Wall Street analysts forecast that American Tower Corporation (REIT) (NYSE:AMT) will announce sales of $1.64 billion for the current quarter, Zacks reports. Eight analysts have issued estimates for American Tower Corporation (REIT)’s earnings, with the highest sales estimate coming in at $1.65 billion and the lowest estimate coming in at $1.63 billion. American Tower Corporation (REIT) reported sales of $1.44 billion in the same quarter last year, which indicates a positive year over year growth rate of 13.9%. The company is expected to issue its next earnings results before the market opens on Thursday, July 27th.
On average, analysts expect that American Tower Corporation (REIT) will report full-year sales of $1.64 billion for the current fiscal year, with estimates ranging from $6.60 billion to $6.68 billion. For the next fiscal year, analysts anticipate that the business will post sales of $7.13 billion per share, with estimates ranging from $6.98 billion to $7.35 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for American Tower Corporation (REIT).
American Tower Corporation (REIT) (NYSE:AMT) last released its quarterly earnings data on Thursday, April 27th. The real estate investment trust reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.51 by $0.84. The firm had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.58 billion. American Tower Corporation (REIT) had a net margin of 16.32% and a return on equity of 14.26%. American Tower Corporation (REIT)’s revenue for the quarter was up 25.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.58 EPS.
Several equities research analysts recently issued reports on AMT shares. Cowen and Company reiterated a “buy” rating and issued a $155.00 target price on shares of American Tower Corporation (REIT) in a research note on Wednesday. BidaskClub upgraded shares of American Tower Corporation (REIT) from a “hold” rating to a “buy” rating in a research report on Wednesday. Deutsche Bank AG raised their price objective on shares of American Tower Corporation (REIT) from $145.00 to $157.00 and gave the stock a “buy” rating in a research report on Friday, July 14th. Zacks Investment Research cut shares of American Tower Corporation (REIT) from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 27th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $150.00 target price on shares of American Tower Corporation (REIT) in a report on Thursday, July 6th. One investment analyst has rated the stock with a sell rating and twelve have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $140.15.
In related news, SVP Robert Joseph Meyer, Jr. sold 40,653 shares of the stock in a transaction on Monday, May 1st. The shares were sold at an average price of $126.16, for a total transaction of $5,128,782.48. Following the transaction, the senior vice president now owns 36,060 shares of the company’s stock, valued at approximately $4,549,329.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Steven C. Marshall sold 20,548 shares of the stock in a transaction on Tuesday, June 27th. The shares were sold at an average price of $134.92, for a total transaction of $2,772,336.16. The disclosure for this sale can be found here. Insiders sold a total of 133,350 shares of company stock worth $17,042,690 over the last quarter. Corporate insiders own 0.86% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in AMT. Highland Capital Management LLC acquired a new position in American Tower Corporation (REIT) during the second quarter valued at approximately $1,009,000. Rehmann Capital Advisory Group raised its position in American Tower Corporation (REIT) by 21.5% in the second quarter. Rehmann Capital Advisory Group now owns 2,474 shares of the real estate investment trust’s stock valued at $327,000 after buying an additional 437 shares in the last quarter. Aperio Group LLC raised its position in American Tower Corporation (REIT) by 15.1% in the second quarter. Aperio Group LLC now owns 222,642 shares of the real estate investment trust’s stock valued at $29,460,000 after buying an additional 29,236 shares in the last quarter. Wendell David Associates Inc. raised its position in American Tower Corporation (REIT) by 3.3% in the second quarter. Wendell David Associates Inc. now owns 32,888 shares of the real estate investment trust’s stock valued at $4,352,000 after buying an additional 1,053 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its position in American Tower Corporation (REIT) by 0.4% in the second quarter. Louisiana State Employees Retirement System now owns 26,400 shares of the real estate investment trust’s stock valued at $3,493,000 after buying an additional 100 shares in the last quarter. 93.21% of the stock is currently owned by institutional investors.
American Tower Corporation (NYSE AMT) traded down 0.56% during mid-day trading on Friday, reaching $135.42. The company had a trading volume of 2,757,954 shares. The stock has a market cap of $57.55 billion, a PE ratio of 65.39 and a beta of 0.71. The firm’s 50-day moving average price is $132.22 and its 200-day moving average price is $120.27. American Tower Corporation has a 12 month low of $99.72 and a 12 month high of $138.00.
American Tower Corporation (REIT) announced that its board has initiated a stock buyback program on Tuesday, March 21st that permits the company to repurchase $1.10 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to repurchase up to 2.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Monday, June 19th were paid a dividend of $0.64 per share. This is a boost from American Tower Corporation (REIT)’s previous quarterly dividend of $0.62. This represents a $2.56 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date was Thursday, June 15th. American Tower Corporation (REIT)’s dividend payout ratio is presently 124.27%.
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American Tower Corporation (REIT) 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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