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American Tower(AMT - Get Report) is a wireless and broadcast communications infrastructure company that owns, operates and develops communications sites. Its primary business includes leasing antenna space on multi-tenant communications sites to wireless service providers and radio and television broadcast companies. This stock is trading up 4% to $57.35 in recent trading after hitting a 52-week high of $57.78 earlier in the day.
Today's Range: $53.02-$57.78
52-Week Range: $38.09-$57.78
Volume: 3.72 million
Three-Month Average Volume: 3.68 million
American Tower has a market cap of $22.77 billion and an enterprise value of $27.19 billion. The stock trades at a trailing price-to-earnings of 59.89 and a forward price-to-earnings of 42.9. Its estimated growth rate for this year is 12.1%, and for next year it's pegged at 31.4%. The current short interest as a percentage of the float for AMT is rather low at 1.8%
This stock is ripping higher today and hitting new highs after the company raised its financial outlook for the year by $20 million.
From a technical standpoint, this stock is now
breaking out above some past overhead resistance at $56.22 to $56.84 a share on strong volume. The stock is also now trading in all-time high territory, which means that pretty much everyone who has bought shares is making money. If this stock can sustain this move and close above those previous resistance levels, then it should continue to trend higher.
That said, if it reverses in the near-term and trades back below those breakout prices, then it could be failed breakout.
American Tower, one of TheStreet Ratings'
top-rated wireless stocks, shows up on a list of
5 Telecom Stocks With Upside.
-- Written by Roberto Pedone in Winderemere, Fla.