American Tower (AMT) Sets New 1-Year High Following Better-Than-Expected Earnings

American Tower Corp (NYSE:AMT) reached a new 52-week high on Tuesday following a stronger than expected earnings report. The company traded as high as $161.30 and last traded at $160.07, with a volume of 116426 shares changing hands. The stock had previously closed at $152.82.

The real estate investment trust reported $0.83 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.02. American Tower had a net margin of 17.07% and a return on equity of 18.55%. The business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same period in the prior year, the business earned $1.73 EPS. The company’s revenue for the quarter was up 6.2% on a year-over-year basis.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 17th. Shareholders of record on Friday, September 28th were issued a $0.79 dividend. The ex-dividend date was Thursday, September 27th. This is a positive change from American Tower’s previous quarterly dividend of $0.77. This represents a $3.16 annualized dividend and a yield of 2.05%. American Tower’s dividend payout ratio is 49.53%.

Several research analysts have commented on AMT shares. ValuEngine upgraded shares of American Tower from a “hold” rating to a “buy” rating in a report on Thursday, October 11th. Argus upped their price objective on shares of American Tower from $154.00 to $165.00 and gave the stock a “buy” rating in a report on Monday, August 20th. Cowen restated a “buy” rating and issued a $161.00 price objective on shares of American Tower in a report on Wednesday, August 1st. Deutsche Bank upped their price objective on shares of American Tower from $155.00 to $169.00 and gave the stock a “buy” rating in a report on Wednesday, August 1st. Finally, SunTrust Banks reiterated a “buy” rating and issued a $167.00 price target on shares of American Tower in a research note on Friday, July 20th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. American Tower presently has an average rating of “Buy” and a consensus target price of $163.75.

In related news, EVP Edmund Disanto sold 15,000 shares of the stock in a transaction dated Tuesday, August 7th. The shares were sold at an average price of $149.53, for a total value of $2,242,950.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David E. Sharbutt sold 1,321 shares of the stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $150.48, for a total transaction of $198,784.08. Following the completion of the transaction, the director now owns 4,781 shares of the company’s stock, valued at $719,444.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 80,281 shares of company stock valued at $12,014,625. 0.87% of the stock is owned by company insiders.

Institutional investors have recently modified their holdings of the stock. Advisors Asset Management Inc. grew its position in American Tower by 10.0% during the 2nd quarter. Advisors Asset Management Inc. now owns 150,440 shares of the real estate investment trust’s stock valued at $21,689,000 after purchasing an additional 13,702 shares during the last quarter. Metropolitan Life Insurance Co. NY grew its position in American Tower by 2.3% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 88,277 shares of the real estate investment trust’s stock valued at $12,727,000 after purchasing an additional 1,981 shares during the last quarter. Adelante Capital Management LLC grew its position in American Tower by 7.8% during the 2nd quarter. Adelante Capital Management LLC now owns 271,249 shares of the real estate investment trust’s stock valued at $39,106,000 after purchasing an additional 19,579 shares during the last quarter. Hermes Investment Management Ltd. grew its position in American Tower by 2.6% during the 2nd quarter. Hermes Investment Management Ltd. now owns 428,455 shares of the real estate investment trust’s stock valued at $61,770,000 after purchasing an additional 10,865 shares during the last quarter. Finally, Tower Research Capital LLC TRC purchased a new stake in American Tower during the 2nd quarter valued at about $5,501,000. Institutional investors own 93.35% of the company’s stock.

The stock has a market cap of $70.95 billion, a P/E ratio of 24.19, a PEG ratio of 1.67 and a beta of 0.80. The company has a current ratio of 0.72, a quick ratio of 0.66 and a debt-to-equity ratio of 3.11.

American Tower Company Profile (NYSE:AMT)

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 170,000 communications sites.

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