Davis Selected Advisers Boosts Stake in American Tower Corporation $AMT

Davis Selected Advisers lifted its position in American Tower Corporation (NYSE:AMT) by 3.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 91,650 shares of the real estate investment trust’s stock after acquiring an additional 2,710 shares during the period. Davis Selected Advisers’ holdings in American Tower were worth $20,256,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Advisors Capital Management LLC boosted its holdings in shares of American Tower by 12.8% during the 2nd quarter. Advisors Capital Management LLC now owns 2,200 shares of the real estate investment trust’s stock valued at $486,000 after buying an additional 250 shares in the last quarter. Grandfield & Dodd LLC boosted its stake in American Tower by 3.4% during the second quarter. Grandfield & Dodd LLC now owns 1,803 shares of the real estate investment trust’s stock worth $398,000 after acquiring an additional 60 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. grew its holdings in American Tower by 47.9% in the second quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 29,497 shares of the real estate investment trust’s stock worth $6,516,000 after purchasing an additional 9,552 shares during the period. Nixon Peabody Trust Co. lifted its holdings in shares of American Tower by 1.0% during the second quarter. Nixon Peabody Trust Co. now owns 44,944 shares of the real estate investment trust’s stock valued at $9,934,000 after purchasing an additional 424 shares during the last quarter. Finally, Hibernia Wealth Partners LLC purchased a new position in shares of American Tower during the second quarter valued at approximately $348,000. 92.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on AMT. Wells Fargo & Company dropped their target price on American Tower from $210.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday, October 29th. TD Cowen dropped their price target on shares of American Tower from $249.00 to $235.00 and set a “buy” rating on the stock in a research note on Wednesday, October 29th. Citigroup reissued a “market outperform” rating on shares of American Tower in a research report on Wednesday, October 29th. BMO Capital Markets dropped their target price on shares of American Tower from $220.00 to $215.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 29th. Finally, Raymond James Financial reiterated a “strong-buy” rating and set a $231.00 price target (down previously from $250.00) on shares of American Tower in a report on Wednesday, October 29th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $231.11.

Insider Activity

In other news, Director Eugene F. Reilly acquired 5,554 shares of the business’s stock in a transaction that occurred 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 acquisition, the director directly owned 5,689 shares of the company’s stock, valued at approximately $1,018,274.11. The trade was a 4,114.07% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.17% of the stock is currently owned by company insiders.

American Tower Price Performance

AMT opened at $181.02 on Friday. The company’s 50-day simple moving average is $188.66 and its two-hundred day simple moving average is $205.73. The company has a debt-to-equity ratio of 3.24, a quick ratio of 0.95 and a current ratio of 0.89. The stock has a market capitalization of $84.74 billion, a P/E ratio of 28.92, a P/E/G ratio of 1.08 and a beta of 0.85. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $234.33.

American Tower (NYSE:AMT) last released its quarterly earnings data 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. The firm had revenue of $2.72 billion during the quarter, compared to analysts’ expectations of $2.65 billion. American Tower had a net margin of 28.11% and a return on equity of 28.79%. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the company earned $2.52 earnings per share. American Tower has set its FY 2025 guidance at 10.600-10.720 EPS. As a group, analysts predict that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

The company also recently declared 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 3.8%. The ex-dividend date of this dividend was Tuesday, September 30th. American Tower’s dividend payout ratio is presently 108.63%.

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.