Schmidt P J Investment Management Inc. Lowers Holdings in American Tower Corporation $AMT

Schmidt P J Investment Management Inc. decreased its holdings in American Tower Corporation (NYSE:AMT) by 3.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,175 shares of the real estate investment trust’s stock after selling 414 shares during the quarter. Schmidt P J Investment Management Inc.’s holdings in American Tower were worth $2,912,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AMT. Brighton Jones LLC grew its holdings in American Tower by 113.0% in the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust’s stock valued at $727,000 after buying an additional 2,104 shares during the period. GAMMA Investing LLC grew its holdings in American Tower by 9.0% in the 1st quarter. GAMMA Investing LLC now owns 7,821 shares of the real estate investment trust’s stock valued at $1,702,000 after buying an additional 648 shares during the period. Sequoia Financial Advisors LLC grew its holdings in American Tower by 1.6% in the 1st quarter. Sequoia Financial Advisors LLC now owns 9,244 shares of the real estate investment trust’s stock valued at $2,012,000 after buying an additional 148 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of American Tower by 35.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 77,053 shares of the real estate investment trust’s stock worth $16,610,000 after purchasing an additional 20,138 shares during the period. Finally, Golden State Wealth Management LLC grew its holdings 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 period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Activity

In other American Tower news, CEO Juan Font sold 720 shares of the company’s stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $208.33, for a total value of $149,997.60. Following the transaction, the chief executive officer directly owned 23,425 shares of the company’s stock, valued at $4,880,130.25. This represents a 2.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.18% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. BMO Capital Markets decreased their target price on American Tower from $245.00 to $220.00 and set an “outperform” rating for the company in a report on Friday, October 17th. Wall Street Zen upgraded American Tower from a “sell” rating to a “hold” rating in a report on Sunday, October 12th. JPMorgan Chase & Co. boosted their target price on American Tower from $250.00 to $255.00 and gave the stock an “overweight” rating in a report on Wednesday, July 30th. HSBC cut American Tower from a “buy” rating to a “hold” rating and set a $235.00 target price for the company. in a report on Wednesday, July 30th. Finally, Barclays boosted their price target on American Tower from $250.00 to $251.00 and gave the stock an “overweight” rating in a research report on Friday, October 17th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $236.75.

American Tower Stock Performance

American Tower stock opened at $191.36 on Monday. The stock’s 50 day moving average price is $195.30 and its 200 day moving average price is $209.07. American Tower Corporation has a one year low of $172.51 and a one year high of $234.33. The firm has a market capitalization of $89.60 billion, a PE ratio of 69.58, a price-to-earnings-growth ratio of 1.16 and a beta of 0.86. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95.

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, 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 analyst estimates of $2.58 billion. During the same period in the prior year, the company posted $2.79 EPS. American Tower’s quarterly revenue was down 9.4% on a year-over-year basis. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. As a group, sell-side analysts expect that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Announces Dividend

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

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.