1,373 Shares in American Tower Corporation $AMT Purchased by Concord Asset Management LLC VA

Key Points

• Concord Asset Management LLC acquired 1,373 shares of American Tower Corporation valued at approximately $303,000 in the 2nd quarter.
• Analysts have set varied price targets for AMT, with JPMorgan raising the target from $250 to $255 and HSBC lowering it to $235, indicating a mixed outlook.
• American Tower declared a quarterly dividend of $1.70 per share, with an annualized yield of 3.7%, to be paid on October 20th.

Concord Asset Management LLC VA purchased a new stake in American Tower Corporation (NYSE:AMT - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,373 shares of the real estate investment trust's stock, valued at approximately $303,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Nuveen LLC bought a new stake in American Tower during the 1st quarter worth about $991,525,000. Price T Rowe Associates Inc. MD boosted its position 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 worth $1,772,144,000 after purchasing an additional 2,309,627 shares during the last quarter. Bessemer Group Inc. lifted its stake in American Tower by 272.0% in the first quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust's stock valued at $247,390,000 after buying an additional 831,247 shares during the period. Alyeska Investment Group L.P. acquired a new position in American Tower during the first quarter valued at approximately $162,127,000. Finally, Amundi raised its stake in American Tower by 35.5% during the 1st 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 period. 92.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on AMT. HSBC lowered 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 note on Wednesday, July 30th. BMO Capital Markets restated an "outperform" rating and set a $245.00 price objective (down from $250.00) on shares of American Tower in a research note on Wednesday, July 30th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of American Tower in a report on Wednesday, October 8th. JPMorgan Chase & Co. raised their target price on shares of American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Finally, Barclays upped their price target on shares of American Tower from $246.00 to $250.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, American Tower currently has a consensus rating of "Moderate Buy" and an average target price of $241.06.

Insider Activity

In related news, CEO Juan Font sold 720 shares of American Tower stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $208.33, for a total value of $149,997.60. Following the completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.18% of the stock is currently owned by insiders.

American Tower Price Performance

Shares of AMT opened at $183.03 on Tuesday. The stock has a market cap of $85.70 billion, a P/E ratio of 66.56, a P/E/G ratio of 1.13 and a beta of 0.86. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $234.33. The business's fifty day moving average is $198.16 and its 200 day moving average is $210.57. 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 - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS 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 firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same period in the prior year, the business posted $2.79 earnings per share. The company's quarterly revenue 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. Sell-side analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Tuesday, September 30th will be issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Tuesday, September 30th. American Tower's dividend payout ratio (DPR) is 247.27%.

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.

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