CGN Advisors LLC Sells 2,211 Shares of American Tower Corporation $AMT

Key Points

• CGN Advisors LLC reduced its stake in American Tower Corporation by 13.0%, selling 2,211 shares during Q2, bringing their total holdings to 14,847 shares worth approximately $3.28 million.
• Analysts have set a consensus target price of $244.73 for American Tower, with Goldman Sachs reiterating a "buy" rating, while HSBC downgraded their rating from "buy" to "hold".
• American Tower recently announced a quarterly dividend of $1.70 per share, with an annualized yield of 3.5%, scheduled for payment on October 20th.

CGN Advisors LLC trimmed its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 13.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,847 shares of the real estate investment trust's stock after selling 2,211 shares during the quarter. CGN Advisors LLC's holdings in American Tower were worth $3,282,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Focus Financial Network Inc. increased its position 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 purchasing an additional 170 shares during the period. Resolution Capital Ltd acquired a new stake in American Tower in the first quarter worth about $72,706,000. Golden State Wealth Management LLC increased its position in American Tower by 23.0% in the first quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust's stock worth $80,000 after purchasing an additional 69 shares during the period. Shum Financial Group Inc. increased its position in American Tower by 3.5% in the first quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust's stock worth $913,000 after purchasing an additional 141 shares during the period. Finally, Kovitz Investment Group Partners LLC increased its position in American Tower by 126.0% in the first 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 during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Juan Font sold 720 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $208.33, for a total transaction of $149,997.60. Following the sale, the chief executive officer owned 23,425 shares in the company, valued at $4,880,130.25. This represents a 2.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.18% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on AMT. The Goldman Sachs Group reiterated a "buy" rating on shares of American Tower in a research report on Tuesday, July 29th. HSBC lowered American Tower from a "buy" rating to a "hold" rating and set a $235.00 target price for the company. in a research report on Wednesday, July 30th. Raymond James Financial set a $250.00 target price on American Tower and gave the stock a "strong-buy" rating in a research report on Wednesday, July 30th. Barclays boosted their target price on American Tower from $246.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Finally, Hsbc Global Res lowered American Tower from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Two research 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 has an average rating of "Moderate Buy" and a consensus target price of $244.73.

American Tower Trading Up 0.1%

NYSE AMT opened at $193.44 on Tuesday. The stock has a market capitalization of $90.58 billion, a price-to-earnings ratio of 70.34, a PEG ratio of 1.19 and a beta of 0.86. The stock's 50 day moving average price is $207.62 and its two-hundred day moving average price is $212.91. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $238.34.

American Tower (NYSE:AMT - Get Free Report) last released 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. The firm had revenue of $2.63 billion for the quarter, compared to analysts' expectations 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 previous year, the business posted $2.79 EPS. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. As a group, analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Announces Dividend

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 paid a dividend of $1.70 per share. The ex-dividend date is Tuesday, September 30th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.5%. American Tower's dividend 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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