American Tower Corp (NYSE:AMT) was the recipient of a large decrease in short interest during the month of July. As of July 15th, there was short interest totalling 3,290,000 shares, a decrease of 15.2% from the June 30th total of 3,880,000 shares. Approximately 0.7% of the company’s shares are sold short. Based on an average trading volume of 1,940,000 shares, the days-to-cover ratio is presently 1.7 days.

Shares of NYSE AMT traded down $1.10 during trading on Friday, reaching $261.39. 1,781,216 shares of the stock were exchanged, compared to its average volume of 1,350,829. The business’s 50-day moving average price is $260.39 and its 200 day moving average price is $244.08. American Tower has a twelve month low of $174.32 and a twelve month high of $272.20. The company has a quick ratio of 0.64, a current ratio of 0.61 and a debt-to-equity ratio of 6.88. The company has a market capitalization of $115.88 billion, a price-to-earnings ratio of 60.65, a price-to-earnings-growth ratio of 2.25 and a beta of 0.45.

American Tower (NYSE:AMT) last released its earnings results on Thursday, July 30th. The real estate investment trust reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.99 by ($0.99). The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.95 billion. American Tower had a net margin of 24.70% and a return on equity of 39.62%. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.01 EPS. As a group, sell-side analysts expect that American Tower will post 7.99 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Friday, June 19th were issued a $1.10 dividend. The ex-dividend date was Thursday, June 18th. This represents a $4.40 annualized dividend and a yield of 1.68%. This is an increase from American Tower’s previous quarterly dividend of $1.08. American Tower’s dividend payout ratio is presently 56.92%.

Several analysts have recently commented on the stock. Zacks Investment Research upgraded shares of American Tower from a “sell” rating to a “hold” rating and set a $273.00 target price for the company in a research note on Monday, June 29th. Wells Fargo & Co raised their target price on shares of American Tower from $272.00 to $290.00 and gave the stock an “overweight” rating in a research note on Friday, July 10th. Credit Suisse Group reiterated a “buy” rating and issued a $300.00 price objective on shares of American Tower in a research note on Friday. Deutsche Bank started coverage on shares of American Tower in a research note on Friday, June 5th. They issued a “buy” rating and a $287.00 price objective for the company. Finally, Barclays started coverage on shares of American Tower in a research note on Wednesday, July 15th. They issued an “overweight” rating and a $296.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $271.54.

In related news, CAO Robert Joseph Meyer, Jr. sold 6,439 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $238.11, for a total value of $1,533,190.29. Following the transaction, the chief accounting officer now directly owns 37,120 shares of the company’s stock, valued at approximately $8,838,643.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director David E. Sharbutt sold 900 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $258.92, for a total transaction of $233,028.00. Following the completion of the transaction, the director now directly owns 1,736 shares in the company, valued at $449,485.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,220 shares of company stock worth $3,317,755. Company insiders own 0.65% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of AMT. Livingston Group Asset Management CO operating as Southport Capital Management increased its holdings in American Tower by 4.5% in the second quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 2,385 shares of the real estate investment trust’s stock worth $617,000 after buying an additional 103 shares during the last quarter. Courier Capital LLC increased its stake in shares of American Tower by 9.9% in the second quarter. Courier Capital LLC now owns 2,415 shares of the real estate investment trust’s stock valued at $638,000 after buying an additional 217 shares in the last quarter. Advisor Group Holdings Inc. acquired a new stake in shares of American Tower in the first quarter valued at $22,503,000. Fiera Capital Corp increased its position in American Tower by 10.3% in the first quarter. Fiera Capital Corp now owns 1,435 shares of the real estate investment trust’s stock worth $312,000 after purchasing an additional 134 shares during the period. Finally, Creative Financial Designs Inc. ADV acquired a new stake in American Tower in the second quarter worth about $75,000. 91.00% of the stock is owned by institutional investors.

American Tower Company Profile

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 approximately 171,000 communications sites.

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