State of New Jersey Common Pension Fund D Decreases Stock Position in American Tower Corporation $AMT

State of New Jersey Common Pension Fund D trimmed its stake in shares of American Tower Corporation (NYSE:AMT) by 1.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 205,013 shares of the real estate investment trust’s stock after selling 2,445 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in American Tower were worth $45,312,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Focus Financial Network Inc. boosted its stake in American Tower by 9.1% during the 2nd quarter. Focus Financial Network Inc. now owns 2,042 shares of the real estate investment trust’s stock valued at $451,000 after acquiring an additional 170 shares during the last quarter. Resolution Capital Ltd bought a new position in American Tower during the 1st quarter valued at $72,706,000. Stack Financial Management Inc bought a new position in American Tower during the 2nd quarter valued at $13,020,000. Golden State Wealth Management LLC boosted its stake in American Tower by 23.0% during the 1st quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust’s stock valued at $80,000 after acquiring an additional 69 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC boosted its stake in American Tower by 126.0% during the 1st quarter. Kovitz Investment Group Partners LLC now owns 97,495 shares of the real estate investment trust’s stock valued at $21,215,000 after acquiring an additional 54,360 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on AMT shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of American Tower in a research note on Friday. Raymond James Financial set a $250.00 price target on shares of American Tower and gave the stock a “strong-buy” rating in a research report on Wednesday, July 30th. 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 research report on Wednesday, July 30th. The Goldman Sachs Group restated a “buy” rating on shares of American Tower in a research report on Tuesday, July 29th. Finally, JPMorgan Chase & Co. raised their price target on shares of American Tower from $250.00 to $255.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 30th. Two investment 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 stock. Based on data from MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and an average price target of $236.75.

American Tower Stock Up 0.6%

AMT stock opened at $191.36 on Friday. 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 Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $234.33. The firm’s 50-day simple moving average is $195.30 and its 200 day simple moving average is $209.02. The stock has a market cap of $89.60 billion, a PE ratio of 69.58, a price-to-earnings-growth ratio of 1.15 and a beta of 0.86.

American Tower (NYSE:AMT) last released its quarterly earnings data 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. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The business had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.58 billion. During the same quarter last year, the company earned $2.79 EPS. The company’s revenue for the quarter was down 9.4% compared to the same quarter last year. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. As a group, sell-side analysts predict that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 20th. Shareholders of record on Tuesday, September 30th were paid a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $6.80 annualized dividend and a yield of 3.6%. American Tower’s dividend payout ratio (DPR) is presently 247.27%.

Insider Buying and Selling

In other American Tower news, CEO Juan Font sold 720 shares of the firm’s 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 owned 23,425 shares of the company’s stock, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.17% 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.