Gateway Investment Advisers LLC Sells 7,103 Shares of American Tower Corporation $AMT

Key Points

• Gateway Investment Advisers LLC reduced its stake in American Tower Corporation by 19.0%, selling 7,103 shares and holding 30,262 shares worth $6.68 million as reported in their SEC filing.
• American Tower's stock has shown a 12-month low of $172.51 and a high of $240.28, with a current market cap of $92.26 billion.
• Analyst ratings for American Tower include several upgrades, with target prices ranging from $230.00 to $255.00, indicating a generally positive outlook despite some downgrades.

Gateway Investment Advisers LLC lessened its stake in American Tower Corporation (NYSE:AMT - Free Report) by 19.0% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,262 shares of the real estate investment trust's stock after selling 7,103 shares during the quarter. Gateway Investment Advisers LLC's holdings in American Tower were worth $6,688,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in AMT. North Capital Inc. purchased a new stake in shares of American Tower during the first quarter worth about $25,000. Hopwood Financial Services Inc. raised its holdings in American Tower by 100.0% in the first quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust's stock valued at $26,000 after acquiring an additional 60 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. acquired a new stake in American Tower in the first quarter valued at $31,000. Lowe Wealth Advisors LLC raised its holdings in shares of American Tower by 218.0% during the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after purchasing an additional 109 shares during the period. Finally, City Holding Co. acquired a new stake in shares of American Tower during the first quarter worth $39,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Stock Performance

American Tower stock traded up $0.26 during mid-day trading on Friday, hitting $193.29. 5,329,524 shares of the company's stock traded hands, compared to its average volume of 2,945,268. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $238.34. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market cap of $90.51 billion, a price-to-earnings ratio of 70.29, a P/E/G ratio of 1.19 and a beta of 0.86. The firm has a 50 day simple moving average of $208.18 and a two-hundred day simple moving average of $213.00.

American Tower (NYSE:AMT - Get Free Report) last released its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.59 by $0.01. The firm had revenue of $2.63 billion for the quarter, compared to analysts' expectations of $2.58 billion. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The business's revenue for the quarter was down 9.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.79 earnings per share. 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 Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on AMT shares. Barclays raised their price objective on shares of American Tower from $246.00 to $250.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. UBS Group lifted their target price on shares of American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. 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. Hsbc Global Res cut shares of American Tower from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Finally, Royal Bank Of Canada upped their target price on shares of American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $244.73.

Insider Transactions at American Tower

In other American Tower 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 value 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 represents a 2.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.17% of the stock is owned by company insiders.

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.