Stock Repurchase Program Authorized by American Tower (AMT)
American Tower (NYSE:AMT) declared that its Board of Directors has approved a share buyback plan, which allows the company to repurchase $2.00 billion in outstanding shares on Thursday, December 7th, EventVestor reports. This repurchase authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.
AMT has been the topic of several analyst reports. BidaskClub raised shares of American Tower from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Citigroup lifted their price target on shares of American Tower from $142.00 to $167.00 and gave the stock a “buy” rating in a research note on Monday, August 28th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $153.00 price target on shares of American Tower in a research note on Friday, September 1st. UBS lifted their price target on shares of American Tower from $150.00 to $163.00 and gave the stock a “buy” rating in a research note on Monday, September 11th. Finally, Jefferies Group reaffirmed a “buy” rating and set a $144.00 price target on shares of American Tower in a research note on Tuesday, September 12th. Two equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $158.50.
Shares of American Tower (NYSE:AMT) opened at $142.47 on Monday. The firm has a market cap of $61,100.00, a PE ratio of 22.05, a PEG ratio of 1.68 and a beta of 0.72. American Tower has a 1 year low of $102.43 and a 1 year high of $155.28. The company has a debt-to-equity ratio of 2.61, a current ratio of 1.42 and a quick ratio of 1.42.
In other news, Chairman James D. Taiclet, Jr. sold 34,000 shares of the business’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $151.20, for a total value of $5,140,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Edmund Disanto sold 10,000 shares of the business’s stock in a transaction dated Friday, September 29th. The stock was sold at an average price of $136.00, for a total transaction of $1,360,000.00. Following the completion of the sale, the executive vice president now directly owns 151,928 shares of the company’s stock, valued at approximately $20,662,208. The disclosure for this sale can be found here. Insiders sold a total of 88,000 shares of company stock valued at $12,619,900 in the last three months. Insiders own 0.86% of the company’s stock.
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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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