Clearstead Trust LLC Acquires 1,349 Shares of American Tower Corporation $AMT

Clearstead Trust LLC grew its holdings in shares of American Tower Corporation (NYSE:AMT) by 10.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,487 shares of the real estate investment trust’s stock after acquiring an additional 1,349 shares during the quarter. American Tower accounts for approximately 0.6% of Clearstead Trust LLC’s holdings, making the stock its 29th biggest holding. Clearstead Trust LLC’s holdings in American Tower were worth $3,202,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Hopwood Financial Services Inc. lifted its stake in American Tower by 100.0% in the first quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 60 shares during the last quarter. Legacy Investment Solutions LLC purchased a new position in shares of American Tower in the second quarter worth about $31,000. Rosenberg Matthew Hamilton lifted its stake in shares of American Tower by 86.0% in the 2nd quarter. Rosenberg Matthew Hamilton now owns 173 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 80 shares during the last quarter. Saudi Central Bank purchased a new stake in American Tower during the 1st quarter valued at about $40,000. Finally, Accredited Wealth Management LLC grew its position in American Tower by 180.0% during the 1st quarter. Accredited Wealth Management LLC now owns 210 shares of the real estate investment trust’s stock worth $46,000 after acquiring an additional 135 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Buying and Selling

In other American Tower news, Director Eugene F. Reilly bought 5,554 shares of the company’s stock in a transaction dated Friday, October 31st. The shares were purchased at an average price of $178.99 per share, for a total transaction of $994,110.46. Following the acquisition, the director owned 5,689 shares in the company, valued at approximately $1,018,274.11. This represents a 4,114.07% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on AMT. Argus set a $210.00 price objective on American Tower in a research note on Thursday, October 30th. BMO Capital Markets cut their price target on shares of American Tower from $220.00 to $215.00 and set an “outperform” rating on the stock in a report on Wednesday, October 29th. Wells Fargo & Company decreased their price objective on shares of American Tower from $210.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 29th. HSBC dropped their target price on shares of American Tower from $235.00 to $205.00 in a report on Wednesday, October 29th. Finally, Morgan Stanley reduced their price target on American Tower from $270.00 to $235.00 and set an “overweight” rating on the stock in a report on Thursday, October 16th. 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 data from MarketBeat.com, American Tower has an average rating of “Moderate Buy” and an average target price of $231.11.

American Tower Trading Down 1.3%

Shares of AMT opened at $181.02 on Friday. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $234.33. The company has a current ratio of 0.89, a quick ratio of 0.95 and a debt-to-equity ratio of 3.24. The firm’s 50-day moving average price is $188.66 and its 200-day moving average price is $205.73. The firm has a market capitalization of $84.74 billion, a price-to-earnings ratio of 28.92, a PEG ratio of 1.08 and a beta of 0.85.

American Tower (NYSE:AMT) last posted its quarterly earnings data 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 return on equity of 28.79% and a net margin of 28.11%.The business had revenue of $2.72 billion for the quarter, compared to analysts’ expectations of $2.65 billion. During the same period in the previous year, the firm posted $2.52 EPS. The business’s revenue was up 7.7% on a year-over-year basis. American Tower has set its FY 2025 guidance at 10.600-10.720 EPS. Sell-side analysts anticipate that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 20th. Shareholders of record on Tuesday, September 30th were issued 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 3.8%. American Tower’s dividend payout ratio is 108.63%.

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.