Phoenix Financial Ltd. grew its position in shares of American Tower Corporation (NYSE:AMT – Free Report) by 97.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,046 shares of the real estate investment trust’s stock after purchasing an additional 1,500 shares during the quarter. Phoenix Financial Ltd.’s holdings in American Tower were worth $672,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in AMT. Nuveen LLC purchased a new position in shares of American Tower during the first quarter worth about $991,525,000. Price T Rowe Associates Inc. MD grew its holdings in shares of American Tower by 39.6% during the first 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 purchasing an additional 2,309,627 shares during the last quarter. Bessemer Group Inc. grew its holdings in shares of American Tower by 272.0% during the first quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust’s stock worth $247,390,000 after purchasing an additional 831,247 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of American Tower during the first quarter worth about $162,127,000. Finally, Amundi boosted its stake in shares of American Tower by 35.5% during the first quarter. Amundi now owns 2,838,421 shares of the real estate investment trust’s stock worth $645,694,000 after buying an additional 743,617 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.
Insider Transactions at American Tower
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. Company insiders own 0.17% of the company’s stock.
American Tower Price Performance
American Tower (NYSE:AMT – Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, beating analysts’ consensus estimates of $2.59 by $0.01. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.58 billion. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The firm’s revenue was down 9.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.79 earnings per share. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Research analysts predict that American Tower Corporation will post 10.14 earnings per share for the current year.
American Tower Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 20th. Investors of record on Tuesday, September 30th were given a $1.70 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $6.80 dividend on an annualized basis and a yield of 3.6%. American Tower’s dividend payout ratio (DPR) is presently 247.27%.
Wall Street Analysts Forecast Growth
Several brokerages have recently weighed in on AMT. Citigroup decreased their target price on shares of American Tower from $250.00 to $225.00 and set a “buy” rating for the company in a research note on Thursday, October 16th. JPMorgan Chase & Co. increased their target price on shares of American Tower from $250.00 to $255.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 30th. BMO Capital Markets decreased their target price on shares of American Tower from $245.00 to $220.00 and set an “outperform” rating for the company in a research note on Friday, October 17th. Barclays increased their target price on shares of American Tower from $250.00 to $251.00 and gave the stock an “overweight” rating in a research note on Friday, October 17th. Finally, Raymond James Financial set a $250.00 target price on shares of American Tower and gave the stock a “strong-buy” rating in a research note on Wednesday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $236.75.
View Our Latest Stock Analysis on American Tower
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.
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