Fragasso Financial Advisors Inc Has $912,000 Holdings in American Tower Corporation $AMT

Key Points

• Fragasso Financial Advisors Inc reduced its holdings in American Tower Corporation by 29.4%, now owning 4,126 shares valued at approximately $912,000.
• A variety of analysts' opinions were noted, with Wells Fargo lowering its price target to $230 while Royal Bank Of Canada raised it to $260, indicating differing sentiments on the stock's performance.
• American Tower reported $2.60 EPS in its latest quarterly earnings, surpassing estimates by $0.01, but noted a 9.4% decline in revenue compared to the same quarter last year.

Fragasso Financial Advisors Inc decreased its position in American Tower Corporation (NYSE:AMT - Free Report) by 29.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,126 shares of the real estate investment trust's stock after selling 1,716 shares during the quarter. Fragasso Financial Advisors Inc's holdings in American Tower were worth $912,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Resolution Capital Ltd acquired a new position in shares of American Tower during the 1st quarter valued at $72,706,000. Golden State Wealth Management LLC grew its position in American Tower by 23.0% in the first quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust's stock worth $80,000 after acquiring an additional 69 shares in the last quarter. Shum Financial Group Inc. boosted its position in American Tower by 3.5% during the first quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust's stock valued at $913,000 after buying an additional 141 shares during the period. Kovitz Investment Group Partners LLC increased its stake in shares of American Tower by 126.0% in the first quarter. Kovitz Investment Group Partners LLC now owns 97,495 shares of the real estate investment trust's stock worth $21,215,000 after buying an additional 54,360 shares during the period. Finally, AEGON ASSET MANAGEMENT UK Plc lifted its position in shares of American Tower by 13.3% in the 1st quarter. AEGON ASSET MANAGEMENT UK Plc now owns 231,913 shares of the real estate investment trust's stock worth $50,487,000 after purchasing an additional 27,194 shares during the period. Institutional investors own 92.69% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on AMT. HSBC lowered shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 price target for the company. in a research report on Wednesday, July 30th. Wells Fargo & Company cut their price objective on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating for the company 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. Raymond James Financial set a $250.00 price objective on shares of American Tower and gave the stock a "strong-buy" rating in a research note on Wednesday, July 30th. Finally, Barclays boosted their price objective on American Tower from $246.00 to $250.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $244.73.

American Tower Stock Up 0.1%

AMT stock traded up $0.26 during midday trading on Friday, hitting $193.29. The company's stock had a trading volume of 5,329,524 shares, compared to its average volume of 2,945,268. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $238.34. The firm's 50-day moving average is $208.18 and its 200-day moving average is $213.00. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36. The company 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.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share for the quarter, beating 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 company had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.58 billion. During the same quarter last year, the business posted $2.79 EPS. The firm'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 forecast that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

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

Insiders Place Their Bets

In other news, CEO Juan Font sold 720 shares of the company's stock in a transaction 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 sale, the chief executive officer directly owned 23,425 shares of the company's stock, valued at $4,880,130.25. This represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.17% of the stock is owned by insiders.

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.