American Tower (NYSE:AMT) updated its FY18 earnings guidance on Tuesday. The company provided EPS guidance of $7.45 for the period, compared to the Thomson Reuters consensus EPS estimate of $7.19.
Several brokerages have weighed in on AMT. Jefferies Group raised their price target on American Tower from $144.00 to $163.00 and gave the stock a buy rating in a report on Wednesday, November 1st. KeyCorp reissued an overweight rating and issued a $177.00 price target (up previously from $156.00) on shares of American Tower in a report on Monday, November 27th. Argus raised their price target on American Tower to $170.00 and gave the stock a buy rating in a report on Thursday, November 9th. Macquarie raised their price target on American Tower from $162.00 to $165.00 and gave the stock an outperform rating in a report on Wednesday, November 1st. Finally, Morgan Stanley raised their price target on American Tower from $155.00 to $172.00 and gave the stock an overweight rating in a report on Tuesday, November 14th. One research analyst has rated the stock with a sell rating, one has given a hold rating and sixteen have given a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $158.60.
Shares of American Tower (AMT) opened at $142.74 on Tuesday. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 2.61. American Tower has a twelve month low of $112.78 and a twelve month high of $155.28. The company has a market capitalization of $60,841.80, a PE ratio of 54.27, a P/E/G ratio of 1.34 and a beta of 0.77.
American Tower declared that its Board of Directors has initiated a share 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 purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
In other American Tower news, Chairman James D. Taiclet, Jr. sold 34,667 shares of the business’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $142.52, for a total value of $4,940,740.84. Following the completion of the transaction, the chairman now directly owns 305,374 shares of the company’s stock, valued at $43,521,902.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Samme L. Thompson sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $143.16, for a total value of $715,800.00. The disclosure for this sale can be found here. Insiders sold 41,251 shares of company stock valued at $5,885,334 over the last three months. 0.86% of the stock is currently owned by corporate insiders.
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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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