Brown Miller Wealth Management LLC Sells 7,909 Shares of American Tower Corporation $AMT

Key Points

• Brown Miller Wealth Management LLC reduced its stake in American Tower Corporation by 65.7%, selling 7,909 shares and now holding 4,121 shares valued at approximately $911,000.
• American Tower's recent quarterly earnings surpassed estimates, reporting $2.60 earnings per share, with revenues of $2.63 billion, although down 9.4% year-over-year.
• The company declared a $1.70 per share quarterly dividend, leading to an annualized dividend of $6.80 with a yield of 3.6%, but its payout ratio currently stands at 247.27%.

Brown Miller Wealth Management LLC cut its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 65.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,121 shares of the real estate investment trust's stock after selling 7,909 shares during the period. Brown Miller Wealth Management LLC's holdings in American Tower were worth $911,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC lifted its stake in American Tower by 113.0% in the fourth quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock valued at $727,000 after buying an additional 2,104 shares during the period. NBC Securities Inc. lifted its position in shares of American Tower by 150,100.0% during the 1st quarter. NBC Securities Inc. now owns 1,502 shares of the real estate investment trust's stock valued at $326,000 after acquiring an additional 1,501 shares during the period. Merit Financial Group LLC boosted its stake in American Tower by 19.1% during the first quarter. Merit Financial Group LLC now owns 8,186 shares of the real estate investment trust's stock worth $1,781,000 after acquiring an additional 1,312 shares in the last quarter. Breakwater Capital Group acquired a new stake in American Tower in the first quarter worth $213,000. Finally, Annex Advisory Services LLC bought a new stake in American Tower in the first quarter valued at $230,000. Institutional investors own 92.69% of the company's stock.

American Tower Stock Performance

Shares of American Tower stock opened at $190.10 on Friday. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $234.33. 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 business has a 50 day moving average price of $201.53 and a 200-day moving average price of $211.75. The company has a market cap of $89.01 billion, a PE ratio of 69.13, a price-to-earnings-growth ratio of 1.17 and a beta of 0.86.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the prior year, the company posted $2.79 earnings per share. American Tower's revenue was down 9.4% compared to the same quarter last year. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Equities analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

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

Analyst Upgrades and Downgrades

Several brokerages have recently commented on AMT. JPMorgan Chase & Co. raised their target price on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. UBS Group raised their price objective on American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Wall Street Zen downgraded American Tower from a "hold" rating to a "sell" rating in a report on Saturday. Wells Fargo & Company cut their target price on American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. Finally, Raymond James Financial set a $250.00 price target on shares of American Tower and gave the company a "strong-buy" rating in a research note on Wednesday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, American Tower currently has an average rating of "Moderate Buy" and an average price target of $242.07.

Insider Transactions at American Tower

In other American Tower news, CEO Juan Font sold 720 shares of the 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 sale, 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.17% of the company's stock.

American Tower Company 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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