Prudential PLC Has $21.23 Million Holdings in American Tower Corporation $AMT

Prudential PLC decreased its holdings in shares of American Tower Corporation (NYSE:AMT) by 4.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 96,042 shares of the real estate investment trust’s stock after selling 4,308 shares during the quarter. Prudential PLC’s holdings in American Tower were worth $21,227,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Nuveen LLC bought a new stake in shares of American Tower during the 1st quarter valued at approximately $991,525,000. Price T Rowe Associates Inc. MD lifted its stake in 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 purchasing an additional 2,309,627 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in American Tower in the first quarter valued at approximately $162,127,000. Amundi grew its stake in shares of 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 buying an additional 743,617 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its stake in shares of 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 buying an additional 540,648 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on AMT shares. The Goldman Sachs Group dropped their price target on American Tower from $250.00 to $230.00 and set a “buy” rating for the company in a research note on Wednesday, October 29th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $231.00 target price (down previously from $250.00) on shares of American Tower in a report on Wednesday, October 29th. BMO Capital Markets dropped their target price on American Tower from $220.00 to $215.00 and set an “outperform” rating for the company in a research report on Wednesday, October 29th. Royal Bank Of Canada set a $220.00 price target on American Tower and gave the stock a “sector perform” rating in a report on Wednesday, October 1st. Finally, 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 note on Wednesday, October 29th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, American Tower currently has an average rating of “Moderate Buy” and an average price target of $228.44.

American Tower Stock Down 0.6%

Shares of AMT opened at $180.49 on Thursday. The stock’s 50-day moving average price is $187.58 and its two-hundred day moving average price is $204.52. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $234.33. The company has a market capitalization of $84.50 billion, a PE ratio of 28.83, a PEG ratio of 1.08 and a beta of 0.85. 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 (NYSE:AMT) last issued its quarterly earnings data on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.64 by $0.14. The company had revenue of $2.72 billion during the quarter, compared to the consensus estimate of $2.65 billion. American Tower had a return on equity of 28.79% and a net margin of 28.11%.The firm’s revenue was up 7.7% compared to the same quarter last year. During the same period last year, the company earned $2.52 earnings per share. American Tower has set its FY 2025 guidance at 10.600-10.720 EPS. On average, 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 was paid on Monday, October 20th. Stockholders of record on Tuesday, September 30th were given a $1.70 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.8%. American Tower’s payout ratio is 108.63%.

Insider Activity at American Tower

In other news, Director Eugene F. Reilly acquired 5,554 shares of American Tower stock in a transaction dated Friday, October 31st. The shares were bought at an average cost of $178.99 per share, with a total value of $994,110.46. Following the purchase, the director owned 5,689 shares in the company, valued at $1,018,274.11. This trade represents a 4,114.07% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.18% 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.