American Tower (AMT) Issueds New 1-Year High After Dividend Announcement

American Tower (AMT) Issueds New 1-Year High After Dividend Announcement

Shares of American Tower Corp (NYSE:AMT) reached a new 52-week high during trading on Thursday following a dividend announcement from the company. The stock traded as high as $167.85 and last traded at $167.63, with a volume of 2800855 shares trading hands. The stock had previously closed at $163.48.

The newly announced dividend which will be paid on Monday, January 14th. Shareholders of record on Thursday, December 27th will be issued a dividend of $0.84 per share. This is a positive change from American Tower’s previous quarterly dividend of $0.79. This represents a $3.36 dividend on an annualized basis and a yield of 2.00%. American Tower’s dividend payout ratio (DPR) is 49.53%.

A number of equities research analysts have issued reports on the stock. Zacks Investment Research raised shares of American Tower from a “sell” rating to a “hold” rating in a report on Thursday, October 18th. Citigroup lowered shares of American Tower from a “buy” rating to a “neutral” rating and increased their price objective for the company from $161.00 to $176.00 in a report on Wednesday, October 31st. Royal Bank of Canada increased their price objective on shares of American Tower to $173.00 and gave the company an “outperform” rating in a report on Thursday, November 1st. Barclays increased their price objective on shares of American Tower from $156.00 to $164.00 and gave the company an “overweight” rating in a report on Wednesday, October 31st. Finally, Bank of America set a $172.00 price objective on shares of American Tower and gave the company a “buy” rating in a report on Wednesday, October 31st. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $165.31.

The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 3.11. The stock has a market cap of $72.01 billion, a P/E ratio of 26.27, a P/E/G ratio of 1.58 and a beta of 0.62.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, October 30th. The real estate investment trust reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.02. The firm had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.76 billion. American Tower had a return on equity of 18.55% and a net margin of 17.07%. The company’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.73 EPS. As a group, equities analysts expect that American Tower Corp will post 7.58 EPS for the current year.

In other news, CFO Thomas A. Bartlett sold 93,338 shares of the stock in a transaction that occurred on Monday, November 19th. The stock was sold at an average price of $165.00, for a total transaction of $15,400,770.00. Following the completion of the transaction, the chief financial officer now directly owns 133,660 shares in the company, valued at approximately $22,053,900. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Olivier Puech sold 10,747 shares of the stock in a transaction that occurred on Wednesday, November 28th. The shares were sold at an average price of $161.87, for a total value of $1,739,616.89. Following the transaction, the executive vice president now owns 20,543 shares of the company’s stock, valued at $3,325,295.41. The disclosure for this sale can be found here. Insiders have sold a total of 338,360 shares of company stock valued at $53,958,953 over the last quarter. Corporate insiders own 0.87% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Pinnacle Financial Partners Inc. lifted its position in American Tower by 1.3% in the third quarter. Pinnacle Financial Partners Inc. now owns 23,639 shares of the real estate investment trust’s stock worth $3,435,000 after buying an additional 314 shares during the last quarter. D.A. Davidson & CO. lifted its position in American Tower by 2.3% in the third quarter. D.A. Davidson & CO. now owns 13,901 shares of the real estate investment trust’s stock worth $2,020,000 after buying an additional 319 shares during the last quarter. Wallington Asset Management LLC lifted its position in American Tower by 0.4% in the second quarter. Wallington Asset Management LLC now owns 82,040 shares of the real estate investment trust’s stock worth $11,828,000 after buying an additional 340 shares during the last quarter. Macguire Cheswick & Tuttle Investment Counsel LLC lifted its position in American Tower by 1.9% in the third quarter. Macguire Cheswick & Tuttle Investment Counsel LLC now owns 17,970 shares of the real estate investment trust’s stock worth $2,611,000 after buying an additional 340 shares during the last quarter. Finally, Appleton Partners Inc. MA lifted its position in American Tower by 0.6% in the third quarter. Appleton Partners Inc. MA now owns 65,875 shares of the real estate investment trust’s stock worth $9,572,000 after buying an additional 370 shares during the last quarter. Institutional investors own 93.25% of the company’s stock.

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 over 170,000 communications sites.

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