ARS Investment Partners LLC Makes New Investment in American Tower Corporation $AMT

ARS Investment Partners LLC acquired a new stake in American Tower Corporation (NYSE:AMT) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 8,024 shares of the real estate investment trust’s stock, valued at approximately $1,773,000.

Several other institutional investors have also modified their holdings of AMT. Nuveen LLC acquired a new stake in American Tower in the first quarter valued at $991,525,000. Price T Rowe Associates Inc. MD increased its holdings in shares of American Tower by 39.6% in 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 during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of American Tower during the 1st quarter worth about $162,127,000. Amundi lifted its stake in 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 purchasing an additional 743,617 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in American Tower by 490.9% in the first quarter. T. Rowe Price Investment Management Inc. now owns 650,789 shares of the real estate investment trust’s stock valued at $141,612,000 after purchasing an additional 540,648 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on AMT shares. Citigroup restated a “market outperform” rating on shares of American Tower in a research report on Wednesday, October 29th. Wall Street Zen raised shares of American Tower from a “sell” rating to a “hold” rating in a research report on Sunday, October 12th. Wells Fargo & Company decreased their price objective on shares of American Tower from $210.00 to $200.00 and set an “overweight” rating for the company in a research note on Wednesday, October 29th. TD Cowen cut their target price on American Tower from $249.00 to $235.00 and set a “buy” rating on the stock in a research report on Wednesday, October 29th. Finally, JPMorgan Chase & Co. decreased their target price on American Tower from $255.00 to $250.00 and set an “overweight” rating for the company in a research report on Wednesday, October 29th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, American Tower presently has an average rating of “Moderate Buy” and a consensus target price of $228.44.

American Tower Stock Performance

Shares of AMT opened at $181.63 on Wednesday. The stock has a market capitalization of $85.03 billion, a P/E ratio of 29.01, a P/E/G ratio of 1.08 and a beta of 0.85. The company has a debt-to-equity ratio of 3.24, a quick ratio of 0.95 and a current ratio of 0.89. American Tower Corporation has a 1 year low of $172.51 and a 1 year high of $234.33. The company’s fifty day moving average is $187.84 and its two-hundred day moving average is $204.69.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share for the quarter, beating 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 business had revenue of $2.72 billion for the quarter, compared to the consensus estimate of $2.65 billion. During the same quarter in the previous year, the firm earned $2.52 earnings per share. The business’s quarterly 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. On average, sell-side analysts predict that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently announced 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. The ex-dividend date was Tuesday, September 30th. This represents a $6.80 annualized dividend and a yield of 3.7%. American Tower’s payout ratio is presently 108.63%.

Insider Activity

In other American Tower news, Director Eugene F. Reilly purchased 5,554 shares of American Tower 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 acquisition, the director directly owned 5,689 shares of the company’s stock, valued at $1,018,274.11. This represents a 4,114.07% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.18% of the company’s stock.

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.