Park Place Capital Corp Cuts Stake in American Tower Corporation $AMT

Park Place Capital Corp lowered its position in American Tower Corporation (NYSE:AMT) by 7.6% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 9,694 shares of the real estate investment trust’s stock after selling 800 shares during the period. Park Place Capital Corp’s holdings in American Tower were worth $2,176,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Blossom Wealth Management boosted its stake in American Tower by 1.8% in the second quarter. Blossom Wealth Management now owns 2,601 shares of the real estate investment trust’s stock worth $575,000 after buying an additional 45 shares in the last quarter. Novem Group lifted its position in American Tower by 3.8% in the second quarter. Novem Group now owns 1,316 shares of the real estate investment trust’s stock valued at $291,000 after purchasing an additional 48 shares during the last quarter. Elmwood Wealth Management Inc. lifted its position in American Tower by 2.5% in the first quarter. Elmwood Wealth Management Inc. now owns 2,087 shares of the real estate investment trust’s stock valued at $454,000 after purchasing an additional 50 shares during the last quarter. 4J Wealth Management LLC lifted its position in American Tower by 4.0% in the first quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust’s stock valued at $283,000 after purchasing an additional 50 shares during the last quarter. Finally, TCTC Holdings LLC lifted its position in American Tower by 15.8% in the first quarter. TCTC Holdings LLC now owns 374 shares of the real estate investment trust’s stock valued at $81,000 after purchasing an additional 51 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Price Performance

Shares of American Tower stock opened at $194.37 on Tuesday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36. The company has a market cap of $91.01 billion, a PE ratio of 70.68, a P/E/G ratio of 1.20 and a beta of 0.86. The business has a 50 day moving average of $204.68 and a 200 day moving average of $212.36. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $234.47.

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

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Shareholders of record on Tuesday, September 30th will be issued a $1.70 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $6.80 dividend on an annualized basis and a yield of 3.5%. American Tower’s dividend payout ratio is 247.27%.

Analysts Set New Price Targets

Several analysts have weighed in on AMT shares. JPMorgan Chase & Co. boosted their price objective on American Tower from $250.00 to $255.00 and gave the company an “overweight” rating in a research report on Wednesday, July 30th. The Goldman Sachs Group reiterated a “buy” rating on shares of American Tower in a research report on Tuesday, July 29th. BMO Capital Markets reiterated an “outperform” rating and issued a $245.00 price objective (down previously from $250.00) on shares of American Tower in a research report on Wednesday, July 30th. HSBC downgraded American Tower from a “buy” rating to a “hold” rating and set a $235.00 price objective for the company. in a research report on Wednesday, July 30th. Finally, Raymond James Financial set a $250.00 price objective on American Tower and gave the company a “strong-buy” rating in a research report on Wednesday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $244.73.

Insider Transactions at American Tower

In other American Tower news, CEO Juan Font sold 720 shares of the stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $208.33, for a total value of $149,997.60. Following the completion of the transaction, the chief executive officer owned 23,425 shares in the company, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.18% of the company’s stock.

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.