American Tower Corporation $AMT Shares Bought by New York State Teachers Retirement System

Key Points

• The New York State Teachers Retirement System increased its stake in American Tower Corporation by 0.9%, owning approximately 0.08% of the company valued at $83.35 million as of its latest SEC filing.
• American Tower recently declared a quarterly dividend of $1.70 per share, equating to an annualized yield of 3.6%, while its dividend payout ratio stands at a high 247.27%.
• In its latest quarterly earnings report, American Tower surpassed analysts' expectations with an EPS of $2.60 and revenue of $2.63 billion, although revenue was down 9.4% from the previous year.

New York State Teachers Retirement System grew its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 0.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 377,106 shares of the real estate investment trust's stock after acquiring an additional 3,332 shares during the period. New York State Teachers Retirement System owned about 0.08% of American Tower worth $83,348,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of American Tower by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 62,809,486 shares of the real estate investment trust's stock valued at $13,667,344,000 after acquiring an additional 434,118 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of American Tower by 39.6% during 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. Deutsche Bank AG raised its position in shares of American Tower by 4.0% during the 1st quarter. Deutsche Bank AG now owns 7,383,368 shares of the real estate investment trust's stock worth $1,606,621,000 after purchasing an additional 285,195 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of American Tower by 1.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,534,862 shares of the real estate investment trust's stock worth $1,421,965,000 after purchasing an additional 88,120 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of American Tower by 3.7% during the 1st quarter. Principal Financial Group Inc. now owns 6,136,981 shares of the real estate investment trust's stock worth $1,335,407,000 after purchasing an additional 220,565 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Trading Up 1.8%

AMT stock opened at $189.94 on Thursday. The company has a market cap of $88.94 billion, a price-to-earnings ratio of 69.07, a PEG ratio of 1.13 and a beta of 0.86. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36. The business has a fifty day simple moving average of $197.30 and a 200-day simple moving average of $210.26. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $234.33.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, topping analysts' consensus estimates of $2.59 by $0.01. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The business 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 firm posted $2.79 EPS. The business's revenue for the quarter was down 9.4% on a year-over-year basis. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. On average, equities research analysts expect that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Tuesday, September 30th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 30th. American Tower's dividend payout ratio is 247.27%.

Insiders Place Their Bets

In related news, CEO Juan Font sold 720 shares of the company's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total transaction of $149,997.60. Following the completion of the sale, the chief executive officer directly owned 23,425 shares of the company's stock, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.17% of the company's stock.

Analyst Ratings Changes

AMT has been the subject of several research reports. JPMorgan Chase & Co. lifted their price objective on American Tower from $250.00 to $255.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. UBS Group upped their target price on American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. HSBC lowered American Tower from a "buy" rating to a "hold" rating and set a $235.00 target price for the company. in a research note on Wednesday, July 30th. Wells Fargo & Company dropped their target price on American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Finally, Weiss Ratings reiterated a "hold (c-)" rating on shares of American Tower in a research note on Wednesday, October 8th. 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 company. Based on data from MarketBeat.com, American Tower presently has a consensus rating of "Moderate Buy" and a consensus price target of $241.06.

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.

Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corporation (NYSE:AMT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.