1832 Asset Management L.P. Lowers Stock Position in American Tower Corporation $AMT

1832 Asset Management L.P. lessened its position in shares of American Tower Corporation (NYSE:AMT) by 41.7% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 576,274 shares of the real estate investment trust’s stock after selling 412,901 shares during the period. 1832 Asset Management L.P.’s holdings in American Tower were worth $127,368,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Legacy Investment Solutions LLC acquired a new stake in shares of American Tower during the 2nd quarter valued at about $31,000. VSM Wealth Advisory LLC raised its holdings in American Tower by 136.4% in the 2nd quarter. VSM Wealth Advisory LLC now owns 156 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 90 shares during the period. Rosenberg Matthew Hamilton boosted its position in American Tower by 86.0% during the second quarter. Rosenberg Matthew Hamilton now owns 173 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 80 shares in the last quarter. Saudi Central Bank acquired a new stake in American Tower in the first quarter valued at approximately $40,000. Finally, Winnow Wealth LLC purchased a new stake in shares of American Tower in the second quarter valued at approximately $44,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. The Goldman Sachs Group decreased their target price on American Tower from $250.00 to $230.00 and set a “buy” rating on the stock in a research report on Wednesday, October 29th. Argus set a $210.00 price objective on shares of American Tower in a research report on Thursday, October 30th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $231.00 price objective (down from $250.00) on shares of American Tower in a report on Wednesday, October 29th. Wells Fargo & Company cut their target price on shares of American Tower from $210.00 to $200.00 and set an “overweight” rating for the company in a research note on Wednesday, October 29th. Finally, JPMorgan Chase & Co. reduced their price target on shares of American Tower from $255.00 to $250.00 and set an “overweight” rating for the company in a research report on Wednesday, October 29th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $228.28.

American Tower Trading Down 0.2%

Shares of AMT opened at $175.86 on Wednesday. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $234.33. The firm has a market capitalization of $82.33 billion, a P/E ratio of 28.09, a P/E/G ratio of 0.70 and a beta of 0.91. The firm has a 50-day moving average price of $184.88 and a 200 day moving average price of $202.21. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.24.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.14. American Tower had a net margin of 28.11% and a return on equity of 28.79%. The company had revenue of $2.72 billion for the quarter, compared to analyst estimates of $2.65 billion. During the same period in the previous year, the business posted $2.52 EPS. American Tower’s revenue was up 7.7% on a year-over-year basis. American Tower has set its FY 2025 guidance at 10.600-10.720 EPS. Sell-side analysts forecast that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 20th. Investors of record on Tuesday, September 30th were given a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.9%. The ex-dividend date was Tuesday, September 30th. American Tower’s dividend payout ratio is presently 108.63%.

Insider Transactions at American Tower

In other American Tower news, Director Eugene F. Reilly bought 5,554 shares of the business’s stock in a transaction on Friday, October 31st. The stock was bought at an average price of $178.99 per share, with a total value of $994,110.46. Following the completion of the purchase, the director directly owned 5,689 shares in the company, valued at $1,018,274.11. The trade was a 4,114.07% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.18% of the stock is currently owned by company insiders.

American Tower 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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.