Morningstar Investment Management LLC Takes $566,000 Position in American Tower Corporation $AMT

Morningstar Investment Management LLC purchased a new stake in American Tower Corporation (NYSE:AMT) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,559 shares of the real estate investment trust’s stock, valued at approximately $566,000.

Several other institutional investors and hedge funds also recently made changes to their positions in AMT. North Capital Inc. acquired a new stake in American Tower during the 1st quarter valued at approximately $25,000. Hopwood Financial Services Inc. grew its stake 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 purchasing an additional 60 shares during the period. E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of American Tower during the 1st quarter worth approximately $31,000. Saudi Central Bank acquired a new stake in shares of American Tower during the 1st quarter worth approximately $40,000. Finally, Accredited Wealth Management LLC grew its position in shares of 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 buying an additional 135 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Price Performance

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

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

American Tower Announces Dividend

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

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. The Goldman Sachs Group restated a “buy” rating on shares of American Tower in a report on Tuesday, July 29th. Wells Fargo & Company reduced their price objective on American Tower from $240.00 to $230.00 and set an “overweight” rating for the company in a research note on Wednesday, July 30th. Royal Bank Of Canada set a $220.00 price objective on American Tower and gave the company a “sector perform” rating in a research note on Wednesday, October 1st. HSBC downgraded shares of American Tower from a “buy” rating to a “hold” rating and set a $235.00 price target for the company. in a research report on Wednesday, July 30th. Finally, Raymond James Financial set a $250.00 price target on shares of 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 five have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $241.06.

Insider Transactions at American Tower

In related 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 sale, the chief executive officer owned 23,425 shares in the company, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.18% of the stock is owned by corporate insiders.

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.