Impax Asset Management Group plc Trims Stake in American Tower Corporation $AMT

Impax Asset Management Group plc lessened its holdings in American Tower Corporation (NYSE:AMT) by 14.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 112,455 shares of the real estate investment trust’s stock after selling 18,524 shares during the period. Impax Asset Management Group plc’s holdings in American Tower were worth $24,855,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Nuveen LLC purchased a new position in American Tower during the first quarter worth about $991,525,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of 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 acquiring an additional 2,309,627 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of American Tower during the 1st quarter worth approximately $162,127,000. Amundi increased its holdings in American Tower by 35.5% in the 1st quarter. Amundi now owns 2,838,421 shares of the real estate investment trust’s stock valued at $645,694,000 after purchasing an additional 743,617 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. increased its holdings in American Tower by 490.9% in 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 purchasing an additional 540,648 shares during the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Trading Down 0.8%

AMT opened at $183.34 on Thursday. The business has a fifty day moving average price of $188.94 and a 200 day moving average price of $205.91. The company has a debt-to-equity ratio of 3.24, a current ratio of 0.89 and a quick ratio of 0.95. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $234.33. The stock has a market capitalization of $85.83 billion, a price-to-earnings ratio of 29.29, a PEG ratio of 1.08 and a beta of 0.85.

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, beating the consensus estimate of $2.64 by $0.14. American Tower had a return on equity of 28.79% and a net margin of 28.11%.The business had revenue of $2.72 billion during the quarter, compared to analysts’ expectations of $2.65 billion. During the same quarter last year, the business posted $2.52 EPS. 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. Sell-side analysts expect that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company 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. This represents a $6.80 annualized dividend and a yield of 3.7%. The ex-dividend date was Tuesday, September 30th. American Tower’s payout ratio is 108.63%.

Wall Street Analyst Weigh In

A number of research analysts have commented on AMT shares. Argus set a $210.00 price target on American Tower in a research note on Thursday, October 30th. JPMorgan Chase & Co. cut their price objective on American Tower from $255.00 to $250.00 and set an “overweight” rating on the stock in a report on Wednesday, October 29th. Royal Bank Of Canada set a $220.00 target price on American Tower and gave the stock a “sector perform” rating in a research note on Wednesday, October 1st. Hsbc Global Res downgraded American Tower from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Finally, BMO Capital Markets cut their price target on shares of American Tower from $220.00 to $215.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 29th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $231.11.

Insider Activity at American Tower

In other news, Director Eugene F. Reilly acquired 5,554 shares of American Tower 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 acquisition, the director owned 5,689 shares of the company’s stock, valued at $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 SEC, which can be accessed through the SEC website. Corporate insiders own 0.17% of the company’s stock.

American Tower 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.