TriaGen Wealth Management LLC Invests $463,000 in American Tower Corporation $AMT

TriaGen Wealth Management LLC bought a new stake in shares of American Tower Corporation (NYSE:AMT) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 2,094 shares of the real estate investment trust’s stock, valued at approximately $463,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AMT. Blossom Wealth Management raised its stake in American Tower by 1.8% during the second quarter. Blossom Wealth Management now owns 2,601 shares of the real estate investment trust’s stock worth $575,000 after purchasing an additional 45 shares during the period. TFG Advisers LLC raised its holdings in American Tower by 0.3% in the 2nd quarter. TFG Advisers LLC now owns 16,186 shares of the real estate investment trust’s stock valued at $3,578,000 after buying an additional 47 shares during the period. Novem Group raised its stake in shares of American Tower by 3.8% in the 2nd quarter. Novem Group now owns 1,316 shares of the real estate investment trust’s stock valued at $291,000 after acquiring an additional 48 shares during the period. Elmwood Wealth Management Inc. boosted its position in shares of American Tower by 2.5% during the 1st quarter. Elmwood Wealth Management Inc. now owns 2,087 shares of the real estate investment trust’s stock worth $454,000 after purchasing an additional 50 shares during the period. Finally, 4J Wealth Management LLC increased its holdings in American Tower by 4.0% in the 1st quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust’s stock valued at $283,000 after purchasing an additional 50 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Stock Down 2.5%

American Tower stock opened at $185.46 on Tuesday. The stock has a 50 day moving average of $200.75 and a two-hundred day moving average of $211.51. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $234.33. The stock has a market capitalization of $86.84 billion, a price-to-earnings ratio of 67.44, a PEG ratio of 1.17 and a beta of 0.86. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.01. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.58 billion. During the same quarter in the previous year, the company posted $2.79 earnings per share. The company’s revenue for the quarter was down 9.4% compared to the same quarter last year. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. As a group, research analysts expect that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Tuesday, September 30th will be issued a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.80 dividend on an annualized basis and a yield of 3.7%. American Tower’s payout ratio is currently 247.27%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on AMT shares. The Goldman Sachs Group reissued a “buy” rating on shares of American Tower in a research report on Tuesday, July 29th. Wall Street Zen cut shares of American Tower from a “hold” rating to a “sell” rating in a report on Saturday. Wells Fargo & Company reduced their price objective on shares of American Tower from $240.00 to $230.00 and set an “overweight” rating on the stock in a report on Wednesday, July 30th. Barclays raised their target price on American Tower from $246.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, August 18th. Finally, UBS Group boosted their price objective on shares of American Tower from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $242.07.

Insiders Place Their Bets

In other American Tower news, CEO Juan Font sold 720 shares of the stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $208.33, for a total value of $149,997.60. Following the completion of the transaction, the chief executive officer directly owned 23,425 shares of the company’s stock, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.18% of the company’s stock.

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.