American Tower Co. (REIT) (NYSE:AMT) was the target of a large decrease in short interest during the month of April. As of April 15th, there was short interest totalling 2,740,000 shares, a decrease of 17.7% from the March 31st total of 3,330,000 shares. Based on an average daily volume of 2,150,000 shares, the short-interest ratio is currently 1.3 days.
In other American Tower news, EVP Olivier Puech sold 3,268 shares of the stock in a transaction dated Tuesday, March 16th. The shares were sold at an average price of $220.00, for a total transaction of $718,960.00. Following the completion of the transaction, the executive vice president now owns 19,531 shares of the company’s stock, valued at approximately $4,296,820. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.65% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of AMT. Schonfeld Strategic Advisors LLC purchased a new position in shares of American Tower during the third quarter worth approximately $8,823,000. IHT Wealth Management LLC increased its position in shares of American Tower by 6.8% during the third quarter. IHT Wealth Management LLC now owns 3,375 shares of the real estate investment trust’s stock worth $816,000 after acquiring an additional 214 shares during the period. Townsquare Capital LLC increased its position in shares of American Tower by 46.7% during the third quarter. Townsquare Capital LLC now owns 2,185 shares of the real estate investment trust’s stock worth $526,000 after acquiring an additional 696 shares during the period. Brinker Capital Investments LLC purchased a new position in shares of American Tower during the third quarter worth approximately $2,224,000. Finally, Sei Investments Co. increased its holdings in American Tower by 3.0% during the third quarter. Sei Investments Co. now owns 552,452 shares of the real estate investment trust’s stock valued at $133,532,000 after buying an additional 16,143 shares during the period. 89.97% of the stock is currently owned by institutional investors and hedge funds.
American Tower (NYSE:AMT) last announced its quarterly earnings data on Wednesday, April 28th. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.25 by ($0.80). American Tower had a return on equity of 42.42% and a net margin of 24.08%. On average, sell-side analysts predict that American Tower will post 8.16 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, April 29th. Stockholders of record on Tuesday, April 13th were given a dividend of $1.24 per share. The ex-dividend date was Monday, April 12th. This is a positive change from American Tower’s previous quarterly dividend of $1.21. This represents a $4.96 dividend on an annualized basis and a dividend yield of 1.99%. American Tower’s dividend payout ratio (DPR) is 64.17%.
A number of research analysts recently commented on AMT shares. Morgan Stanley increased their price target on shares of American Tower from $248.00 to $262.00 and gave the company an “equal weight” rating in a report on Monday, April 26th. KeyCorp raised shares of American Tower from a “sector weight” rating to an “overweight” rating and set a $275.00 price target for the company in a report on Wednesday, March 31st. Wells Fargo & Company increased their price target on shares of American Tower from $245.00 to $275.00 and gave the company an “overweight” rating in a report on Friday. Cowen lowered their price target on shares of American Tower from $334.00 to $324.00 and set an “outperform” rating for the company in a report on Friday, February 26th. Finally, Royal Bank of Canada lowered their price target on shares of American Tower from $275.00 to $250.00 and set an “outperform” rating for the company in a report on Monday, March 15th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. American Tower presently has an average rating of “Buy” and an average target price of $273.33.
American Tower Company Profile
American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 181,000 communications sites.
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