Investors Buy American Tower (AMT) on Weakness

Investors bought shares of American Tower Corp (NYSE:AMT) on weakness during trading on Thursday. $102.48 million flowed into the stock on the tick-up and $82.72 million flowed out of the stock on the tick-down, for a money net flow of $19.76 million into the stock. Of all stocks tracked, American Tower had the 23rd highest net in-flow for the day. American Tower traded down ($2.64) for the day and closed at $134.97

Several equities analysts recently issued reports on the stock. ValuEngine raised shares of American Tower from a “hold” rating to a “buy” rating in a research note on Friday, November 10th. Zacks Investment Research downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. Oppenheimer upped their price objective on shares of American Tower from $155.00 to $160.00 and gave the company an “outperform” rating in a research note on Wednesday, December 20th. Morgan Stanley upped their price objective on shares of American Tower from $155.00 to $172.00 and gave the company an “overweight” rating in a research note on Tuesday, November 14th. Finally, KeyCorp reissued an “overweight” rating and set a $177.00 price objective (up previously from $156.00) on shares of American Tower in a research note on Monday, November 27th. One investment analyst has rated the stock with a hold rating and seventeen have given a buy rating to the stock. American Tower currently has a consensus rating of “Buy” and a consensus target price of $158.60.

The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 2.61. The stock has a market capitalization of $57,910.00, a P/E ratio of 50.57, a price-to-earnings-growth ratio of 1.40 and a beta of 0.73.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Thursday, December 28th will be paid a dividend of $0.70 per share. The ex-dividend date is Wednesday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 2.11%. This is an increase from American Tower’s previous quarterly dividend of $0.66. American Tower’s dividend payout ratio (DPR) is currently 106.46%.

American Tower declared that its board has authorized a share buyback program on Thursday, December 7th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the real estate investment trust to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

In other American Tower news, Director Samme L. Thompson sold 5,000 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $143.16, for a total transaction of $715,800.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director David E. Sharbutt sold 1,584 shares of the stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $144.44, for a total transaction of $228,792.96. Following the transaction, the director now directly owns 4,861 shares in the company, valued at approximately $702,122.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 109,251 shares of company stock worth $15,765,734. 0.86% of the stock is currently owned by insiders.

A number of large investors have recently bought and sold shares of the business. Bremer Trust National Association purchased a new position in American Tower during the fourth quarter worth approximately $250,000. Nisa Investment Advisors LLC raised its stake in American Tower by 59.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 216,781 shares of the real estate investment trust’s stock worth $30,848,000 after purchasing an additional 80,502 shares during the period. Broadleaf Partners LLC purchased a new position in shares of American Tower in the 4th quarter valued at $2,668,000. Appleton Partners Inc. MA raised its stake in shares of American Tower by 0.7% in the 4th quarter. Appleton Partners Inc. MA now owns 65,264 shares of the real estate investment trust’s stock valued at $9,311,000 after acquiring an additional 450 shares during the period. Finally, LVM Capital Management Ltd. MI raised its stake in shares of American Tower by 11.6% in the 4th quarter. LVM Capital Management Ltd. MI now owns 57,741 shares of the real estate investment trust’s stock valued at $8,238,000 after acquiring an additional 5,986 shares during the period. 91.61% of the stock is currently owned by institutional investors.

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American Tower Company Profile

American Tower Corporation (ATC) is a holding company. The Company operates as a real estate investment trust (REIT), which owns, operates and develops multitenant communications real estate. ATC’s segments include U.S. property, Asia property, EMEA property, Latin America property, Services and Other.

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