$1.77 Billion in Sales Expected for American Tower Corp (AMT) This Quarter

Wall Street brokerages expect American Tower Corp (NYSE:AMT) to post $1.77 billion in sales for the current quarter, according to Zacks. Eight analysts have made estimates for American Tower’s earnings, with the lowest sales estimate coming in at $1.75 billion and the highest estimate coming in at $1.78 billion. American Tower reported sales of $1.68 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 5.4%. The business is scheduled to issue its next earnings report on Tuesday, October 30th.

According to Zacks, analysts expect that American Tower will report full year sales of $7.06 billion for the current year, with estimates ranging from $7.04 billion to $7.11 billion. For the next year, analysts forecast that the company will report sales of $7.52 billion, with estimates ranging from $7.19 billion to $7.90 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for American Tower.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, July 31st. The real estate investment trust reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $1.73 by ($1.04). The business had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.75 billion. American Tower had a net margin of 16.34% and a return on equity of 16.72%. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period last year, the business posted $1.58 EPS.

A number of research analysts have commented on the stock. Raymond James downgraded shares of American Tower from an “outperform” rating to a “market perform” rating in a research report on Monday, July 9th. Morgan Stanley lowered their price target on shares of American Tower from $157.00 to $154.00 and set an “overweight” rating on the stock in a report on Thursday, May 31st. Zacks Investment Research cut shares of American Tower from a “hold” rating to a “sell” rating in a report on Friday, July 6th. Argus raised their price target on shares of American Tower from $154.00 to $165.00 and gave the company a “buy” rating in a report on Monday, August 20th. Finally, Guggenheim restated a “hold” rating and issued a $160.00 price target on shares of American Tower in a report on Tuesday, August 7th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $162.14.

In related news, Director Pamela D. A. Reeve sold 7,152 shares of American Tower stock in a transaction that occurred on Monday, August 13th. The shares were sold at an average price of $148.92, for a total value of $1,065,075.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman James D. Taiclet, Jr. sold 43,843 shares of American Tower stock in a transaction that occurred on Monday, July 9th. The stock was sold at an average price of $142.66, for a total transaction of $6,254,642.38. Following the completion of the sale, the chairman now owns 223,227 shares of the company’s stock, valued at $31,845,563.82. The disclosure for this sale can be found here. Insiders sold a total of 124,124 shares of company stock worth $18,269,268 over the last 90 days. Company insiders own 0.87% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in AMT. BlackRock Inc. boosted its stake in American Tower by 8.9% in the 2nd quarter. BlackRock Inc. now owns 29,362,957 shares of the real estate investment trust’s stock worth $4,233,258,000 after purchasing an additional 2,410,425 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in American Tower by 50.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,318,298 shares of the real estate investment trust’s stock worth $772,961,000 after purchasing an additional 1,782,280 shares in the last quarter. AustralianSuper Pty Ltd acquired a new stake in American Tower during the 2nd quarter valued at approximately $155,992,000. Atlanta Capital Management Co. L L C lifted its stake in American Tower by 320.1% during the 1st quarter. Atlanta Capital Management Co. L L C now owns 726,943 shares of the real estate investment trust’s stock valued at $105,654,000 after acquiring an additional 553,893 shares during the period. Finally, Putnam Investments LLC lifted its stake in American Tower by 19.5% during the 2nd quarter. Putnam Investments LLC now owns 2,710,662 shares of the real estate investment trust’s stock valued at $390,796,000 after acquiring an additional 441,479 shares during the period. Institutional investors own 93.23% of the company’s stock.

NYSE AMT traded down $0.68 during trading on Thursday, reaching $145.70. 1,127,500 shares of the company’s stock traded hands, compared to its average volume of 2,218,365. The company has a debt-to-equity ratio of 2.99, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market capitalization of $65.46 billion, a price-to-earnings ratio of 22.84, a price-to-earnings-growth ratio of 1.58 and a beta of 0.82. American Tower has a 12-month low of $130.37 and a 12-month high of $155.28.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 17th. Stockholders of record on Friday, September 28th will be issued a $0.79 dividend. This is a boost from American Tower’s previous quarterly dividend of $0.77. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date is Thursday, September 27th. American Tower’s dividend payout ratio (DPR) is currently 48.28%.

About American Tower

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 170,000 communications sites.

See Also: How a Put Option Works

Get a free copy of the Zacks research report on American Tower (AMT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for American Tower (NYSE:AMT)

Receive News & Ratings for American Tower Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply