American Tower Corp (AMT) Director Gustavo Lara Sells 3,050 Shares

American Tower Corp (NYSE:AMT) Director Gustavo Lara sold 3,050 shares of the firm’s stock in a transaction dated Friday, January 18th. The shares were sold at an average price of $165.00, for a total value of $503,250.00. Following the sale, the director now owns 12,457 shares in the company, valued at approximately $2,055,405. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

NYSE:AMT traded up $1.12 during mid-day trading on Wednesday, hitting $165.80. 92,631 shares of the stock traded hands, compared to its average volume of 1,596,127. The company has a market capitalization of $72.53 billion, a price-to-earnings ratio of 25.99, a PEG ratio of 1.56 and a beta of 0.60. American Tower Corp has a 52 week low of $130.37 and a 52 week high of $168.58. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 3.11.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, October 30th. The real estate investment trust reported $0.83 EPS for the quarter, beating the consensus estimate of $0.81 by $0.02. The company had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.76 billion. American Tower had a net margin of 17.07% and a return on equity of 18.55%. The firm’s revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.73 EPS. As a group, equities analysts forecast that American Tower Corp will post 7.58 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, January 14th. Investors of record on Thursday, December 27th were issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.03%. This is an increase from American Tower’s previous quarterly dividend of $0.79. The ex-dividend date was Wednesday, December 26th. American Tower’s dividend payout ratio is presently 52.66%.

A number of large investors have recently modified their holdings of the stock. Lavaca Capital LLC bought a new position in shares of American Tower during the fourth quarter valued at approximately $27,000. Moody National Bank Trust Division bought a new position in shares of American Tower during the fourth quarter valued at approximately $44,000. Legacy Financial Advisors Inc. boosted its stake in shares of American Tower by 20.4% during the fourth quarter. Legacy Financial Advisors Inc. now owns 396 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 67 shares in the last quarter. IMA Wealth Inc. bought a new position in shares of American Tower during the fourth quarter valued at approximately $112,000. Finally, TLP Group LLC bought a new position in shares of American Tower during the third quarter valued at approximately $113,000. Institutional investors own 93.21% of the company’s stock.

AMT has been the topic of a number of recent research reports. Barclays raised their price objective on American Tower from $156.00 to $164.00 and gave the company an “overweight” rating in a research note on Wednesday, October 31st. Citigroup lowered shares of American Tower from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $161.00 to $176.00 in a report on Wednesday, October 31st. Bank of America set a $172.00 price objective on shares of American Tower and gave the stock a “buy” rating in a report on Wednesday, October 31st. Wells Fargo & Co lifted their target price on shares of American Tower from $173.00 to $176.00 and gave the company an “outperform” rating in a report on Friday, November 16th. Finally, KeyCorp boosted their price objective on shares of American Tower from $165.00 to $170.00 and gave the stock an “overweight” rating in a report on Wednesday, October 31st. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. American Tower currently has an average rating of “Buy” and an average target price of $166.33.

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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 over 170,000 communications sites.

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