Legacy Trust Has $822,000 Stake in American Tower Corporation $AMT

Legacy Trust trimmed its holdings in American Tower Corporation (NYSE:AMT) by 9.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,718 shares of the real estate investment trust’s stock after selling 389 shares during the period. Legacy Trust’s holdings in American Tower were worth $822,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Focus Financial Network Inc. raised its position in shares of American Tower by 9.1% in the second quarter. Focus Financial Network Inc. now owns 2,042 shares of the real estate investment trust’s stock valued at $451,000 after buying an additional 170 shares in the last quarter. Resolution Capital Ltd bought a new position in American Tower in the first quarter valued at approximately $72,706,000. Golden State Wealth Management LLC increased its stake in American Tower by 23.0% in the first quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust’s stock valued at $80,000 after acquiring an additional 69 shares during the last quarter. Shum Financial Group Inc. increased its stake in American Tower by 3.5% in the first quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust’s stock valued at $913,000 after acquiring an additional 141 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC increased its stake in American Tower by 126.0% in the first quarter. Kovitz Investment Group Partners LLC now owns 97,495 shares of the real estate investment trust’s stock valued at $21,215,000 after acquiring an additional 54,360 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Stock Performance

NYSE AMT opened at $190.10 on Friday. The firm’s fifty day moving average price is $201.53 and its two-hundred day moving average price is $211.75. The stock has a market cap of $89.01 billion, a PE ratio of 69.13, a PEG ratio of 1.17 and a beta of 0.86. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $234.33. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95.

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

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Tuesday, September 30th will be paid a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. American Tower’s payout ratio is currently 247.27%.

Insider Buying and Selling at American Tower

In related news, CEO Juan Font sold 720 shares of the business’s stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total value of $149,997.60. Following the sale, the chief executive officer owned 23,425 shares of the company’s stock, valued at $4,880,130.25. The trade was a 2.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.17% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on AMT. BMO Capital Markets reissued an “outperform” rating and issued a $245.00 price objective (down from $250.00) on shares of American Tower in a research note on Wednesday, July 30th. Barclays lifted their price objective on shares of American Tower from $246.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, August 18th. Wells Fargo & Company decreased their price objective on shares of American Tower from $240.00 to $230.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 30th. HSBC cut shares of American Tower from a “buy” rating to a “hold” rating and set a $235.00 price objective on the stock. in a research note on Wednesday, July 30th. Finally, Royal Bank Of Canada set a $220.00 target price on shares of American Tower and gave the stock a “sector perform” rating in a research note on Wednesday. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, American Tower presently has an average rating of “Moderate Buy” and an average target price of $242.07.

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.