Equities research analysts predict that American Tower Corp (NYSE:AMT) will announce $1.84 billion in sales for the current quarter, Zacks Investment Research reports. Six analysts have issued estimates for American Tower’s earnings, with the lowest sales estimate coming in at $1.82 billion and the highest estimate coming in at $1.86 billion. American Tower posted sales of $1.78 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 3.4%. The firm is expected to issue its next earnings results before the market opens on Wednesday, July 31st.
According to Zacks, analysts expect that American Tower will report full year sales of $7.36 billion for the current financial year, with estimates ranging from $7.34 billion to $7.39 billion. For the next year, analysts anticipate that the firm will post sales of $7.80 billion, with estimates ranging from $7.53 billion to $8.06 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow American Tower.
American Tower (NYSE:AMT) last released its quarterly earnings results on Friday, May 3rd. The real estate investment trust reported $1.84 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.80 by $0.04. American Tower had a net margin of 17.95% and a return on equity of 22.61%. The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same period in the prior year, the firm earned $0.63 earnings per share. American Tower’s revenue was up 4.1% on a year-over-year basis.
A number of research firms recently weighed in on AMT. Wells Fargo & Co lifted their target price on shares of Sempra Energy from $137.00 to $140.00 and gave the company an “outperform” rating in a research note on Monday, April 15th. SunTrust Banks reiterated a “hold” rating on shares of Tripadvisor in a report on Monday, May 6th. Bank of America set a $47.00 price target on shares of Yandex and gave the company a “buy” rating in a report on Tuesday, March 19th. Morgan Stanley lifted their price target on shares of United Technologies from $155.00 to $164.00 and gave the company an “overweight” rating in a report on Monday, May 20th. Finally, UBS Group reiterated a “buy” rating on shares of Fortis in a report on Friday, June 7th. Eleven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $185.94.
AMT stock traded down $0.28 on Friday, hitting $208.98. The company had a trading volume of 1,263,333 shares, compared to its average volume of 1,808,296. The company has a 50-day moving average of $209.27. The company has a market capitalization of $92.50 billion, a PE ratio of 26.16, a price-to-earnings-growth ratio of 1.71 and a beta of 0.49. American Tower has a 12-month low of $138.51 and a 12-month high of $218.79. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 4.31.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Wednesday, June 19th were issued a $0.92 dividend. The ex-dividend date was Tuesday, June 18th. This is an increase from American Tower’s previous quarterly dividend of $0.90. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.76%. American Tower’s payout ratio is 46.06%.
In other news, CEO James D. Taiclet, Jr. sold 57,438 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $201.40, for a total value of $11,568,013.20. Following the sale, the chief executive officer now directly owns 255,414 shares in the company, valued at approximately $51,440,379.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman James D. Taiclet, Jr. sold 57,439 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $194.31, for a total transaction of $11,160,972.09. Following the completion of the sale, the chairman now owns 255,415 shares in the company, valued at $49,629,688.65. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 292,222 shares of company stock worth $58,358,826. Insiders own 0.75% of the company’s stock.
Several institutional investors have recently bought and sold shares of AMT. Comerica Securities Inc. raised its stake in shares of American Tower by 3.0% during the 4th quarter. Comerica Securities Inc. now owns 3,029 shares of the real estate investment trust’s stock worth $482,000 after acquiring an additional 87 shares in the last quarter. AlphaCrest Capital Management LLC acquired a new position in American Tower during the 4th quarter valued at approximately $226,000. Martingale Asset Management L P increased its stake in American Tower by 161.1% during the 4th quarter. Martingale Asset Management L P now owns 11,107 shares of the real estate investment trust’s stock valued at $1,758,000 after purchasing an additional 6,853 shares in the last quarter. Van ECK Associates Corp increased its stake in American Tower by 3.5% during the 4th quarter. Van ECK Associates Corp now owns 4,703 shares of the real estate investment trust’s stock valued at $744,000 after purchasing an additional 160 shares in the last quarter. Finally, Burney Co. increased its stake in American Tower by 37.0% during the 4th quarter. Burney Co. now owns 2,557 shares of the real estate investment trust’s stock valued at $404,000 after purchasing an additional 691 shares in the last quarter. Hedge funds and other institutional investors own 94.28% of the company’s stock.
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 171,000 communications sites.
Featured Story: What do investors mean by earnings per share?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for American Tower Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower and related companies with MarketBeat.com's FREE daily email newsletter.