Traders Buy Shares of American Tower (AMT) on Weakness
Traders bought shares of American Tower Corp (NYSE:AMT) on weakness during trading hours on Wednesday. $79.39 million flowed into the stock on the tick-up and $55.54 million flowed out of the stock on the tick-down, for a money net flow of $23.85 million into the stock. Of all companies tracked, American Tower had the 26th highest net in-flow for the day. American Tower traded down ($1.41) for the day and closed at $159.68
Several research firms recently weighed in on AMT. Moffett Nathanson downgraded American Tower from a “buy” rating to a “neutral” rating and set a $164.00 target price on the stock. in a research report on Monday, December 3rd. ValuEngine raised American Tower from a “hold” rating to a “buy” rating in a report on Thursday, October 11th. Deutsche Bank cut American Tower from a “buy” rating to a “hold” rating and decreased their price target for the company from $169.00 to $167.00 in a report on Thursday, November 1st. They noted that the move was a valuation call. Morgan Stanley cut American Tower from an “overweight” rating to an “equal weight” rating and set a $170.00 price target on the stock. in a report on Wednesday, December 12th. Finally, Zacks Investment Research cut American Tower from a “hold” rating to a “sell” rating in a report on Wednesday, October 10th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $166.33.
The company has a debt-to-equity ratio of 3.11, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a market cap of $70.34 billion, a P/E ratio of 25.30, a PEG ratio of 1.52 and a beta of 0.60.
The company also recently announced a quarterly dividend, which will be paid on Monday, January 14th. Stockholders of record on Thursday, December 27th will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.08%. This is a boost from American Tower’s previous quarterly dividend of $0.79. The ex-dividend date is Wednesday, December 26th. American Tower’s payout ratio is 52.66%.
In other news, insider Steven C. Marshall sold 163,166 shares of American Tower stock in a transaction dated Tuesday, October 30th. The stock was sold at an average price of $156.86, for a total value of $25,594,218.76. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David E. Sharbutt sold 3,590 shares of American Tower stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $157.06, for a total value of $563,845.40. Following the completion of the sale, the director now directly owns 8,371 shares in the company, valued at $1,314,749.26. The disclosure for this sale can be found here. Insiders sold 370,823 shares of company stock worth $59,320,913 over the last ninety days. Insiders own 0.87% of the company’s stock.
Several hedge funds have recently modified their holdings of AMT. Moody National Bank Trust Division purchased a new position in American Tower in the fourth quarter worth about $44,000. Mount Yale Investment Advisors LLC boosted its position in shares of American Tower by 354.4% during the second quarter. Mount Yale Investment Advisors LLC now owns 718 shares of the real estate investment trust’s stock valued at $104,000 after buying an additional 560 shares during the period. TLP Group LLC purchased a new position in shares of American Tower during the third quarter valued at approximately $113,000. Point72 Hong Kong Ltd purchased a new position in shares of American Tower during the third quarter valued at approximately $142,000. Finally, Ancora Advisors LLC purchased a new position in shares of American Tower during the third quarter valued at approximately $157,000. 93.15% of the stock is currently owned by hedge funds and other institutional investors.
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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