Chevy Chase Trust Holdings LLC Grows Holdings in American Tower Corporation $AMT

Key Points

• Chevy Chase Trust Holdings LLC increased its stake in American Tower Corporation by 1.1%, owning approximately 0.05% of the company, valued at $54.8 million.
• American Tower reported a quarterly EPS of $2.60, slightly surpassing analyst expectations, with revenue down 9.4% year-over-year.
• The company announced a quarterly dividend of $1.70 per share, representing a yield of 3.5%, with a payout ratio of 247.27%.

Chevy Chase Trust Holdings LLC grew its stake in American Tower Corporation (NYSE:AMT - Free Report) by 1.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 247,936 shares of the real estate investment trust's stock after buying an additional 2,802 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.05% of American Tower worth $54,799,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. grew its stake in American Tower by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 62,809,486 shares of the real estate investment trust's stock worth $13,667,344,000 after buying an additional 434,118 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in American Tower by 39.6% in the 1st 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 during the period. Deutsche Bank AG lifted its stake in American Tower by 4.0% in the first quarter. Deutsche Bank AG now owns 7,383,368 shares of the real estate investment trust's stock worth $1,606,621,000 after purchasing an additional 285,195 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in American Tower by 1.4% during the first quarter. Dimensional Fund Advisors LP now owns 6,534,862 shares of the real estate investment trust's stock valued at $1,421,965,000 after buying an additional 88,120 shares during the period. Finally, Principal Financial Group Inc. grew its stake in shares of American Tower by 3.7% during the first quarter. Principal Financial Group Inc. now owns 6,136,981 shares of the real estate investment trust's stock valued at $1,335,407,000 after buying an additional 220,565 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Stock Up 0.1%

Shares of NYSE:AMT opened at $191.60 on Friday. American Tower Corporation has a 1 year low of $172.51 and a 1 year high of $234.33. The company has a market cap of $89.72 billion, a PE ratio of 69.67, a P/E/G ratio of 1.16 and a beta of 0.86. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95. The stock's 50-day moving average is $196.63 and its 200 day moving average is $209.89.

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, beating analysts' consensus estimates of $2.59 by $0.01. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The company had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the previous year, the business earned $2.79 EPS. 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. Sell-side analysts anticipate 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 will be paid on Monday, October 20th. Shareholders of record on Tuesday, September 30th will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Tuesday, September 30th. American Tower's payout ratio is presently 247.27%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on AMT shares. Hsbc Global Res cut American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Jefferies Financial Group lowered their price objective on American Tower from $281.00 to $226.00 and set a "buy" rating for the company in a research report on Monday, October 13th. Wells Fargo & Company decreased 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 note on Wednesday, July 30th. Raymond James Financial set a $250.00 price target on shares of American Tower and gave the company a "strong-buy" rating in a report on Wednesday, July 30th. Finally, Morgan Stanley cut their price target on shares of American Tower from $270.00 to $235.00 and set an "overweight" rating on the stock in a report on Thursday. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and five have given 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 $238.00.

Insiders Place Their Bets

In other American Tower news, CEO Juan Font sold 720 shares of American Tower 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 directly owned 23,425 shares of the company's stock, valued at approximately $4,880,130.25. The trade was a 2.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.17% of the company's stock.

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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