Pacific Heights Asset Management LLC Has $24.04 Million Stock Position in American Tower Corporation $AMT

Pacific Heights Asset Management LLC increased its stake in American Tower Corporation (NYSE:AMT) by 25.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 125,000 shares of the real estate investment trust’s stock after purchasing an additional 25,000 shares during the quarter. American Tower makes up 1.1% of Pacific Heights Asset Management LLC’s investment portfolio, making the stock its 22nd largest holding. Pacific Heights Asset Management LLC’s holdings in American Tower were worth $24,040,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of American Tower in the second quarter worth approximately $1,371,875,000. JPMorgan Chase & Co. boosted its stake in American Tower by 24.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 12,666,082 shares of the real estate investment trust’s stock worth $2,799,458,000 after purchasing an additional 2,474,328 shares during the period. Viking Global Investors LP grew its position in American Tower by 233.5% during the 2nd quarter. Viking Global Investors LP now owns 2,797,125 shares of the real estate investment trust’s stock worth $618,221,000 after purchasing an additional 1,958,329 shares in the last quarter. Invesco Ltd. raised its stake in American Tower by 11.9% during the 2nd quarter. Invesco Ltd. now owns 6,680,524 shares of the real estate investment trust’s stock valued at $1,476,529,000 after purchasing an additional 708,808 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of American Tower by 13.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,605,059 shares of the real estate investment trust’s stock valued at $796,790,000 after purchasing an additional 434,537 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Up 1.3%

AMT opened at $183.82 on Tuesday. The company has a market capitalization of $86.06 billion, a PE ratio of 29.36, a price-to-earnings-growth ratio of 0.74 and a beta of 0.92. The company has a debt-to-equity ratio of 3.24, a current ratio of 0.89 and a quick ratio of 0.89. American Tower Corporation has a fifty-two week low of $166.88 and a fifty-two week high of $234.33. The business has a 50-day moving average of $177.94 and a 200-day moving average of $192.76.

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

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Monday, December 29th will be paid a dividend of $1.70 per share. The ex-dividend date is Monday, December 29th. This represents a $6.80 annualized dividend and a dividend yield of 3.7%. American Tower’s dividend payout ratio is 108.63%.

Insiders Place Their Bets

In other American Tower news, Director Eugene F. Reilly acquired 5,554 shares of American Tower 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 purchase, the director owned 5,689 shares in the company, valued at approximately $1,018,274.11. This trade represents a 4,114.07% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the company’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $69.75, for a total transaction of $159,631,314.75. Following the completion of the sale, the insider owned 211,379 shares of the company’s stock, valued at $14,743,685.25. This represents a 91.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.18% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on AMT shares. The Goldman Sachs Group lowered their price target on American Tower from $230.00 to $210.00 and set a “buy” rating on the stock in a report on Friday. HSBC decreased their price objective on American Tower from $235.00 to $205.00 in a research report on Wednesday, October 29th. Wells Fargo & Company dropped their target price on American Tower from $210.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday, October 29th. Citigroup restated a “market outperform” rating on shares of American Tower in a report on Wednesday, October 29th. Finally, Jefferies Financial Group lowered their price objective on shares of American Tower from $226.00 to $202.00 and set a “buy” rating on the stock in a research report on Tuesday, December 16th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $219.21.

American Tower Profile

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.