LLC now owns 122,799 shares of the real estate investment trust’s stock worth $13,917,000 after buying an additional 11,575 shares in the last quarter. CenturyLink Investment Management Co bought a new stake in American Tower Corp. during the third quarter worth about $1,027,000. Capstone Asset Management Co. boosted its stake in American Tower Corp. by 3.0% in the third quarter. Capstone Asset Management Co. now owns 39,734 shares of the real estate investment trust’s stock worth $4,503,000 after buying an additional 1,150 shares in the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in American Tower Corp. during the third quarter worth about $408,000. Institutional investors own 94.23% of the company’s stock.
American Tower Corp. Company Profile
American Tower Corporation is a holding company. The company owns, operates and develops wireless and broadcast communications real estate. Its primary business is leasing antenna space on multi-tenant communications sites to wireless service providers, radio and television broadcast companies, wireless data and data providers, government agencies and municipalities.
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