Harvest Portfolios Group Inc. Increases Stake in American Tower Corporation $AMT

Harvest Portfolios Group Inc. grew its position in shares of American Tower Corporation (NYSE:AMT) by 17.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,258 shares of the real estate investment trust’s stock after buying an additional 1,820 shares during the quarter. Harvest Portfolios Group Inc.’s holdings in American Tower were worth $2,709,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Nuveen LLC purchased a new position in shares of American Tower in the first quarter worth $991,525,000. Price T Rowe Associates Inc. MD raised its position in American Tower by 39.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,144,040 shares of the real estate investment trust’s stock worth $1,772,144,000 after buying an additional 2,309,627 shares during the last quarter. Alyeska Investment Group L.P. bought a new position in American Tower during the 1st quarter valued at about $162,127,000. Amundi boosted its holdings in shares of American Tower by 35.5% during the 1st quarter. Amundi now owns 2,838,421 shares of the real estate investment trust’s stock valued at $645,694,000 after acquiring an additional 743,617 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in shares of American Tower by 490.9% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 650,789 shares of the real estate investment trust’s stock valued at $141,612,000 after acquiring an additional 540,648 shares during the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on AMT shares. JPMorgan Chase & Co. decreased their price objective on shares of American Tower from $255.00 to $250.00 and set an “overweight” rating for the company in a report on Wednesday, October 29th. UBS Group reiterated a “buy” rating and set a $260.00 target price on shares of American Tower in a research note on Wednesday, October 29th. Barclays raised their price target on American Tower from $250.00 to $251.00 and gave the stock an “overweight” rating in a research note on Friday, October 17th. Wells Fargo & Company cut their price objective on American Tower from $210.00 to $200.00 and set an “overweight” rating for the company in a report on Wednesday, October 29th. Finally, Wall Street Zen raised American Tower from a “sell” rating to a “hold” rating in a research report on Sunday, October 12th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and a consensus price target of $231.11.

American Tower Stock Down 0.1%

NYSE AMT opened at $177.86 on Friday. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $234.33. The company has a market capitalization of $83.28 billion, a P/E ratio of 28.41, a price-to-earnings-growth ratio of 1.08 and a beta of 0.85. The stock’s 50-day moving average price is $189.98 and its 200-day moving average price is $206.61. The company has a quick ratio of 0.95, a current ratio of 0.89 and a debt-to-equity ratio of 3.24.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.64 by $0.14. American Tower had a net margin of 28.11% and a return on equity of 28.79%. The firm had revenue of $2.72 billion during the quarter, compared to analysts’ expectations of $2.65 billion. During the same period in the prior year, the company posted $2.52 earnings per share. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. American Tower has set its FY 2025 guidance at 10.600-10.720 EPS. On average, equities research analysts predict that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 20th. Shareholders of record on Tuesday, September 30th were issued a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $6.80 dividend on an annualized basis and a yield of 3.8%. American Tower’s dividend payout ratio (DPR) is currently 108.63%.

Insider Activity at American Tower

In other American Tower news, Director Eugene F. Reilly acquired 5,554 shares of the stock in a transaction dated Friday, October 31st. The shares were acquired at an average cost of $178.99 per share, for a total transaction of $994,110.46. Following the completion of the transaction, 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.17% of the stock is owned by insiders.

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.