Traders Sell American Tower (AMT) on Strength on Insider Selling
Investors sold shares of American Tower Corp (NYSE:AMT) on strength during trading on Thursday following insider selling activity. $42.63 million flowed into the stock on the tick-up and $87.43 million flowed out of the stock on the tick-down, for a money net flow of $44.80 million out of the stock. Of all companies tracked, American Tower had the 0th highest net out-flow for the day. American Tower traded up $0.74 for the day and closed at $187.97Specifically, Director Joann A. Reed sold 1,538 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $175.61, for a total value of $270,088.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP William H. Hess sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $186.97, for a total value of $3,739,400.00. Following the completion of the transaction, the executive vice president now owns 92,231 shares of the company’s stock, valued at approximately $17,244,430.07. The disclosure for this sale can be found here. In the last 90 days, insiders sold 88,084 shares of company stock valued at $14,996,082. 0.87% of the stock is currently owned by company insiders.
A number of research analysts have recently commented on the company. Oppenheimer restated a “market perform” rating and issued a $173.00 target price on shares of American Tower in a research note on Thursday, February 28th. They noted that the move was a valuation call. Macquarie reiterated a “buy” rating and set a $210.00 price objective on shares of American Tower in a research note on Thursday, February 28th. Citigroup lifted their price objective on American Tower from $176.00 to $186.00 and gave the company a “neutral” rating in a research note on Monday, March 4th. Royal Bank of Canada lifted their price objective on American Tower from $173.00 to $195.00 and gave the company an “outperform” rating in a research note on Wednesday, March 6th. Finally, CIBC reiterated a “market perform” rating on shares of American Tower in a research note on Thursday, February 28th. Eleven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $174.63.
The company has a market cap of $81.94 billion, a PE ratio of 26.27, a price-to-earnings-growth ratio of 1.76 and a beta of 0.67. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 3.12.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Thursday, April 11th will be paid a $0.90 dividend. The ex-dividend date of this dividend is Wednesday, April 10th. This represents a $3.60 annualized dividend and a dividend yield of 1.92%. This is a boost from American Tower’s previous quarterly dividend of $0.84.
Several hedge funds have recently bought and sold shares of AMT. Magellan Asset Management Ltd grew its holdings in shares of American Tower by 11.0% in the fourth quarter. Magellan Asset Management Ltd now owns 1,223,565 shares of the real estate investment trust’s stock worth $193,556,000 after acquiring an additional 121,497 shares during the period. Sowell Financial Services LLC grew its holdings in shares of American Tower by 4.8% in the fourth quarter. Sowell Financial Services LLC now owns 4,263 shares of the real estate investment trust’s stock worth $674,000 after acquiring an additional 197 shares during the period. Norges Bank bought a new stake in shares of American Tower in the fourth quarter worth $546,909,000. Actinver Wealth Management Inc. bought a new stake in shares of American Tower in the fourth quarter worth $529,000. Finally, Coldstream Capital Management Inc. grew its holdings in shares of American Tower by 3.0% in the fourth quarter. Coldstream Capital Management Inc. now owns 20,035 shares of the real estate investment trust’s stock worth $3,169,000 after acquiring an additional 585 shares during the period. Hedge funds and other institutional investors own 94.11% of the company’s stock.
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About American Tower (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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