Beech Hill Advisors Inc. Cuts Stock Position in American Tower Corporation $AMT

Key Points

• Beech Hill Advisors Inc. reduced its stake in American Tower Corporation by 16.1% in the second quarter, now holding 10,361 shares valued at approximately $2.29 million.
• American Tower's recent quarterly earnings showed a net margin of 12.60% with an EPS of $2.60, slightly exceeding analyst expectations.
• The company also declared a quarterly dividend of $1.70, providing an annualized yield of 3.5% despite a substantial payout ratio of 247.27%.

Beech Hill Advisors Inc. trimmed its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 16.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,361 shares of the real estate investment trust's stock after selling 1,988 shares during the quarter. Beech Hill Advisors Inc.'s holdings in American Tower were worth $2,290,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Nuveen LLC purchased a new stake in American Tower during the first quarter valued at approximately $991,525,000. Price T Rowe Associates Inc. MD increased its position in shares of American Tower by 39.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,144,040 shares of the real estate investment trust's stock worth $1,772,144,000 after purchasing an additional 2,309,627 shares in the last quarter. Bessemer Group Inc. lifted its holdings in shares of American Tower by 272.0% during the 1st quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust's stock valued at $247,390,000 after purchasing an additional 831,247 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of American Tower in the 1st quarter worth $162,127,000. Finally, Amundi grew its stake in American Tower by 35.5% during the 1st quarter. Amundi now owns 2,838,421 shares of the real estate investment trust's stock worth $645,694,000 after buying an additional 743,617 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Stock Up 0.8%

Shares of AMT stock opened at $192.89 on Tuesday. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $234.33. The stock has a market cap of $90.32 billion, a P/E ratio of 70.14, a P/E/G ratio of 1.16 and a beta of 0.86. The stock has a 50 day moving average of $196.37 and a 200 day moving average of $209.51. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, topping the consensus estimate of $2.59 by $0.01. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.58 billion. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The business's quarterly revenue was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.79 EPS. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. As a group, sell-side analysts expect that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

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

Insider Buying and Selling at American Tower

In other American Tower news, CEO Juan Font sold 720 shares of the company's stock in a transaction dated Thursday, July 31st. The shares were 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 approximately $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 SEC, which is accessible through this link. Company insiders own 0.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on AMT shares. Morgan Stanley decreased their price target on American Tower from $270.00 to $235.00 and set an "overweight" rating for the company in a research note on Thursday, October 16th. JPMorgan Chase & Co. upped their price objective on shares of American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Wall Street Zen upgraded shares of American Tower from a "sell" rating to a "hold" rating in a research note on Sunday, October 12th. Weiss Ratings restated a "hold (c-)" rating on shares of American Tower in a research note on Wednesday, October 8th. Finally, Raymond James Financial set a $250.00 price target on shares of American Tower and gave the stock a "strong-buy" rating in a report on Wednesday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and five have assigned 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 $236.75.

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.

Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corporation (NYSE:AMT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.