Robert D. Hormats Sells 700 Shares of American Tower Co. (NYSE:AMT) Stock

American Tower Co. (NYSE:AMT) Director Robert D. Hormats sold 700 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the transaction, the director now owns 7,332 shares in the company, valued at $1,345,422. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

American Tower Stock Performance

NYSE AMT opened at $181.33 on Thursday. The stock has a market capitalization of $84.56 billion, a price-to-earnings ratio of 41.02, a PEG ratio of 1.43 and a beta of 0.71. American Tower Co. has a twelve month low of $154.58 and a twelve month high of $219.10. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 3.39. The stock has a 50-day moving average of $188.86 and a 200 day moving average of $195.09.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). The business had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.79 billion. American Tower had a return on equity of 18.45% and a net margin of 18.42%. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the previous year, the company posted $2.54 EPS. Sell-side analysts anticipate that American Tower Co. will post 9.96 EPS for the current fiscal year.

American Tower Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Friday, April 12th were paid a dividend of $1.62 per share. The ex-dividend date was Thursday, April 11th. This represents a $6.48 annualized dividend and a yield of 3.57%. American Tower’s dividend payout ratio (DPR) is currently 146.61%.

Analysts Set New Price Targets

Several analysts have weighed in on AMT shares. Morgan Stanley boosted their price target on American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Barclays boosted their price target on American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a research note on Tuesday, March 5th. JPMorgan Chase & Co. dropped their price target on American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 28th. BMO Capital Markets dropped their price target on American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Finally, Scotiabank dropped their price target on American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, May 1st. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $221.91.

Institutional Investors Weigh In On American Tower

Several large investors have recently bought and sold shares of the company. Tradewinds LLC. purchased a new stake in American Tower during the 1st quarter worth approximately $374,000. State Board of Administration of Florida Retirement System increased its holdings in American Tower by 4.5% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 511,608 shares of the real estate investment trust’s stock valued at $104,542,000 after purchasing an additional 22,178 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in American Tower by 16.7% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,012,762 shares of the real estate investment trust’s stock valued at $200,111,000 after purchasing an additional 144,875 shares during the period. Cozad Asset Management Inc. increased its stake in American Tower by 7.5% during the 1st quarter. Cozad Asset Management Inc. now owns 1,472 shares of the real estate investment trust’s stock worth $291,000 after buying an additional 103 shares during the period. Finally, Richard C. Young & CO. LTD. acquired a new position in American Tower during the 1st quarter worth $224,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

About American Tower

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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.