American Tower Corporation $AMT Stock Acquired by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management increased its American Tower stake by 6.7% in the second quarter, bringing its holdings to 1.10 million shares worth approximately $180.5 million. Institutional investors collectively own 92.69% of AMT.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $215.29; several firms recently raised their targets, including TD Cowen to $227.
• American Tower reported quarterly EPS of $2.71, well above the $1.57 consensus estimate, while revenue rose 4.6% year over year to $2.75 billion. The company also declared a quarterly dividend of $1.79 per share, representing a 4.3% annualized yield.

Envestnet Asset Management Inc. raised its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 6.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,103,567 shares of the real estate investment trust's stock after acquiring an additional 69,629 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.24% of American Tower worth $180,510,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in AMT. State Street Corp grew its position in shares of American Tower by 2.9% during the second quarter. State Street Corp now owns 22,066,202 shares of the real estate investment trust's stock valued at $3,647,491,000 after purchasing an additional 631,593 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of American Tower by 35.4% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 12,326 shares of the real estate investment trust's stock valued at $2,016,000 after acquiring an additional 3,221 shares during the last quarter. National Pension Service grew its holdings in shares of American Tower by 1.2% in the second quarter. National Pension Service now owns 1,551,870 shares of the real estate investment trust's stock valued at $253,839,000 after purchasing an additional 18,167 shares in the last quarter. WINTON GROUP Ltd grew its holdings in shares of American Tower by 1,087.4% in the second quarter. WINTON GROUP Ltd now owns 34,434 shares of the real estate investment trust's stock valued at $5,632,000 after purchasing an additional 31,534 shares in the last quarter. Finally, Engineers Gate Manager LP bought a new stake in American Tower in the second quarter worth $11,888,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Scotiabank reaffirmed an "outperform" rating on shares of American Tower in a research note on Wednesday, July 29th. Royal Bank Of Canada raised shares of American Tower from a "sector perform" rating to an "outperform" rating and lifted their price objective for the stock from $195.00 to $205.00 in a research note on Friday, June 26th. Sanford C. Bernstein restated an "outperform" rating and issued a $214.00 target price on shares of American Tower in a report on Wednesday, July 29th. Truist Financial restated a "buy" rating and set a $207.00 target price (down from $208.00) on shares of American Tower in a research report on Wednesday, August 12th. Finally, TD Cowen increased their price target on shares of American Tower from $225.00 to $227.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $215.29.

Insider Activity

In related news, CFO Robert Joseph Meyer sold 5,000 shares of the business's stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $178.89, for a total transaction of $894,450.00. Following the completion of the transaction, the chief financial officer owned 21,428 shares in the company, valued at $3,833,254.92. The trade was a 18.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ruth T. Dowling sold 1,106 shares of the company's stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $174.96, for a total value of $193,505.76. Following the completion of the transaction, the executive vice president directly owned 27,711 shares in the company, valued at $4,848,316.56. This trade represents a 3.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 6,791 shares of company stock valued at $1,204,091. 0.08% of the stock is currently owned by insiders.

American Tower Trading Down 2.2%

AMT stock opened at $167.06 on Friday. American Tower Corporation has a twelve month low of $160.06 and a twelve month high of $197.40. The stock has a market capitalization of $77.84 billion, a price-to-earnings ratio of 22.98, a price-to-earnings-growth ratio of 2.81 and a beta of 0.89. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 3.12. The firm's fifty day simple moving average is $173.23 and its two-hundred day simple moving average is $176.17.

American Tower (NYSE:AMT - Get Free Report) last released its earnings results on Tuesday, July 28th. The real estate investment trust reported $2.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $1.14. American Tower had a net margin of 31.08% and a return on equity of 32.76%. The firm had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.70 billion. During the same quarter last year, the business earned $2.60 EPS. The business's revenue was up 4.6% on a year-over-year basis. American Tower has set its FY 2026 guidance at 11.000-11.170 EPS. As a group, analysts anticipate that American Tower Corporation will post 10.8 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 20th. Stockholders of record on Wednesday, September 30th will be paid a dividend of $1.79 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $7.16 dividend on an annualized basis and a dividend yield of 4.3%. American Tower's dividend payout ratio is currently 98.49%.

American Tower Profile

American Tower Corporation NYSE: AMT is a global owner, operator and developer of wireless communications infrastructure. The company leases space on communications sites, including towers, rooftops and other structures, to wireless carriers, broadcasters, government agencies and other customers. Its infrastructure supports wireless networks and the transmission of voice, data and video services.

In addition to traditional macro towers, American Tower provides distributed antenna systems and other in-building or venue-based communications solutions designed to improve wireless coverage and capacity.

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