American Tower Co. (NYSE:AMT – Get Rating) was the recipient of a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 4,200,000 shares, an increase of 11.7% from the October 15th total of 3,760,000 shares. Based on an average daily volume of 1,910,000 shares, the short-interest ratio is currently 2.2 days.
American Tower Stock Down 0.2 %
AMT traded down $0.43 during trading on Wednesday, reaching $219.15. The company had a trading volume of 2,398,068 shares, compared to its average volume of 1,972,249. The company has a debt-to-equity ratio of 2.87, a current ratio of 0.75 and a quick ratio of 0.75. American Tower has a 12 month low of $178.17 and a 12 month high of $294.40. The business’s fifty day moving average price is $214.26 and its 200 day moving average price is $241.13. The company has a market cap of $102.04 billion, a P/E ratio of 34.79, a PEG ratio of 2.15 and a beta of 0.53.
American Tower Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, October 26th. Shareholders of record on Tuesday, October 11th were paid a $1.47 dividend. The ex-dividend date of this dividend was Friday, October 7th. This represents a $5.88 dividend on an annualized basis and a yield of 2.68%. This is a positive change from American Tower’s previous quarterly dividend of $1.43. American Tower’s payout ratio is presently 93.33%.
Insider Buying and Selling at American Tower
In other American Tower news, EVP Edmund Disanto sold 35,000 shares of the stock in a transaction on Wednesday, November 2nd. The shares were sold at an average price of $207.20, for a total value of $7,252,000.00. Following the completion of the sale, the executive vice president now directly owns 157,685 shares of the company’s stock, valued at approximately $32,672,332. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP Edmund Disanto sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, November 2nd. The shares were sold at an average price of $207.20, for a total transaction of $7,252,000.00. Following the completion of the transaction, the executive vice president now directly owns 157,685 shares of the company’s stock, valued at approximately $32,672,332. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joann A. Reed sold 1,231 shares of the firm’s stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $204.88, for a total transaction of $252,207.28. Following the transaction, the director now directly owns 54,554 shares of the company’s stock, valued at $11,177,023.52. The disclosure for this sale can be found here. Insiders own 0.24% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the stock. Glenmede Trust Co. NA lifted its position in shares of American Tower by 13.6% in the third quarter. Glenmede Trust Co. NA now owns 270,174 shares of the real estate investment trust’s stock worth $58,005,000 after purchasing an additional 32,419 shares in the last quarter. Captrust Financial Advisors lifted its position in shares of American Tower by 24.4% in the third quarter. Captrust Financial Advisors now owns 56,000 shares of the real estate investment trust’s stock worth $12,023,000 after purchasing an additional 10,993 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund lifted its position in shares of American Tower by 5.1% in the third quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 16,685 shares of the real estate investment trust’s stock worth $3,582,000 after purchasing an additional 809 shares in the last quarter. Kentucky Retirement Systems lifted its position in shares of American Tower by 5.7% in the third quarter. Kentucky Retirement Systems now owns 36,445 shares of the real estate investment trust’s stock worth $7,825,000 after purchasing an additional 1,956 shares in the last quarter. Finally, Arbor Capital Management Inc. ADV lifted its position in shares of American Tower by 3.1% in the third quarter. Arbor Capital Management Inc. ADV now owns 5,425 shares of the real estate investment trust’s stock worth $1,190,000 after purchasing an additional 165 shares in the last quarter. Institutional investors own 91.03% of the company’s stock.
Analyst Ratings Changes
AMT has been the subject of several analyst reports. Wells Fargo & Company cut their price target on shares of American Tower from $235.00 to $225.00 and set an “overweight” rating for the company in a report on Friday, October 28th. Raymond James lowered their price objective on shares of American Tower from $274.00 to $219.00 and set an “outperform” rating for the company in a research report on Friday, October 28th. Credit Suisse Group lowered their price objective on shares of American Tower to $251.00 in a research report on Thursday, October 27th. TheStreet cut shares of American Tower from a “b” rating to a “c+” rating in a research report on Thursday, October 13th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of American Tower from $285.00 to $232.00 and set a “hold” rating for the company in a research report on Friday, October 7th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $258.47.
American Tower Company Profile
American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the Earnings Materials and Investor Presentations sections of our investor relations website at www.americantower.com.
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