Oppenheimer Asset Management Inc. Sells 7,630 Shares of American Tower Corporation $AMT

Oppenheimer Asset Management Inc. reduced its position in shares of American Tower Corporation (NYSE:AMT) by 5.8% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 123,855 shares of the real estate investment trust’s stock after selling 7,630 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in American Tower were worth $27,374,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Focus Financial Network Inc. grew its stake 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 worth $451,000 after acquiring an additional 170 shares during the period. Resolution Capital Ltd purchased a new position in American Tower during the first quarter valued at approximately $72,706,000. Stack Financial Management Inc purchased a new position in American Tower during the second quarter valued at approximately $13,020,000. Golden State Wealth Management LLC lifted 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 worth $80,000 after buying an additional 69 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC lifted 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 worth $21,215,000 after buying an additional 54,360 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

American Tower Stock Up 0.6%

Shares of AMT opened at $191.36 on Friday. The firm has a market cap of $89.60 billion, a P/E ratio of 69.58, a price-to-earnings-growth ratio of 1.16 and a beta of 0.86. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $234.33. The company’s 50-day moving average price is $195.30 and its 200 day moving average price is $209.06. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share for the quarter, beating the consensus estimate 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%.American Tower’s revenue was down 9.4% compared to the same quarter last year. During the same period in the previous year, the company posted $2.79 EPS. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. On average, sell-side analysts forecast that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on AMT. Royal Bank Of Canada set a $220.00 price target on shares of American Tower and gave the stock a “sector perform” rating in a research report on Wednesday, October 1st. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of American Tower in a research note on Friday. Wells Fargo & Company lowered their price objective on shares of American Tower from $230.00 to $210.00 and set an “overweight” rating for the company in a research note on Monday, October 20th. UBS Group increased their price target on shares of American Tower from $250.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, July 8th. Finally, Jefferies Financial Group cut their price target on shares of American Tower from $281.00 to $226.00 and set a “buy” rating on the stock in a report on Monday, October 13th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $236.75.

Insiders Place Their Bets

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 legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.17% 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.