Brokerages Anticipate American Tower Corp (AMT) Will Announce Quarterly Sales of $1.84 Billion

Equities analysts expect that American Tower Corp (NYSE:AMT) will post $1.84 billion in sales for the current quarter, Zacks reports. Five analysts have made estimates for American Tower’s earnings. The highest sales estimate is $1.86 billion and the lowest is $1.82 billion. American Tower reported sales of $1.78 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 3.4%. The firm is expected to issue its next earnings report on Friday, May 3rd.

According to Zacks, analysts expect that American Tower will report full year sales of $7.37 billion for the current year, with estimates ranging from $7.34 billion to $7.42 billion. For the next fiscal year, analysts expect that the company will post sales of $7.81 billion, with estimates ranging from $7.52 billion to $7.94 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for American Tower.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Friday, May 3rd. The real estate investment trust reported $1.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.80 by $0.04. American Tower had a return on equity of 19.86% and a net margin of 16.62%. The firm had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same period in the prior year, the business earned $0.63 EPS. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year.

A number of equities analysts recently issued reports on the company. Bank of America increased their target price on American Tower from $172.00 to $208.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. Morgan Stanley increased their target price on American Tower from $170.00 to $185.00 and gave the stock an “equal weight” rating in a report on Monday, March 11th. Wells Fargo & Co cut American Tower from an “outperform” rating to a “market perform” rating and increased their target price for the stock from $190.00 to $196.00 in a report on Monday, April 15th. They noted that the move was a valuation call. Oppenheimer cut American Tower from an “outperform” rating to a “market perform” rating in a report on Thursday, February 28th. Finally, KeyCorp increased their target price on American Tower from $180.00 to $185.00 and gave the stock an “overweight” rating in a report on Thursday, February 28th. They noted that the move was a valuation call. Twelve research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $177.25.

Shares of AMT traded up $0.15 during trading hours on Friday, reaching $192.95. The stock had a trading volume of 1,059,077 shares, compared to its average volume of 1,792,703. American Tower has a 12 month low of $134.87 and a 12 month high of $198.19. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 3.12. The stock has a market cap of $85.12 billion, a P/E ratio of 24.15, a P/E/G ratio of 1.65 and a beta of 0.66.

The business also recently declared a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Thursday, April 11th were given a $0.90 dividend. This is a positive change from American Tower’s previous quarterly dividend of $0.84. This represents a $3.60 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend was Wednesday, April 10th. American Tower’s dividend payout ratio is presently 45.06%.

In other news, CEO James D. Taiclet, Jr. sold 11,863 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $195.88, for a total transaction of $2,323,724.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP William H. Hess sold 20,000 shares of the firm’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $186.97, for a total value of $3,739,400.00. Following the sale, the executive vice president now directly owns 92,231 shares of the company’s stock, valued at $17,244,430.07. The disclosure for this sale can be found here. Insiders sold a total of 156,915 shares of company stock valued at $30,325,109 over the last three months. 0.75% of the stock is currently owned by insiders.

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc increased its holdings in American Tower by 6.7% in the 3rd quarter. Vanguard Group Inc now owns 56,635,438 shares of the real estate investment trust’s stock worth $8,229,130,000 after acquiring an additional 3,579,249 shares during the last quarter. FMR LLC boosted its position in shares of American Tower by 32.6% during the 4th quarter. FMR LLC now owns 20,144,710 shares of the real estate investment trust’s stock valued at $3,186,692,000 after acquiring an additional 4,949,323 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of American Tower by 15,525.9% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 7,579,832 shares of the real estate investment trust’s stock valued at $48,000 after acquiring an additional 7,531,324 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of American Tower by 2.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,557,968 shares of the real estate investment trust’s stock valued at $1,037,413,000 after acquiring an additional 144,064 shares during the last quarter. Finally, Northern Trust Corp boosted its position in shares of American Tower by 2.4% during the 4th quarter. Northern Trust Corp now owns 6,552,256 shares of the real estate investment trust’s stock valued at $1,036,502,000 after acquiring an additional 151,008 shares during the last quarter. 94.67% of the stock is owned by hedge funds and other institutional investors.

About American Tower

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.

Further Reading: How does inflation affect different investments?

Get a free copy of the Zacks research report on American Tower (AMT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for American Tower (NYSE:AMT)

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.