Insider Selling: American Tower Corp (AMT) Director Sells $228,792.96 in Stock
American Tower Corp (NYSE:AMT) Director David E. Sharbutt sold 1,584 shares of the company’s stock in a transaction on Wednesday, December 13th. The stock was 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 of the company’s stock, valued at approximately $702,122.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
American Tower Corp (AMT) opened at $142.76 on Monday. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 2.61. American Tower Corp has a 12-month low of $102.51 and a 12-month high of $155.28. The stock has a market capitalization of $61,223.48, a price-to-earnings ratio of 22.10, a PEG ratio of 1.68 and a beta of 0.73.
American Tower declared that its board has initiated a stock repurchase plan on Thursday, December 7th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Howe & Rusling Inc. increased its position in shares of American Tower by 1,608.0% in the 3rd quarter. Howe & Rusling Inc. now owns 854 shares of the real estate investment trust’s stock valued at $117,000 after acquiring an additional 804 shares during the period. Peddock Capital Advisors LLC acquired a new position in shares of American Tower in the 2nd quarter valued at $119,000. Legacy Advisors LLC acquired a new position in shares of American Tower in the 3rd quarter valued at $132,000. Glassman Wealth Services increased its position in shares of American Tower by 28.9% in the 2nd quarter. Glassman Wealth Services now owns 1,029 shares of the real estate investment trust’s stock valued at $136,000 after acquiring an additional 231 shares during the period. Finally, Fieldpoint Private Securities LLC increased its position in shares of American Tower by 69.6% in the 3rd quarter. Fieldpoint Private Securities LLC now owns 1,060 shares of the real estate investment trust’s stock valued at $145,000 after acquiring an additional 435 shares during the period. 91.89% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently issued reports on the company. Royal Bank of Canada reaffirmed a “buy” rating and set a $153.00 price target on shares of American Tower in a research report on Friday, September 1st. Citigroup upped their price target on American Tower from $142.00 to $167.00 and gave the stock a “buy” rating in a research report on Monday, August 28th. UBS upped their price target on American Tower from $150.00 to $163.00 and gave the stock a “buy” rating in a research report on Monday, September 11th. BidaskClub raised American Tower from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Finally, Argus upped their price target on American Tower to $170.00 and gave the stock a “buy” rating in a research report on Thursday, November 9th. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $158.50.
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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