Ausbil Investment Management Ltd Sells 4,043 Shares of American Tower Corporation $AMT

Key Points

• Ausbil Investment Management Ltd reduced its stake in American Tower Corporation by 16.3%, selling 4,043 shares and leaving it with 20,696 shares, which constitute about 2.7% of its investment portfolio.
• American Tower reported earnings of $2.60 per share for the latest quarter, slightly beating estimates, but its revenue dipped by 9.4% year-over-year.
• The company recently announced a quarterly dividend of $1.70 per share with a dividend yield of 3.5%, amidst a payout ratio of 247.27%.

Ausbil Investment Management Ltd lowered its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 16.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,696 shares of the real estate investment trust's stock after selling 4,043 shares during the quarter. American Tower accounts for about 2.7% of Ausbil Investment Management Ltd's investment portfolio, making the stock its 16th biggest position. Ausbil Investment Management Ltd's holdings in American Tower were worth $4,574,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. North Capital Inc. bought a new stake in American Tower in the first quarter valued at about $25,000. Hopwood Financial Services Inc. grew its stake in American Tower by 100.0% during the first quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust's stock worth $26,000 after buying an additional 60 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. bought a new stake in American Tower during the first quarter worth about $31,000. City Holding Co. bought a new stake in American Tower during the first quarter worth about $39,000. Finally, Saudi Central Bank bought a new stake in American Tower during the first quarter worth about $40,000. Institutional investors own 92.69% of the company's stock.

American Tower Stock Up 0.4%

Shares of NYSE:AMT opened at $194.40 on Friday. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $234.47. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95. The company has a market capitalization of $91.03 billion, a PE ratio of 70.69, a PEG ratio of 1.20 and a beta of 0.86. The company has a 50 day moving average price of $205.32 and a two-hundred day moving average price of $212.44.

American Tower (NYSE:AMT - Get Free Report) last issued its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, beating 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 firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the prior year, the firm earned $2.79 earnings per share. The business'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. Analysts forecast that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Dividend Announcement

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

Insider Activity

In other news, CEO Juan Font sold 720 shares of the 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 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.17% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Royal Bank Of Canada upped their price objective on shares of American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Wells Fargo & Company reduced their target price 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. HSBC lowered 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 report on Wednesday, July 30th. UBS Group upped their target price on shares of American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Finally, Barclays upped their target price on shares of American Tower from $246.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Two investment 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $244.73.

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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