1858 Wealth Management LLC Raises Stock Holdings in American Tower Corporation $AMT

1858 Wealth Management LLC increased its stake in shares of American Tower Corporation (NYSE:AMT) by 4.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,407 shares of the real estate investment trust’s stock after purchasing an additional 103 shares during the quarter. 1858 Wealth Management LLC’s holdings in American Tower were worth $532,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Focus Financial Network Inc. lifted its stake in shares of American Tower by 9.1% during the 2nd quarter. Focus Financial Network Inc. now owns 2,042 shares of the real estate investment trust’s stock worth $451,000 after purchasing an additional 170 shares during the last quarter. Resolution Capital Ltd purchased a new stake in shares of American Tower during the 1st quarter worth $72,706,000. Golden State Wealth Management LLC lifted its stake in shares of American Tower by 23.0% during the 1st quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust’s stock worth $80,000 after purchasing an additional 69 shares during the last quarter. Shum Financial Group Inc. raised its stake in American Tower by 3.5% in the first quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust’s stock valued at $913,000 after buying an additional 141 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC raised its stake in American Tower by 126.0% in the first quarter. Kovitz Investment Group Partners LLC now owns 97,495 shares of the real estate investment trust’s stock valued at $21,215,000 after buying an additional 54,360 shares during the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Trading Up 0.7%

Shares of NYSE:AMT opened at $186.60 on Friday. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $234.33. The stock has a market cap of $87.38 billion, a price-to-earnings ratio of 67.85, a PEG ratio of 1.13 and a beta of 0.86. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36. The business has a 50-day moving average price of $198.75 and a 200-day moving average price of $210.82.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.01. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.58 billion. During the same period last year, the business posted $2.79 earnings per share. The company’s revenue for the quarter 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 EPS for the current year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Tuesday, September 30th will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.6%. The ex-dividend date is Tuesday, September 30th. American Tower’s dividend payout ratio (DPR) is currently 247.27%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Raymond James Financial set a $250.00 price target on American Tower and gave the company a “strong-buy” rating in a research note on Wednesday, July 30th. JPMorgan Chase & Co. increased their price target on American Tower from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Wednesday, July 30th. Weiss Ratings reiterated a “hold (c-)” rating on shares of American Tower in a research note on Wednesday. Hsbc Global Res cut American Tower from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 30th. Finally, The Goldman Sachs Group reiterated a “buy” rating on shares of American Tower in a research note on Tuesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and an average target price of $242.07.

Insiders Place Their Bets

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

About American Tower

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.