Magellan Asset Management Ltd Decreases Stake in American Tower Corporation $AMT

Magellan Asset Management Ltd cut its stake in shares of American Tower Corporation (NYSE:AMT) by 6.5% during the second quarter, HoldingsChannel.com reports. The firm owned 837,281 shares of the real estate investment trust’s stock after selling 58,166 shares during the period. American Tower accounts for about 2.1% of Magellan Asset Management Ltd’s portfolio, making the stock its 18th largest position. Magellan Asset Management Ltd’s holdings in American Tower were worth $185,056,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in AMT. Hopwood Financial Services Inc. increased its position in shares of American Tower by 100.0% in the first quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 60 shares in the last quarter. Legacy Investment Solutions LLC purchased a new position in shares of American Tower during the 2nd quarter worth about $31,000. Rosenberg Matthew Hamilton boosted its position in shares of American Tower by 86.0% in the second quarter. Rosenberg Matthew Hamilton now owns 173 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 80 shares during the last quarter. Saudi Central Bank purchased a new stake in American Tower in the first quarter valued at approximately $40,000. Finally, Accredited Wealth Management LLC raised its stake in American Tower by 180.0% during the first quarter. Accredited Wealth Management LLC now owns 210 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 135 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Price Performance

Shares of AMT stock opened at $177.86 on Friday. The company has a market capitalization of $83.28 billion, a P/E ratio of 28.41, a P/E/G ratio of 1.08 and a beta of 0.85. The company has a current ratio of 0.89, a quick ratio of 0.95 and a debt-to-equity ratio of 3.24. The stock has a 50 day moving average of $189.98 and a two-hundred day moving average of $206.61. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $234.33.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share (EPS) 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 the consensus estimate 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 last year, the firm posted $2.52 EPS. American Tower has set its FY 2025 guidance at 10.600-10.720 EPS. As a group, equities analysts expect that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

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

Insider Activity

In related news, Director Eugene F. Reilly purchased 5,554 shares of the stock in a transaction that occurred on Friday, October 31st. The stock was acquired 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 in the company, valued at approximately $1,018,274.11. This trade represents a 4,114.07% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.17% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on AMT shares. Argus set a $210.00 price objective on shares of American Tower in a research note on Thursday, October 30th. Hsbc Global Res lowered American Tower from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 30th. Jefferies Financial Group dropped their price target on American Tower from $281.00 to $226.00 and set a “buy” rating on the stock in a research note on Monday, October 13th. Citigroup reiterated a “market outperform” rating on shares of American Tower in a report on Wednesday, October 29th. Finally, Morgan Stanley cut their price target on shares of American Tower from $270.00 to $235.00 and set an “overweight” rating on the stock in a report on Thursday, October 16th. 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 company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $231.11.

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.