Robert Joseph Meyer Sells 5,000 Shares of American Tower (NYSE:AMT) Stock

Key Points

• American Tower CFO Robert Joseph Meyer sold 5,000 shares at an average price of $178.89, generating $894,450. After the transaction, he directly owned 21,428 shares, an 18.92% reduction in his holdings.
• American Tower shares recently traded at $173.82, while the REIT reported quarterly revenue of $2.74 billion and EPS of $2.84, exceeding analyst expectations. The company pays a $1.79 quarterly dividend, equivalent to a 4.1% annualized yield.
• Wall Street maintains a favorable outlook, with the stock holding a “Moderate Buy” consensus rating and an average price target of $215.19. Institutional investors own approximately 92.69% of American Tower’s shares.

American Tower Corporation (NYSE:AMT - Get Free Report) CFO Robert Joseph Meyer sold 5,000 shares of the stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $178.89, for a total transaction of $894,450.00. Following the completion of the sale, the chief financial officer directly owned 21,428 shares in the company, valued at approximately $3,833,254.92. The trade was a 18.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

American Tower Price Performance

NYSE:AMT traded down $0.64 during mid-day trading on Friday, hitting $173.82. 4,301,310 shares of the stock traded hands, compared to its average volume of 3,249,745. The business's 50-day moving average price is $176.07 and its 200 day moving average price is $178.43. The company has a market cap of $80.98 billion, a PE ratio of 23.91, a price-to-earnings-growth ratio of 2.87 and a beta of 0.91. American Tower Corporation has a 12-month low of $160.06 and a 12-month high of $217.39. The company has a quick ratio of 0.43, a current ratio of 0.52 and a debt-to-equity ratio of 3.12.

American Tower (NYSE:AMT - Get Free Report) last posted its earnings results on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $1.24. American Tower had a net margin of 31.08% and a return on equity of 32.76%. The business had revenue of $2.74 billion for the quarter, compared to analysts' expectations of $2.66 billion. During the same period in the prior year, the company posted $2.75 EPS. The business's revenue for the quarter was up 6.8% compared to the same quarter last year. On average, analysts expect that American Tower Corporation will post 10.66 EPS for the current fiscal year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Friday, June 12th were given a $1.79 dividend. This represents a $7.16 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Friday, June 12th. American Tower's dividend payout ratio (DPR) is 98.49%.

Wall Street Analysts Forecast Growth

AMT has been the subject of several recent analyst reports. Mizuho upgraded American Tower from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $189.00 to $205.00 in a research report on Wednesday, April 15th. Citizens Jmp reiterated a "market outperform" rating and set a $260.00 price target on shares of American Tower in a research report on Wednesday, April 29th. Barclays cut their price objective on American Tower from $200.00 to $195.00 and set an "equal weight" rating for the company in a report on Thursday, April 16th. TD Cowen upped their price objective on shares of American Tower from $225.00 to $227.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Wolfe Research raised shares of American Tower from a "peer perform" rating to an "outperform" rating and set a $188.00 target price on the stock in a research note on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $215.19.

Institutional Investors Weigh In On American Tower

A number of large investors have recently added to or reduced their stakes in the company. Oakworth Capital Inc. raised its holdings in shares of American Tower by 90.7% during the 4th quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust's stock valued at $25,000 after buying an additional 68 shares in the last quarter. Richards Merrill & Peterson Inc. bought a new stake in American Tower in the 4th quarter worth approximately $25,000. Swiss RE Ltd. purchased a new stake in American Tower in the fourth quarter worth approximately $25,000. Triumph Capital Management bought a new position in American Tower during the third quarter valued at approximately $29,000. Finally, Acumen Wealth Advisors LLC bought a new position in American Tower during the fourth quarter valued at approximately $29,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Company Profile

American Tower NYSE: AMT is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company's core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.

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