Tower Corp /Ma/ American Sells 2,288,621 Shares of American Tower (NYSE:AMT) Stock

American Tower Corporation (NYSE:AMT) major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the firm’s stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $69.75, for a total transaction of $159,631,314.75. Following the completion of the transaction, the insider directly owned 211,379 shares of the company’s stock, valued at approximately $14,743,685.25. This trade represents a 91.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

American Tower Stock Performance

NYSE:AMT opened at $180.95 on Friday. The business’s fifty day moving average is $182.83 and its 200 day moving average is $200.51. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $234.33. The firm has a market cap of $84.71 billion, a price-to-earnings ratio of 28.91, a PEG ratio of 0.73 and a beta of 0.91. The company has a debt-to-equity ratio of 3.24, a quick ratio of 0.89 and a current ratio of 0.89.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.64 by $0.14. The firm had revenue of $2.72 billion for the quarter, compared to the consensus estimate of $2.65 billion. American Tower had a net margin of 28.11% and a return on equity of 28.79%. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.52 earnings per share. American Tower has set its FY 2025 guidance at 10.600-10.720 EPS. Research analysts predict that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Monday, December 29th will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.8%. The ex-dividend date is Monday, December 29th. American Tower’s payout ratio is presently 108.63%.

Institutional Trading of American Tower

Several institutional investors have recently bought and sold shares of AMT. Norges Bank bought a new stake in shares of American Tower in the 2nd quarter worth $1,371,875,000. Lazard Asset Management LLC boosted its position in shares of American Tower by 1,984.8% during the third quarter. Lazard Asset Management LLC now owns 4,464,382 shares of the real estate investment trust’s stock valued at $858,552,000 after buying an additional 4,250,242 shares during the last quarter. JPMorgan Chase & Co. grew its position in American Tower by 24.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 12,666,082 shares of the real estate investment trust’s stock worth $2,799,458,000 after purchasing an additional 2,474,328 shares during the period. Price T Rowe Associates Inc. MD increased 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 valued at $1,772,144,000 after purchasing an additional 2,309,627 shares during the last quarter. Finally, Viking Global Investors LP increased its stake in shares of American Tower by 233.5% in the 2nd quarter. Viking Global Investors LP now owns 2,797,125 shares of the real estate investment trust’s stock worth $618,221,000 after purchasing an additional 1,958,329 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Raymond James Financial reissued a “strong-buy” rating and set a $231.00 price objective (down previously from $250.00) on shares of American Tower in a report on Wednesday, October 29th. JPMorgan Chase & Co. decreased 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. The Goldman Sachs Group lowered their price target on shares of American Tower from $250.00 to $230.00 and set a “buy” rating for the company in a report on Wednesday, October 29th. TD Cowen lowered their price target on American Tower from $249.00 to $235.00 and set a “buy” rating for the company in a research report on Wednesday, October 29th. Finally, Wall Street Zen raised shares of American Tower from a “sell” rating to a “hold” rating in a research report on Sunday, October 12th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $228.00.

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.