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.
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.
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