Avalon Trust Co Decreases Stock Position in American Tower Corporation $AMT

Avalon Trust Co cut its position in American Tower Corporation (NYSE:AMT) by 37.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,675 shares of the real estate investment trust’s stock after selling 2,841 shares during the period. Avalon Trust Co’s holdings in American Tower were worth $1,033,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Nuveen LLC acquired a new stake in shares of American Tower in the first quarter valued at about $991,525,000. Price T Rowe Associates Inc. MD grew its stake in 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 acquiring an additional 2,309,627 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in American Tower during the 1st quarter valued at about $162,127,000. Amundi lifted its stake in American Tower by 35.5% in the 1st quarter. Amundi now owns 2,838,421 shares of the real estate investment trust’s stock worth $645,694,000 after purchasing an additional 743,617 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in shares of American Tower by 490.9% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 650,789 shares of the real estate investment trust’s stock worth $141,612,000 after purchasing an additional 540,648 shares during the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

Insider Activity at American Tower

In other news, Director Eugene F. Reilly acquired 5,554 shares of the company’s stock in a transaction dated Friday, October 31st. The stock was acquired at an average cost of $178.99 per share, with a total value of $994,110.46. Following the completion of the purchase, the director owned 5,689 shares of the company’s stock, valued at $1,018,274.11. This represents a 4,114.07% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 0.17% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on AMT shares. Morgan Stanley cut their price target on American Tower from $270.00 to $235.00 and set an “overweight” rating for the company in a report on Thursday, October 16th. Jefferies Financial Group cut their target price on American Tower from $281.00 to $226.00 and set a “buy” rating for the company in a research note on Monday, October 13th. Wall Street Zen upgraded American Tower from a “sell” rating to a “hold” rating in a report on Sunday, October 12th. Royal Bank Of Canada set a $220.00 price objective on shares of American Tower and gave the company a “sector perform” rating in a report on Wednesday, October 1st. Finally, Barclays lifted 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. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $231.11.

American Tower Stock Down 0.8%

Shares of NYSE:AMT opened at $183.34 on Thursday. The company has a market capitalization of $85.83 billion, a price-to-earnings ratio of 29.29, a PEG ratio of 1.08 and a beta of 0.85. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $234.33. The business has a 50-day moving average price of $188.94 and a 200 day moving average price of $205.91. The company has a current ratio of 0.89, a quick ratio of 0.95 and a debt-to-equity ratio of 3.24.

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

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, October 20th. Shareholders of record on Tuesday, September 30th were paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Tuesday, September 30th. American Tower’s dividend payout ratio is 108.63%.

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.