Acorn Financial Advisory Services Inc. ADV Cuts Holdings in American Tower Corporation $AMT

Acorn Financial Advisory Services Inc. ADV cut its position in shares of American Tower Corporation (NYSE:AMT) by 3.2% during the 2nd quarter, Holdings Channel reports. The firm owned 6,627 shares of the real estate investment trust’s stock after selling 221 shares during the quarter. Acorn Financial Advisory Services Inc. ADV’s holdings in American Tower were worth $1,465,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. North Capital Inc. purchased a new position in American Tower during the first quarter worth about $25,000. Hopwood Financial Services Inc. boosted 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 valued at $26,000 after acquiring an additional 60 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. purchased a new position in American Tower in the first quarter valued at about $31,000. Saudi Central Bank purchased a new position in American Tower in the first quarter valued at about $40,000. Finally, Accredited Wealth Management LLC boosted its stake in American Tower by 180.0% in the first quarter. Accredited Wealth Management LLC now owns 210 shares of the real estate investment trust’s stock valued at $46,000 after acquiring an additional 135 shares during the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Stock Performance

American Tower stock opened at $183.03 on Tuesday. The firm’s 50 day simple moving average is $198.16 and its 200 day simple moving average is $210.57. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36. The firm has a market capitalization of $85.70 billion, a PE ratio of 66.56, a price-to-earnings-growth ratio of 1.13 and a beta of 0.86. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $234.33.

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

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Tuesday, September 30th will be issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 30th. American Tower’s dividend payout ratio is 247.27%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. BMO Capital Markets reiterated an “outperform” rating and issued a $245.00 target price (down from $250.00) on shares of American Tower in a research note on Wednesday, July 30th. Wells Fargo & Company dropped their target price on shares of American Tower from $240.00 to $230.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 30th. Jefferies Financial Group dropped their target price on shares of American Tower from $281.00 to $226.00 and set a “buy” rating on the stock in a research note on Monday. JPMorgan Chase & Co. boosted their target price on shares of American Tower from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Wednesday, July 30th. Finally, HSBC lowered shares of American Tower from a “buy” rating to a “hold” rating and set a $235.00 price target on the stock. in a research report on Wednesday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $241.06.

Insiders Place Their Bets

In related news, CEO Juan Font sold 720 shares of the company’s stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total transaction of $149,997.60. Following the sale, the chief executive officer owned 23,425 shares of the company’s stock, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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.