American Tower Corporation $AMT Stake Lessened by CNB Bank

CNB Bank cut its stake in American Tower Corporation (NYSE:AMT) by 6.0% in the 2nd quarter, HoldingsChannel reports. The fund owned 3,382 shares of the real estate investment trust’s stock after selling 216 shares during the period. CNB Bank’s holdings in American Tower were worth $747,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Focus Financial Network Inc. boosted its holdings 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 acquiring an additional 170 shares in the last quarter. Resolution Capital Ltd bought a new position in shares of American Tower in the first quarter valued at approximately $72,706,000. Stack Financial Management Inc bought a new position in shares of American Tower in the second quarter valued at approximately $13,020,000. Golden State Wealth Management LLC boosted its holdings in shares of 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 in the last quarter. Finally, Kovitz Investment Group Partners LLC boosted its holdings in shares of 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 in the last quarter. 92.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently commented on AMT shares. Weiss Ratings reissued a “hold (c-)” rating on shares of American Tower in a research note on Friday. JPMorgan Chase & Co. upped their price objective on shares of American Tower from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Wednesday, July 30th. Citigroup lowered their target price on shares of American Tower from $250.00 to $225.00 and set a “buy” rating on the stock in a research note on Thursday, October 16th. BMO Capital Markets reduced their price target on shares of American Tower from $245.00 to $220.00 and set an “outperform” rating for the company in a report on Friday, October 17th. Finally, Wells Fargo & Company reduced their price target on shares of American Tower from $230.00 to $210.00 and set an “overweight” rating for the company in a report on Monday. 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 data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $236.75.

American Tower Trading Up 0.6%

AMT opened at $191.36 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36. The stock has a market capitalization of $89.60 billion, a PE ratio of 69.58, a PEG ratio of 1.15 and a beta of 0.86. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $234.33. The firm has a 50-day moving average price of $195.30 and a two-hundred day moving average price of $209.02.

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

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 20th. Shareholders of record on Tuesday, September 30th were given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, September 30th. American Tower’s dividend payout ratio is 247.27%.

Insiders Place Their Bets

In other news, CEO Juan Font sold 720 shares of the firm’s stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $208.33, for a total transaction of $149,997.60. Following the completion of the sale, the chief executive officer owned 23,425 shares in the company, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.17% of the stock is currently owned by company insiders.

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.