Miller Howard Investments Inc. NY Grows Position in American Tower Corporation $AMT

Key Points

• Miller Howard Investments Inc. NY increased its holdings in American Tower Corporation by 3.4%, bringing its total ownership to 53,887 shares valued at approximately $11.91 million.
• American Tower's quarterly earnings report showed an earnings per share (EPS) of $2.60, slightly beating analysts' expectations, but revenue was down 9.4% year-over-year.
• The company recently announced a quarterly dividend of $1.70 per share, which reflects a 3.5% dividend yield and is part of an annualized dividend of $6.80.

Miller Howard Investments Inc. NY boosted its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 3.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 53,887 shares of the real estate investment trust's stock after purchasing an additional 1,792 shares during the period. Miller Howard Investments Inc. NY's holdings in American Tower were worth $11,910,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in AMT. North Capital Inc. purchased a new position in American Tower during the first quarter valued at approximately $25,000. Hopwood Financial Services Inc. grew its stake in shares of American Tower by 100.0% during the 1st 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. purchased a new position in shares of American Tower during the 1st quarter valued at approximately $31,000. Lowe Wealth Advisors LLC lifted its stake in shares of American Tower by 218.0% in the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 109 shares during the period. Finally, City Holding Co. purchased a new stake in American Tower during the first quarter worth $39,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Juan Font sold 720 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $208.33, for a total transaction of $149,997.60. Following the completion of the transaction, the chief executive officer owned 23,425 shares in the company, valued at $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 through the SEC website. Insiders own 0.17% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on AMT shares. The Goldman Sachs Group reissued a "buy" rating on shares of American Tower in a research note on Tuesday, July 29th. Royal Bank Of Canada lifted their target price on shares of American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. JPMorgan Chase & Co. upped 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. BMO Capital Markets reiterated an "outperform" rating and issued a $245.00 price objective (down from $250.00) on shares of American Tower in a report on Wednesday, July 30th. Finally, HSBC lowered American Tower from a "buy" rating to a "hold" rating and set a $235.00 price objective for the company. in a research note on Wednesday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $244.73.

American Tower Stock Performance

AMT stock traded up $0.26 during trading on Friday, reaching $193.29. 5,329,524 shares of the company's stock were exchanged, compared to its average volume of 2,945,268. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $238.34. The firm has a market cap of $90.51 billion, a PE ratio of 70.29, a P/E/G ratio of 1.19 and a beta of 0.86. The company's fifty day moving average price is $208.18 and its 200-day moving average price is $213.00. 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 posted its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.58 billion. During the same quarter in the previous year, the business posted $2.79 earnings per share. The firm'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. On average, research analysts expect that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $1.70 per share. The ex-dividend date is Tuesday, September 30th. This represents a $6.80 dividend on an annualized basis and a yield of 3.5%. American Tower's dividend payout ratio (DPR) is currently 247.27%.

American Tower Company 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.