Traders Sell American Tower (AMT) on Strength Following Insider Selling
Traders sold shares of American Tower Corp (NYSE:AMT) on strength during trading hours on Thursday after an insider sold shares in the company. $68.66 million flowed into the stock on the tick-up and $109.00 million flowed out of the stock on the tick-down, for a money net flow of $40.34 million out of the stock. Of all stocks tracked, American Tower had the 0th highest net out-flow for the day. American Tower traded up $0.68 for the day and closed at $143.01Specifically, Director Samme L. Thompson sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $143.16, for a total value of $715,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP William H. Hess sold 28,291 shares of the firm’s stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $145.28, for a total value of $4,110,116.48. Following the completion of the transaction, the executive vice president now owns 92,721 shares of the company’s stock, valued at approximately $13,470,506.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 37,636 shares of company stock valued at $5,462,248. 0.86% of the stock is owned by corporate insiders.
Several research analysts have commented on AMT shares. Oppenheimer raised their target price on American Tower from $155.00 to $160.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 20th. Morgan Stanley reaffirmed an “overweight” rating and issued a $172.00 price target on shares of American Tower in a report on Wednesday, December 13th. KeyCorp set a $171.00 price target on American Tower and gave the company a “buy” rating in a report on Tuesday, February 27th. Zacks Investment Research cut American Tower from a “hold” rating to a “sell” rating in a report on Tuesday, February 6th. Finally, Citigroup lowered their price target on American Tower from $169.00 to $162.00 and set a “buy” rating on the stock in a report on Monday, March 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and sixteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $158.64.
The stock has a market cap of $64,500.91, a price-to-earnings ratio of 53.56, a price-to-earnings-growth ratio of 1.64 and a beta of 0.80. The company has a debt-to-equity ratio of 2.85, a quick ratio of 1.25 and a current ratio of 1.25.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 27th. Investors of record on Wednesday, April 11th will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.10%. This is a boost from American Tower’s previous quarterly dividend of $0.70. The ex-dividend date is Tuesday, April 10th. American Tower’s dividend payout ratio (DPR) is currently 104.87%.
American Tower declared that its Board of Directors has authorized a share buyback plan on Thursday, December 7th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Investment Centers of America Inc. raised its holdings in shares of American Tower by 5.6% during the 3rd quarter. Investment Centers of America Inc. now owns 6,495 shares of the real estate investment trust’s stock valued at $887,000 after buying an additional 343 shares in the last quarter. IFM Investors Pty Ltd raised its holdings in shares of American Tower by 3.0% during the 3rd quarter. IFM Investors Pty Ltd now owns 11,978 shares of the real estate investment trust’s stock valued at $1,637,000 after buying an additional 353 shares in the last quarter. Security National Trust Co. raised its holdings in shares of American Tower by 7.7% during the 4th quarter. Security National Trust Co. now owns 5,035 shares of the real estate investment trust’s stock valued at $718,000 after buying an additional 360 shares in the last quarter. ETRADE Capital Management LLC raised its holdings in shares of American Tower by 9.5% during the 4th quarter. ETRADE Capital Management LLC now owns 4,253 shares of the real estate investment trust’s stock valued at $607,000 after buying an additional 368 shares in the last quarter. Finally, CAPROCK Group Inc. raised its holdings in shares of American Tower by 19.2% during the 4th quarter. CAPROCK Group Inc. now owns 2,352 shares of the real estate investment trust’s stock valued at $313,000 after buying an additional 379 shares in the last quarter. 89.94% of the stock is currently owned by institutional investors.
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About American Tower
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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