Prosperity Consulting Group LLC Trims Stock Holdings in American Tower Corporation $AMT

Prosperity Consulting Group LLC trimmed its stake in American Tower Corporation (NYSE:AMT) by 63.3% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 1,781 shares of the real estate investment trust’s stock after selling 3,078 shares during the period. Prosperity Consulting Group LLC’s holdings in American Tower were worth $394,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in American Tower in the first quarter valued at approximately $991,525,000. Price T Rowe Associates Inc. MD raised its holdings in shares of American Tower by 39.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,144,040 shares of the real estate investment trust’s stock valued at $1,772,144,000 after buying an additional 2,309,627 shares during the period. Alyeska Investment Group L.P. purchased a new stake in shares of American Tower in the 1st quarter valued at $162,127,000. Amundi increased its stake in American Tower by 35.5% during the first quarter. Amundi now owns 2,838,421 shares of the real estate investment trust’s stock worth $645,694,000 after purchasing an additional 743,617 shares during the period. Finally, T. Rowe Price Investment Management Inc. increased its stake in American Tower by 490.9% during the first quarter. T. Rowe Price Investment Management Inc. now owns 650,789 shares of the real estate investment trust’s stock worth $141,612,000 after purchasing an additional 540,648 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on AMT. HSBC cut their target price on shares of American Tower from $235.00 to $205.00 in a research note on Wednesday, October 29th. BMO Capital Markets lowered their target price on American Tower from $220.00 to $215.00 and set an “outperform” rating for the company in a research note on Wednesday, October 29th. Argus set a $210.00 price objective on American Tower in a research report on Thursday, October 30th. JPMorgan Chase & Co. lowered their price objective on American Tower from $255.00 to $250.00 and set an “overweight” rating for the company in a research report on Wednesday, October 29th. Finally, 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 report on Wednesday, October 1st. 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $231.11.

American Tower Trading Down 0.5%

Shares of American Tower stock opened at $179.43 on Thursday. The company has a current ratio of 0.89, a quick ratio of 0.95 and a debt-to-equity ratio of 3.24. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $234.33. The stock has a market cap of $84.02 billion, a price-to-earnings ratio of 28.66, a PEG ratio of 1.08 and a beta of 0.86. The company has a fifty day simple moving average of $190.99 and a 200-day simple moving average of $207.09.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.14. American Tower had a net margin of 28.11% and a return on equity of 28.79%. The company had revenue of $2.72 billion during the quarter, compared to the consensus estimate of $2.65 billion. During the same quarter in the prior year, the firm posted $2.52 earnings per share. American Tower’s revenue for the quarter was up 7.7% on a year-over-year basis. American Tower has set its FY 2025 guidance at 10.600-10.720 EPS. On average, equities analysts forecast that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, October 20th. Investors of record on Tuesday, September 30th were given a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.8%. American Tower’s dividend payout ratio is 108.63%.

Insider Buying and Selling at American Tower

In other news, Director Eugene F. Reilly acquired 5,554 shares of the firm’s stock in a transaction dated Friday, October 31st. The stock was acquired at an average cost of $178.99 per share, with a total value of $994,110.46. Following the completion of the acquisition, the director owned 5,689 shares of the company’s stock, valued at $1,018,274.11. The trade was a 4,114.07% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.