American Tower Corporation $AMT Shares Sold by Magellan Asset Management Ltd

Magellan Asset Management Ltd decreased its holdings in American Tower Corporation (NYSE:AMT) by 6.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 837,281 shares of the real estate investment trust’s stock after selling 58,166 shares during the quarter. American Tower accounts for about 2.1% of Magellan Asset Management Ltd’s holdings, making the stock its 18th largest holding. Magellan Asset Management Ltd owned 0.18% of American Tower worth $185,056,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Hopwood Financial Services Inc. lifted 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 acquiring an additional 60 shares in the last quarter. Legacy Investment Solutions LLC acquired a new stake in American Tower during the 2nd quarter worth $31,000. Rosenberg Matthew Hamilton raised 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 valued at $38,000 after buying an additional 80 shares during the last quarter. Saudi Central Bank acquired a new position in shares of American Tower during the 1st quarter worth approximately $40,000. Finally, Accredited Wealth Management LLC grew its holdings in American Tower by 180.0% in the 1st quarter. Accredited Wealth Management LLC now owns 210 shares of the real estate investment trust’s stock valued at $46,000 after buying an additional 135 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Activity at American Tower

In other American Tower news, Director Eugene F. Reilly purchased 5,554 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The stock was purchased at an average price of $178.99 per share, for a total transaction of $994,110.46. Following the purchase, 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 ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.17% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Wall Street Zen upgraded American Tower from a “sell” rating to a “hold” rating in a research report on Sunday, October 12th. Hsbc Global Res lowered shares of American Tower from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 30th. HSBC cut their target price on American Tower from $235.00 to $205.00 in a research report on Wednesday, October 29th. Raymond James Financial reiterated a “strong-buy” rating and issued a $231.00 price objective (down previously from $250.00) on shares of American Tower in a report on Wednesday, October 29th. Finally, Morgan Stanley dropped their price objective on shares of American Tower from $270.00 to $235.00 and set an “overweight” rating for the company in a report on Thursday, October 16th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, American Tower presently has a consensus rating of “Moderate Buy” and an average price target of $231.11.

American Tower Stock Performance

Shares of American Tower stock opened at $177.86 on Friday. 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 Corporation has a 52 week low of $172.51 and a 52 week high of $234.33. The firm’s 50 day moving average is $189.98 and its two-hundred day moving average is $206.61. The firm 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.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, October 28th. The real estate investment trust reported $2.78 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $2.65 billion. During the same period last year, the firm posted $2.52 EPS. The company’s revenue was up 7.7% on a year-over-year basis. American Tower has set its FY 2025 guidance at 10.600-10.720 EPS. Research analysts forecast that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

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

American Tower Company 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.