American Tower Corporation $AMT Shares Sold by Grassi Investment Management

Grassi Investment Management decreased its position in American Tower Corporation (NYSE:AMT) by 1.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,967 shares of the real estate investment trust’s stock after selling 550 shares during the quarter. American Tower accounts for approximately 0.9% of Grassi Investment Management’s holdings, making the stock its 29th largest position. Grassi Investment Management’s holdings in American Tower were worth $11,044,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in AMT. Blossom Wealth Management boosted its holdings in shares of American Tower by 1.8% in the 2nd quarter. Blossom Wealth Management now owns 2,601 shares of the real estate investment trust’s stock valued at $575,000 after buying an additional 45 shares during the period. TFG Advisers LLC boosted its stake in American Tower by 0.3% in the second quarter. TFG Advisers LLC now owns 16,186 shares of the real estate investment trust’s stock valued at $3,578,000 after acquiring an additional 47 shares during the period. Novem Group boosted its stake in American Tower by 3.8% in the second quarter. Novem Group now owns 1,316 shares of the real estate investment trust’s stock valued at $291,000 after acquiring an additional 48 shares during the period. Elmwood Wealth Management Inc. boosted its stake in American Tower by 2.5% in the first quarter. Elmwood Wealth Management Inc. now owns 2,087 shares of the real estate investment trust’s stock valued at $454,000 after acquiring an additional 50 shares during the period. Finally, 4J Wealth Management LLC boosted its stake in American Tower by 4.0% in the first quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust’s stock valued at $283,000 after acquiring an additional 50 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

Insider Buying and Selling at American Tower

In other American Tower news, CEO Juan Font sold 720 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.17% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on AMT. Wells Fargo & Company reduced their price objective on American Tower from $240.00 to $230.00 and set an “overweight” rating for the company in a research report on Wednesday, July 30th. Weiss Ratings reissued a “hold (c-)” rating on shares of American Tower in a report on Saturday, September 27th. UBS Group boosted their price target on shares of American Tower from $250.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday, July 8th. BMO Capital Markets reissued an “outperform” rating and set a $245.00 target price (down from $250.00) on shares of American Tower in a research note on Wednesday, July 30th. Finally, Barclays boosted their target price on shares of American Tower from $246.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $242.07.

American Tower Trading Down 0.6%

Shares of NYSE:AMT opened at $190.10 on Friday. The company has a 50 day moving average of $201.53 and a 200-day moving average of $211.76. The firm has a market cap of $89.01 billion, a P/E ratio of 69.13, a P/E/G ratio of 1.18 and a beta of 0.86. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $234.33. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36.

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

American Tower Dividend Announcement

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