American Tower Co. (NYSE:AMT – Get Free Report) Director Robert D. Hormats sold 150 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $163.63, for a total transaction of $24,544.50. Following the completion of the transaction, the director now owns 7,093 shares in the company, valued at $1,160,627.59. The transaction was disclosed in a filing with the SEC, which is available at this link.
American Tower Stock Performance
Shares of AMT traded down $0.42 during trading hours on Wednesday, reaching $157.68. 2,216,797 shares of the company’s stock traded hands, compared to its average volume of 2,088,802. The firm has a market capitalization of $73.50 billion, a price-to-earnings ratio of 75.91, a P/E/G ratio of 1.21 and a beta of 0.60. The business’s fifty day simple moving average is $178.80 and its two-hundred day simple moving average is $189.29. American Tower Co. has a twelve month low of $155.63 and a twelve month high of $235.57. The company has a debt-to-equity ratio of 2.96, a current ratio of 0.73 and a quick ratio of 0.73.
American Tower Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Wednesday, October 11th will be paid a $1.62 dividend. This is a positive change from American Tower’s previous quarterly dividend of $1.57. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date of this dividend is Tuesday, October 10th. American Tower’s dividend payout ratio is currently 303.38%.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. reduced their price objective on shares of American Tower from $265.00 to $218.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 27th. Raymond James reduced their price target on American Tower from $211.00 to $205.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 22nd. BMO Capital Markets assumed coverage on American Tower in a research report on Thursday, July 13th. They issued an “outperform” rating and a $230.00 price objective for the company. StockNews.com initiated coverage on American Tower in a research report on Thursday, August 17th. They set a “hold” rating on the stock. Finally, Royal Bank of Canada decreased their price target on American Tower from $233.00 to $230.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 1st. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, American Tower presently has a consensus rating of “Moderate Buy” and a consensus price target of $238.80.
Institutional Investors Weigh In On American Tower
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC grew its holdings in American Tower by 22.0% during the third quarter. International Assets Investment Management LLC now owns 5,212 shares of the real estate investment trust’s stock worth $832,000 after acquiring an additional 939 shares during the period. Park National Corp OH grew its stake in shares of American Tower by 1.0% in the 3rd quarter. Park National Corp OH now owns 45,296 shares of the real estate investment trust’s stock worth $7,449,000 after purchasing an additional 438 shares during the last quarter. Halpern Financial Inc. bought a new stake in shares of American Tower in the 2nd quarter worth approximately $43,000. Baystate Wealth Management LLC lifted its stake in American Tower by 2.4% during the second quarter. Baystate Wealth Management LLC now owns 8,056 shares of the real estate investment trust’s stock valued at $1,562,000 after purchasing an additional 191 shares during the last quarter. Finally, Mondrian Investment Partners LTD boosted its holdings in American Tower by 35.5% during the second quarter. Mondrian Investment Partners LTD now owns 621,838 shares of the real estate investment trust’s stock worth $120,599,000 after buying an additional 162,895 shares in the last quarter. Institutional investors own 89.29% of the company’s stock.
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 nearly 226,000 communications sites and a highly interconnected footprint of U.S. data center facilities.