Robert Joseph Meyer Sells 5,000 Shares of American Tower (NYSE:AMT) Stock

American Tower Corporation (NYSE:AMT) CFO Robert Joseph Meyer sold 5,000 shares of the stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $178.89, for a total transaction of $894,450.00. Following the transaction, the chief financial officer directly owned 21,428 shares in the company, valued at approximately $3,833,254.92. This represents a 18.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

American Tower Trading Down 0.4%

American Tower stock traded down $0.64 during mid-day trading on Friday, hitting $173.82. The company’s stock had a trading volume of 4,301,310 shares, compared to its average volume of 3,249,745. The company has a debt-to-equity ratio of 3.12, a current ratio of 0.52 and a quick ratio of 0.43. The stock has a market cap of $80.98 billion, a price-to-earnings ratio of 23.91, a price-to-earnings-growth ratio of 2.87 and a beta of 0.91. The business has a 50 day moving average price of $176.07 and a 200-day moving average price of $178.43. American Tower Corporation has a 12 month low of $160.06 and a 12 month high of $217.39.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $1.24. The firm had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.66 billion. American Tower had a return on equity of 32.76% and a net margin of 31.08%.The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period last year, the firm earned $2.75 earnings per share. As a group, analysts forecast that American Tower Corporation will post 10.66 EPS for the current year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Friday, June 12th were issued a dividend of $1.79 per share. The ex-dividend date was Friday, June 12th. This represents a $7.16 annualized dividend and a yield of 4.1%. American Tower’s dividend payout ratio is currently 98.49%.

Wall Street Analysts Forecast Growth

AMT has been the topic of a number of analyst reports. Royal Bank Of Canada raised American Tower from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $195.00 to $205.00 in a research note on Friday, June 26th. Sanford C. Bernstein restated an “outperform” rating and issued a $214.00 target price on shares of American Tower in a report on Wednesday. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $240.00 target price on shares of American Tower in a research note on Wednesday, April 29th. Barclays lowered their price target on shares of American Tower from $200.00 to $195.00 and set an “equal weight” rating for the company in a report on Thursday, April 16th. Finally, JPMorgan Chase & Co. cut their price target on shares of American Tower from $245.00 to $240.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, American Tower has an average rating of “Moderate Buy” and a consensus target price of $215.19.

Hedge Funds Weigh In On American Tower

A number of institutional investors have recently bought and sold shares of AMT. Tema ETFs LLC boosted its position in American Tower by 16.3% during the 2nd quarter. Tema ETFs LLC now owns 9,202 shares of the real estate investment trust’s stock valued at $1,505,000 after acquiring an additional 1,290 shares in the last quarter. E. Ohman J or Asset Management AB raised its position in shares of American Tower by 9.4% in the 2nd quarter. E. Ohman J or Asset Management AB now owns 21,480 shares of the real estate investment trust’s stock worth $3,513,000 after acquiring an additional 1,850 shares in the last quarter. Handelsbanken Fonder AB lifted its stake in shares of American Tower by 2.4% in the 2nd quarter. Handelsbanken Fonder AB now owns 207,269 shares of the real estate investment trust’s stock valued at $33,903,000 after purchasing an additional 4,916 shares during the period. Community Financial Services Group LLC boosted its position in shares of American Tower by 1.2% during the second quarter. Community Financial Services Group LLC now owns 5,388 shares of the real estate investment trust’s stock valued at $895,000 after purchasing an additional 65 shares in the last quarter. Finally, First Bank & Trust grew its stake in American Tower by 67.7% in the second quarter. First Bank & Trust now owns 15,374 shares of the real estate investment trust’s stock worth $2,515,000 after purchasing an additional 6,205 shares during the period. 92.69% of the stock is owned by institutional investors.

About American Tower

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.