American Tower Corp (AMT) reported quarterly earnings results on Thursday, Jul-28-2016. The company said it had a profit of $1.38 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.10. Analysts had a consensus of $1.28. The company posted revenue of $1442.00 million in the period, compared to analysts expectations of $1432.38 million. The company’s revenue was up 22.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.26 EPS.
Many Wall Street Analysts have commented on American Tower Corp. Company shares were Reiterated by RBC Capital Mkts on May 2, 2016 to “Outperform”, Firm has raised the Price Target to $ 132 from a previous price target of $128 .
American Tower Corp closed down -0.96 points or -0.82% at $116.65 with 21,68,641 shares getting traded on Thursday. Post opening the session at $117.33, the shares hit an intraday low of $115.85 and an intraday high of $117.9 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.
In a different news, on Jul 19, 2016, James D Jr Taiclet (Chairman, President and CEO) sold 40,625 shares at $117.00 per share price. According to the SEC, on Jul 15, 2016, Edmund Disanto (EVP, Chief Admin Ofr, GC & Sec) sold 21,087 shares at $116.71 per share price. On Jul 13, 2016, Steven C. Marshall (EVP & President, U.S. Tower) sold 50,000 shares at $115.50 per share price, according to the Form-4 filing with the securities and exchange commission.
American Tower Corporation is an independent owner operator and developer of communications real estate. The Company is engaged in the leasing of space on multi-tenant communications sites to wireless service providers radio and television broadcast companies wireless data and data providers government agencies and municipalities and tenants in a number of other industries. It has a portfolio of over 87000 communications sites. The Company’s continuing operations are managed through three segments: Domestic Rental and Management which includes its property interests that it leases to communications service providers and third-party tower operators in the United States; International Rental and Management which includes its interests in international communications sites and Network Development Services which offers tower-related services domestically including site acquisition zoning and permitting services and structural analysis services.