Robert Joseph Meyer, Jr. Sells 2,181 Shares of American Tower Co. (NYSE:AMT) Stock

American Tower Co. (NYSE:AMT) CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the completion of the transaction, the chief accounting officer now owns 31,873 shares of the company’s stock, valued at $7,424,177.89. The sale was disclosed in a document filed with the SEC, which is available through this link.

American Tower Stock Performance

AMT stock traded up $1.97 during trading on Tuesday, reaching $228.16. The stock had a trading volume of 2,709,109 shares, compared to its average volume of 2,353,240. The firm has a market cap of $106.55 billion, a PE ratio of 51.89, a PEG ratio of 1.65 and a beta of 0.81. The company has a current ratio of 0.81, a quick ratio of 0.85 and a debt-to-equity ratio of 3.42. The stock’s 50 day moving average is $201.82 and its two-hundred day moving average is $194.27. American Tower Co. has a 52 week low of $154.58 and a 52 week high of $236.13.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). The business had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.46 earnings per share. As a group, equities analysts anticipate that American Tower Co. will post 10.04 earnings per share for the current year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 14th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend was Friday, June 14th. American Tower’s dividend payout ratio is presently 146.61%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Allworth Financial LP boosted its stake in shares of American Tower by 7.8% in the fourth quarter. Allworth Financial LP now owns 6,728 shares of the real estate investment trust’s stock worth $1,452,000 after acquiring an additional 484 shares during the period. Meeder Advisory Services Inc. raised its stake in American Tower by 24.2% during the fourth quarter. Meeder Advisory Services Inc. now owns 4,097 shares of the real estate investment trust’s stock valued at $884,000 after purchasing an additional 797 shares in the last quarter. Bleakley Financial Group LLC grew its stake in shares of American Tower by 23.9% in the 4th quarter. Bleakley Financial Group LLC now owns 8,549 shares of the real estate investment trust’s stock worth $1,846,000 after buying an additional 1,648 shares in the last quarter. Grant Street Asset Management Inc. bought a new stake in shares of American Tower in the 4th quarter worth about $231,000. Finally, Moseley Investment Management Inc. purchased a new stake in shares of American Tower during the 4th quarter valued at about $201,000. Institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on AMT shares. Wells Fargo & Company lifted their target price on shares of American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Raymond James raised American Tower from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $226.00 to $248.00 in a report on Wednesday, May 1st. Barclays lowered their price target on American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. StockNews.com upgraded shares of American Tower from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. Finally, Mizuho began coverage on shares of American Tower in a research note on Monday, April 8th. They issued a “neutral” rating and a $205.00 target price on the stock. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $230.42.

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 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.