Investors Buy Shares of American Tower (AMT) on Weakness

Traders purchased shares of American Tower Corp (NYSE:AMT) on weakness during trading hours on Thursday. $123.47 million flowed into the stock on the tick-up and $79.05 million flowed out of the stock on the tick-down, for a money net flow of $44.42 million into the stock. Of all stocks tracked, American Tower had the 20th highest net in-flow for the day. American Tower traded down ($1.45) for the day and closed at $135.19

A number of research firms have issued reports on AMT. Argus lifted their price target on American Tower to $170.00 and gave the company a “buy” rating in a research note on Thursday, November 9th. Zacks Investment Research downgraded American Tower from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. ValuEngine upgraded American Tower from a “hold” rating to a “buy” rating in a research note on Friday, November 10th. Morgan Stanley lifted their price target on American Tower from $155.00 to $172.00 and gave the company an “overweight” rating in a research note on Tuesday, November 14th. Finally, KeyCorp reissued an “overweight” rating and set a $177.00 target price (up previously from $156.00) on shares of American Tower in a research report on Monday, November 27th. One investment analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $158.60.

The company has a debt-to-equity ratio of 2.61, a current ratio of 1.42 and a quick ratio of 1.42. The company has a market cap of $58,040.00, a PE ratio of 52.33, a P/E/G ratio of 1.40 and a beta of 0.73.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, October 31st. The real estate investment trust reported $0.69 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.61 by ($0.92). American Tower had a return on equity of 16.98% and a net margin of 18.63%. sell-side analysts expect that American Tower Corp will post 6.53 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Thursday, December 28th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date was Wednesday, December 27th. This is a boost from American Tower’s previous quarterly dividend of $0.66. American Tower’s payout ratio is 106.46%.

American Tower announced that its board has approved a share repurchase program on Thursday, December 7th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the real estate investment trust to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

In related news, Director Samme L. Thompson sold 5,000 shares of American Tower 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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director David E. Sharbutt sold 1,584 shares of American Tower stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $144.44, for a total transaction of $228,792.96. Following the completion of the sale, the director now directly owns 4,861 shares in the company, valued at approximately $702,122.84. The disclosure for this sale can be found here. Insiders sold a total of 75,251 shares of company stock worth $11,026,134 in the last ninety days. 0.86% of the stock is currently owned by insiders.

Large investors have recently bought and sold shares of the stock. Vident Investment Advisory LLC raised its holdings in shares of American Tower by 166.9% in the 3rd quarter. Vident Investment Advisory LLC now owns 4,019 shares of the real estate investment trust’s stock worth $550,000 after purchasing an additional 2,513 shares during the period. BB&T Corp raised its holdings in shares of American Tower by 3.1% in the 3rd quarter. BB&T Corp now owns 37,161 shares of the real estate investment trust’s stock worth $5,079,000 after purchasing an additional 1,104 shares during the period. LVM Capital Management Ltd. MI raised its holdings in shares of American Tower by 11.6% in the 4th quarter. LVM Capital Management Ltd. MI now owns 57,741 shares of the real estate investment trust’s stock worth $8,238,000 after purchasing an additional 5,986 shares during the period. Heritage Investors Management Corp raised its holdings in shares of American Tower by 13.9% in the 3rd quarter. Heritage Investors Management Corp now owns 23,902 shares of the real estate investment trust’s stock worth $3,267,000 after purchasing an additional 2,915 shares during the period. Finally, Zions Bancorporation raised its holdings in American Tower by 4,708.4% during the 3rd quarter. Zions Bancorporation now owns 3,991 shares of the real estate investment trust’s stock valued at $546,000 after acquiring an additional 3,908 shares during the period. 91.60% of the stock is currently owned by institutional investors.

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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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