Ascent Group LLC Sells 9,154 Shares of American Tower Corporation $AMT

Key Points

• Ascent Group LLC has reduced its stake in American Tower Corporation by 71.8%, selling 9,154 shares and now owning 3,587 shares valued at approximately $793,000.
• American Tower recently declared a quarterly dividend of $1.70 per share, with an annualized yield of 3.7%, set to be paid on October 20th.
• Shares of American Tower have fluctuated between a 12-month low of $172.51 and a high of $234.33, with a current stock price of $185.46.

Ascent Group LLC lessened its stake in American Tower Corporation (NYSE:AMT - Free Report) by 71.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,587 shares of the real estate investment trust's stock after selling 9,154 shares during the quarter. Ascent Group LLC's holdings in American Tower were worth $793,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Focus Financial Network Inc. raised its holdings in American Tower by 9.1% in the second quarter. Focus Financial Network Inc. now owns 2,042 shares of the real estate investment trust's stock worth $451,000 after buying an additional 170 shares during the last quarter. Resolution Capital Ltd bought a new stake in shares of American Tower during the first quarter valued at approximately $72,706,000. Golden State Wealth Management LLC raised its holdings in American Tower by 23.0% in the 1st 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 during the last quarter. Shum Financial Group Inc. boosted its stake in American Tower by 3.5% during the 1st quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust's stock valued at $913,000 after purchasing an additional 141 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC increased its holdings in shares of American Tower by 126.0% in the 1st quarter. Kovitz Investment Group Partners LLC now owns 97,495 shares of the real estate investment trust's stock worth $21,215,000 after purchasing an additional 54,360 shares in the last quarter. Institutional investors own 92.69% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on AMT. Hsbc Global Res downgraded American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. HSBC cut shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 target price on the stock. in a research note on Wednesday, July 30th. Wall Street Zen lowered shares of American Tower from a "hold" rating to a "sell" rating in a research note on Saturday. Wells Fargo & Company lowered their price objective on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. Finally, Royal Bank Of Canada set a $220.00 target price on shares of American Tower and gave the stock a "sector perform" rating in a report on Wednesday, October 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $242.07.

Insider Transactions at American Tower

In other news, CEO Juan Font sold 720 shares of the firm's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $208.33, for a total value of $149,997.60. Following the transaction, the chief executive officer owned 23,425 shares of the company's stock, valued at $4,880,130.25. This trade represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.18% of the company's stock.

American Tower Stock Performance

Shares of NYSE AMT opened at $185.46 on Tuesday. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $234.33. The firm has a market capitalization of $86.84 billion, a price-to-earnings ratio of 67.44, a price-to-earnings-growth ratio of 1.17 and a beta of 0.86. 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 firm has a 50 day moving average of $200.75 and a 200 day moving average of $211.51.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share 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 business had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same period last year, the firm earned $2.79 earnings per share. The company's quarterly revenue 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, research analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 30th. American Tower's payout ratio is currently 247.27%.

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.

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