Bridges Investment Management Inc. Reduces Stake in American Tower Corporation $AMT

Key Points

• Bridges Investment Management Inc. has reduced its stake in American Tower Corporation (NYSE:AMT) by 29.0%, now owning 57,696 shares valued at approximately $12.75 million.
• Several hedge funds, including New York State Teachers Retirement System and Aegon Asset Management UK Plc, have increased their stakes in American Tower, reflecting strong institutional interest in the company.
• Despite a year-over-year revenue decline of 9.4%, American Tower reported earnings per share (EPS) of $2.60, exceeding estimates, and has set a quarterly dividend of $1.70 to be paid on October 20th.

Bridges Investment Management Inc. reduced its position in American Tower Corporation (NYSE:AMT - Free Report) by 29.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,696 shares of the real estate investment trust's stock after selling 23,563 shares during the period. Bridges Investment Management Inc.'s holdings in American Tower were worth $12,752,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. New York State Teachers Retirement System increased its stake in American Tower by 0.9% in the 2nd quarter. New York State Teachers Retirement System now owns 377,106 shares of the real estate investment trust's stock valued at $83,348,000 after purchasing an additional 3,332 shares in the last quarter. Rosenberg Matthew Hamilton increased its stake in American Tower by 86.0% in the 2nd quarter. Rosenberg Matthew Hamilton now owns 173 shares of the real estate investment trust's stock valued at $38,000 after purchasing an additional 80 shares in the last quarter. Generali Asset Management SPA SGR increased its stake in American Tower by 2.6% in the 2nd quarter. Generali Asset Management SPA SGR now owns 50,000 shares of the real estate investment trust's stock valued at $11,051,000 after purchasing an additional 1,283 shares in the last quarter. Ritholtz Wealth Management increased its position in American Tower by 9.3% during the second quarter. Ritholtz Wealth Management now owns 25,322 shares of the real estate investment trust's stock worth $5,597,000 after buying an additional 2,155 shares in the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc increased its position in American Tower by 58.4% during the second quarter. AEGON ASSET MANAGEMENT UK Plc now owns 367,364 shares of the real estate investment trust's stock worth $81,154,000 after buying an additional 135,451 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Juan Font sold 720 shares of American Tower 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 transaction, the chief executive officer owned 23,425 shares in the company, valued at approximately $4,880,130.25. This trade 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 can be accessed through the SEC website. Insiders own 0.17% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on AMT. Raymond James Financial set a $250.00 price target on American Tower and gave the stock a "strong-buy" rating in a research report on Wednesday, July 30th. HSBC downgraded American Tower from a "buy" rating to a "hold" rating and set a $235.00 price target for the company. in a research report on Wednesday, July 30th. Wells Fargo & Company dropped their price target on American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Hsbc Global Res downgraded American Tower from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Finally, Barclays raised their price objective on American Tower from $246.00 to $250.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, American Tower has an average rating of "Moderate Buy" and an average target price of $241.06.

American Tower Price Performance

AMT stock opened at $189.94 on Thursday. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $234.33. The stock's fifty day simple moving average is $197.30 and its 200-day simple moving average is $210.26. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36. The stock has a market capitalization of $88.94 billion, a price-to-earnings ratio of 69.07, a price-to-earnings-growth ratio of 1.13 and a beta of 0.86.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.01. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The business had revenue of $2.63 billion for the quarter, compared to analysts' expectations of $2.58 billion. During the same quarter last year, the firm earned $2.79 earnings per share. The business's 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. Equities research analysts expect that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Tuesday, September 30th will be issued a $1.70 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $6.80 dividend on an annualized basis and a yield of 3.6%. American Tower's dividend payout ratio (DPR) is presently 247.27%.

American Tower 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.

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