Ballast Advisors LLC Reduces Holdings in American Tower Corporation $AMT

Ballast Advisors LLC decreased its position in shares of American Tower Corporation (NYSE:AMT) by 6.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 920 shares of the real estate investment trust’s stock after selling 63 shares during the quarter. Ballast Advisors LLC’s holdings in American Tower were worth $203,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in AMT. Nuveen LLC purchased a new position in shares of American Tower during the first quarter worth about $991,525,000. Price T Rowe Associates Inc. MD grew its holdings in shares of American Tower by 39.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,144,040 shares of the real estate investment trust’s stock worth $1,772,144,000 after purchasing an additional 2,309,627 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of American Tower during the first quarter worth about $162,127,000. Amundi grew its holdings in shares of American Tower by 35.5% during the first quarter. Amundi now owns 2,838,421 shares of the real estate investment trust’s stock worth $645,694,000 after purchasing an additional 743,617 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its holdings in shares of American Tower by 490.9% during the first quarter. T. Rowe Price Investment Management Inc. now owns 650,789 shares of the real estate investment trust’s stock worth $141,612,000 after buying an additional 540,648 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Royal Bank Of Canada set a $220.00 price objective on shares of American Tower and gave the company a “sector perform” rating in a research report on Wednesday, October 1st. Jefferies Financial Group reduced their price objective on shares of American Tower from $281.00 to $226.00 and set a “buy” rating for the company in a research report on Monday, October 13th. UBS Group raised their price objective on shares of American Tower from $250.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, July 8th. Wall Street Zen upgraded shares of American Tower from a “sell” rating to a “hold” rating in a research report on Sunday, October 12th. Finally, HSBC downgraded shares of American Tower from a “buy” rating to a “hold” rating and set a $235.00 price target for the company. in a research report on Wednesday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and a consensus price target of $236.75.

Insider Activity

In related news, CEO Juan Font sold 720 shares of the business’s stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total value of $149,997.60. Following the completion of the sale, the chief executive officer directly owned 23,425 shares in the company, valued at approximately $4,880,130.25. The trade was a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.17% of the company’s stock.

American Tower Price Performance

American Tower stock opened at $191.36 on Friday. The stock has a market capitalization of $89.60 billion, a P/E ratio of 69.58, a P/E/G ratio of 1.16 and a beta of 0.86. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $234.33. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95. The firm’s 50-day moving average is $195.30 and its two-hundred day moving average is $209.06.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.58 billion. During the same quarter last year, the business earned $2.79 earnings per share. American Tower’s revenue was down 9.4% compared to the same quarter last year. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Equities analysts predict that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 20th. Stockholders of record on Tuesday, September 30th were issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Tuesday, September 30th. American Tower’s dividend payout ratio is presently 247.27%.

American Tower Company 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.