American Tower (NYSE:AMT) declared that its board has approved a share buyback program, which authorizes the company to repurchase $2.00 billion in shares on Thursday, December 7th, EventVestor reports. This repurchase authorization authorizes the real estate investment trust to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
A number of research firms have commented on AMT. Argus boosted their price target on shares of American Tower to $170.00 and gave the stock a “buy” rating in a research note on Thursday, November 9th. Zacks Investment Research cut shares of American Tower from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. ValuEngine upgraded shares of American Tower from a “hold” rating to a “buy” rating in a report on Friday, November 10th. Morgan Stanley boosted their price objective on shares of American Tower from $155.00 to $172.00 and gave the stock an “overweight” rating in a report on Tuesday, November 14th. Finally, KeyCorp restated an “overweight” rating and issued a $177.00 price objective (up from $156.00) on shares of American Tower in a report on Monday, November 27th. One research analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $158.60.
American Tower (NYSE AMT) traded down $1.54 during trading hours on Tuesday, hitting $141.13. 1,880,586 shares of the stock were exchanged, compared to its average volume of 2,010,000. The stock has a market cap of $60,620.00, a P/E ratio of 53.66, a PEG ratio of 1.68 and a beta of 0.72. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 2.61. American Tower has a 12-month low of $102.51 and a 12-month high of $155.28.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Thursday, December 28th will be given a $0.70 dividend. The ex-dividend date of this dividend is Wednesday, December 27th. This is an increase from American Tower’s previous quarterly dividend of $0.66. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.98%. American Tower’s dividend payout ratio is currently 106.46%.
In related news, Chairman James D. Taiclet, Jr. sold 34,667 shares of the stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $142.52, for a total transaction of $4,940,740.84. Following the sale, the chairman now directly owns 305,374 shares of the company’s stock, valued at approximately $43,521,902.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David E. Sharbutt sold 1,584 shares of the firm’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $144.44, for a total transaction of $228,792.96. Following the sale, the director now directly owns 4,861 shares in the company, valued at approximately $702,122.84. The disclosure for this sale can be found here. Insiders sold a total of 104,251 shares of company stock worth $15,049,934 over the last ninety days. 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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