Wealthfront Advisers LLC Boosts Stake in American Tower Corporation $AMT

Wealthfront Advisers LLC lifted its holdings in shares of American Tower Corporation (NYSE:AMT) by 11.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 88,936 shares of the real estate investment trust’s stock after acquiring an additional 8,957 shares during the quarter. Wealthfront Advisers LLC’s holdings in American Tower were worth $19,657,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Focus Financial Network Inc. increased its holdings in 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 acquired a new stake in shares of American Tower during the first quarter worth approximately $72,706,000. Stack Financial Management Inc bought a new stake in shares of American Tower in the second quarter worth $13,020,000. Golden State Wealth Management LLC increased its stake in shares of American Tower by 23.0% in the first quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust’s stock worth $80,000 after buying an additional 69 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC raised its holdings 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 acquiring an additional 54,360 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Buying and Selling

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 transaction, the chief executive officer owned 23,425 shares in the company, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.17% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on AMT shares. Jefferies Financial Group dropped their target price 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. Weiss Ratings reissued a “hold (c-)” rating on shares of American Tower in a report on Friday. BMO Capital Markets cut their price objective on American Tower from $245.00 to $220.00 and set an “outperform” rating on the stock in a research note on Friday, October 17th. HSBC lowered American Tower from a “buy” rating to a “hold” rating and set a $235.00 target price for the company. in a research report on Wednesday, July 30th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of American Tower in a research report on Tuesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $236.75.

American Tower Trading Up 0.6%

NYSE:AMT opened at $191.36 on Friday. The firm 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. The business has a 50 day simple moving average of $195.30 and a 200 day simple moving average of $209.06. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $234.33.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.01. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The company had revenue of $2.63 billion for 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 firm’s quarterly 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 research analysts predict that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

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

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.