Traders Sell Shares of American Tower (AMT) on Strength (AMT)

Investors sold shares of American Tower Corp (NYSE:AMT) on strength during trading hours on Thursday. $61.92 million flowed into the stock on the tick-up and $98.61 million flowed out of the stock on the tick-down, for a money net flow of $36.69 million out of the stock. Of all equities tracked, American Tower had the 0th highest net out-flow for the day. American Tower traded up $1.54 for the day and closed at $138.98

A number of research firms have issued reports on AMT. Argus boosted their price objective on shares of American Tower to $170.00 and gave the company a “buy” rating in a research report on Thursday, November 9th. Zacks Investment Research cut shares of American Tower from a “buy” rating to a “hold” rating in a research report on Thursday, November 9th. ValuEngine upgraded shares of American Tower from a “hold” rating to a “buy” rating in a research report on Friday, November 10th. Morgan Stanley boosted their price objective on shares of American Tower from $155.00 to $172.00 and gave the company an “overweight” rating in a research report on Tuesday, November 14th. Finally, KeyCorp restated an “overweight” rating and issued a $177.00 price objective (up previously from $156.00) on shares of American Tower in a research report on Monday, November 27th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and sixteen have issued a buy rating to the stock. American Tower has a consensus rating of “Buy” and an average target price of $158.60.

The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 2.61. The stock has a market cap of $60,840.00, a PE ratio of 53.94, a PEG ratio of 1.32 and a beta of 0.77.

American Tower declared that its Board of Directors has initiated a stock repurchase plan 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 reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

In other American Tower news, Director David E. Sharbutt sold 1,584 shares of the company’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $144.44, for a total value of $228,792.96. Following the sale, the director now owns 4,861 shares in the company, valued at $702,122.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman James D. Taiclet, Jr. sold 34,667 shares of the company’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $142.52, for a total transaction of $4,940,740.84. Following the completion of the sale, the chairman now owns 305,374 shares in the company, valued at approximately $43,521,902.48. The disclosure for this sale can be found here. Insiders have sold 41,251 shares of company stock worth $5,885,334 in the last quarter. 0.86% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Chemical Bank grew its holdings in American Tower by 50.6% in the fourth quarter. Chemical Bank now owns 3,235 shares of the real estate investment trust’s stock worth $461,000 after purchasing an additional 1,087 shares during the period. Cambridge Investment Research Advisors Inc. grew its holdings in American Tower by 28.1% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 22,639 shares of the real estate investment trust’s stock worth $3,230,000 after purchasing an additional 4,963 shares during the period. Xact Kapitalforvaltning AB grew its holdings in American Tower by 8.3% in the fourth quarter. Xact Kapitalforvaltning AB now owns 70,425 shares of the real estate investment trust’s stock worth $10,048,000 after purchasing an additional 5,382 shares during the period. CNB Bank purchased a new stake in American Tower in the fourth quarter worth about $325,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in American Tower by 17.0% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 278,258 shares of the real estate investment trust’s stock worth $39,699,000 after purchasing an additional 40,384 shares during the period. Institutional investors and hedge funds own 92.19% of the company’s stock.

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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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