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 American Tower stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the transaction, the chief accounting officer now directly owns 31,873 shares in the company, valued at approximately $7,424,177.89. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

American Tower Price Performance

NYSE AMT opened at $223.58 on Friday. American Tower Co. has a 12-month low of $154.58 and a 12-month high of $236.13. The firm’s 50 day moving average is $204.16 and its 200-day moving average is $194.87. The company has a market capitalization of $104.41 billion, a PE ratio of 50.58, a price-to-earnings-growth ratio of 1.60 and a beta of 0.81. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42.

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

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 14th were given a dividend of $1.62 per share. The ex-dividend date was Friday, June 14th. This represents a $6.48 annualized dividend and a yield of 2.90%. American Tower’s dividend payout ratio (DPR) is presently 146.61%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on AMT shares. StockNews.com raised shares of American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. The Goldman Sachs Group began coverage on American Tower in a report on Monday, July 1st. They set a “buy” rating and a $230.00 target price on the stock. BMO Capital Markets restated an “outperform” rating and issued a $246.00 price target (up from $225.00) on shares of American Tower in a report on Wednesday, July 31st. Barclays cut their price objective on American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Finally, Wells Fargo & Company increased their target price on American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $230.42.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Mystic Asset Management Inc. grew its stake in shares of American Tower by 9.9% in the second quarter. Mystic Asset Management Inc. now owns 1,122 shares of the real estate investment trust’s stock valued at $218,000 after buying an additional 101 shares in the last quarter. Pinion Investment Advisors LLC lifted its stake in American Tower by 11.4% in the second quarter. Pinion Investment Advisors LLC now owns 1,900 shares of the real estate investment trust’s stock valued at $369,000 after acquiring an additional 195 shares during the last quarter. Oppenheimer Asset Management Inc. grew its position in shares of American Tower by 32.2% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 131,556 shares of the real estate investment trust’s stock valued at $25,572,000 after acquiring an additional 32,029 shares during the period. Thoroughbred Financial Services LLC acquired a new position in shares of American Tower during the 2nd quarter worth about $407,000. Finally, Parallel Advisors LLC raised its holdings in shares of American Tower by 2.1% in the 2nd quarter. Parallel Advisors LLC now owns 21,997 shares of the real estate investment trust’s stock valued at $4,276,000 after purchasing an additional 442 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

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.