Canopy Partners LLC Trims Stock Position in American Tower Corporation $AMT

Canopy Partners LLC lessened its holdings in shares of American Tower Corporation (NYSE:AMT) by 26.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,220 shares of the real estate investment trust’s stock after selling 429 shares during the period. Canopy Partners LLC’s holdings in American Tower were worth $270,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. North Capital Inc. purchased a new position in shares of American Tower during the first quarter worth $25,000. Hopwood Financial Services Inc. boosted its holdings in American Tower by 100.0% during the first quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 60 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. purchased a new stake in American Tower during the first quarter worth $31,000. City Holding Co. purchased a new stake in American Tower during the first quarter worth $39,000. Finally, Saudi Central Bank purchased a new stake in American Tower during the first quarter worth $40,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

AMT has been the topic of a number of recent analyst reports. HSBC downgraded shares of American Tower from a “buy” rating to a “hold” rating and set a $235.00 price target on the stock. in a report on Wednesday, July 30th. Hsbc Global Res downgraded shares of American Tower from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 30th. BMO Capital Markets restated an “outperform” rating and issued a $245.00 target price (down previously from $250.00) on shares of American Tower in a 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. Finally, Royal Bank Of Canada set a $220.00 price objective on shares of American Tower and gave the stock a “sector perform” rating in a research report on Wednesday, October 1st. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $242.07.

Insider Buying and Selling at American Tower

In other news, CEO Juan Font sold 720 shares of the stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $208.33, for a total transaction of $149,997.60. Following the transaction, the chief executive officer directly owned 23,425 shares in the company, valued at $4,880,130.25. This represents a 2.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.18% of the stock is currently owned by insiders.

American Tower Price Performance

NYSE:AMT opened at $186.71 on Wednesday. The firm has a market cap of $87.43 billion, a price-to-earnings ratio of 67.89, a price-to-earnings-growth ratio of 1.15 and a beta of 0.86. 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 company’s 50-day moving average is $200.19 and its two-hundred day moving average is $211.34. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $234.33.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.01. The company 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%. The firm’s quarterly revenue was down 9.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.79 EPS. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Research analysts expect that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Tuesday, September 30th. American Tower’s dividend payout ratio is presently 247.27%.

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.