Federated Hermes Inc. Sells 40,704 Shares of American Tower Corporation $AMT

Federated Hermes Inc. reduced its holdings in American Tower Corporation (NYSE:AMT) by 6.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 585,241 shares of the real estate investment trust’s stock after selling 40,704 shares during the period. Federated Hermes Inc. owned approximately 0.12% of American Tower worth $112,554,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in AMT. Vanguard Group Inc. increased its stake in American Tower by 0.3% during the second quarter. Vanguard Group Inc. now owns 63,028,367 shares of the real estate investment trust’s stock worth $13,930,530,000 after acquiring an additional 218,881 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of 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. Invesco Ltd. boosted its holdings in shares of American Tower by 11.9% in the 2nd quarter. Invesco Ltd. now owns 6,680,524 shares of the real estate investment trust’s stock worth $1,476,529,000 after purchasing an additional 708,808 shares during the period. Norges Bank bought a new position in shares of American Tower during the 2nd quarter valued at approximately $1,371,875,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in American Tower by 3.9% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,563,565 shares of the real estate investment trust’s stock valued at $1,229,659,000 after buying an additional 208,213 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Price Performance

Shares of AMT stock opened at $177.34 on Thursday. The company has a market capitalization of $83.02 billion, a P/E ratio of 28.33, a P/E/G ratio of 0.75 and a beta of 0.92. The company’s 50-day simple moving average is $177.40 and its two-hundred day simple moving average is $190.88. American Tower Corporation has a one year low of $166.88 and a one year high of $234.33. The company has a debt-to-equity ratio of 3.24, a current ratio of 0.89 and a quick 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, beating analysts’ consensus estimates of $2.64 by $0.14. The firm had revenue of $2.72 billion during the quarter, compared to analyst estimates of $2.65 billion. American Tower had a return on equity of 28.79% and a net margin of 28.11%.American Tower’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.52 earnings per share. As a group, equities analysts anticipate 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 will be paid on Monday, February 2nd. Stockholders of record on Monday, December 29th will be paid a dividend of $1.70 per share. The ex-dividend date is Monday, December 29th. This represents a $6.80 annualized dividend and a dividend yield of 3.8%. American Tower’s dividend payout ratio (DPR) is currently 108.63%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. TD Cowen dropped their price objective on shares of American Tower from $249.00 to $235.00 and set a “buy” rating for the company in a research note on Wednesday, October 29th. Citigroup reaffirmed a “market outperform” rating on shares of American Tower in a research note on Wednesday, October 29th. Scotiabank reduced their price objective on shares of American Tower from $248.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 14th. Barclays reissued an “equal weight” rating and issued a $200.00 price objective (down previously from $203.00) on shares of American Tower in a research note on Monday, December 1st. Finally, Jefferies Financial Group cut their target price on American Tower from $226.00 to $202.00 and set a “buy” rating on the stock in a research note on Tuesday, December 16th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $218.79.

Insider Activity

In other American Tower news, Director Eugene F. Reilly acquired 5,554 shares of the stock in a transaction that occurred on Friday, October 31st. The stock was bought 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 directly owned 5,689 shares in the company, valued at $1,018,274.11. The trade was a 4,114.07% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the firm’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $69.75, for a total transaction of $159,631,314.75. Following the transaction, the insider directly owned 211,379 shares in the company, valued at $14,743,685.25. This trade represents a 91.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.18% of the company’s stock.

American Tower Profile

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.