American Tower Corporation $AMT Shares Sold by M&G PLC

M&G PLC reduced its holdings in shares of American Tower Corporation (NYSE:AMT) by 3.3% in the 2nd quarter, HoldingsChannel reports. The fund owned 884,285 shares of the real estate investment trust’s stock after selling 30,328 shares during the quarter. American Tower accounts for approximately 1.1% of M&G PLC’s investment portfolio, making the stock its 26th biggest holding. M&G PLC’s holdings in American Tower were worth $195,427,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in American Tower by 0.7% in the first quarter. Vanguard Group Inc. now owns 62,809,486 shares of the real estate investment trust’s stock valued at $13,667,344,000 after purchasing an additional 434,118 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of American Tower by 39.6% during 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. Deutsche Bank AG lifted its position in shares of American Tower by 4.0% during the 1st quarter. Deutsche Bank AG now owns 7,383,368 shares of the real estate investment trust’s stock worth $1,606,621,000 after buying an additional 285,195 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of American Tower by 1.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,534,862 shares of the real estate investment trust’s stock valued at $1,421,965,000 after buying an additional 88,120 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of American Tower by 0.5% in the 1st quarter. Invesco Ltd. now owns 5,971,716 shares of the real estate investment trust’s stock valued at $1,299,445,000 after buying an additional 30,130 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on AMT shares. JPMorgan Chase & Co. decreased their target price on American Tower from $255.00 to $250.00 and set an “overweight” rating for the company in a research report on Wednesday, October 29th. HSBC reduced their price objective on American Tower from $235.00 to $205.00 in a research note on Wednesday, October 29th. Barclays raised their target price on shares of American Tower from $250.00 to $251.00 and gave the stock an “overweight” rating in a research report on Friday, October 17th. Royal Bank Of Canada set a $220.00 price target on shares of American Tower and gave the company a “sector perform” rating in a research report on Wednesday, October 1st. Finally, Wells Fargo & Company lowered their price objective on shares of American Tower from $210.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 29th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $231.11.

American Tower Stock Performance

Shares of AMT opened at $184.88 on Wednesday. American Tower Corporation has a 1 year low of $172.51 and a 1 year high of $234.33. The stock has a market capitalization of $86.57 billion, a P/E ratio of 29.53, a P/E/G ratio of 1.08 and a beta of 0.85. The company has a debt-to-equity ratio of 3.24, a quick ratio of 0.95 and a current ratio of 0.89. The company’s fifty day moving average is $189.19 and its two-hundred day moving average is $206.06.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.14. American Tower had a net margin of 28.11% and a return on equity of 28.79%. The business had revenue of $2.72 billion for the quarter, compared to the consensus estimate of $2.65 billion. During the same quarter in the previous year, the firm earned $2.52 earnings per share. The business’s quarterly revenue 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, sell-side 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 disclosed a quarterly dividend, which was paid on Monday, October 20th. Shareholders of record on Tuesday, September 30th were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, September 30th. American Tower’s payout ratio is currently 108.63%.

Insider Activity

In other American Tower news, Director Eugene F. Reilly bought 5,554 shares of the business’s stock in a transaction dated Friday, October 31st. The stock was acquired at an average cost 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 represents a 4,114.07% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.17% of the company’s stock.

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.