DAVENPORT & Co LLC Grows Stock Position in American Tower Corporation $AMT

Key Points

• DAVENPORT & Co LLC increased its stake in American Tower Corporation by 41% during Q2, holding 872,074 shares valued at approximately $191.8 million.
• American Tower recently reported Q2 earnings of $2.60 per share, slightly surpassing estimates, but its revenue decreased by 9.4% year-over-year.
• The company plans to distribute a quarterly dividend of $1.70 per share, representing a 3.6% dividend yield with a high payout ratio of 247.27%.

DAVENPORT & Co LLC boosted its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 41.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 872,074 shares of the real estate investment trust's stock after buying an additional 253,708 shares during the quarter. American Tower accounts for approximately 1.0% of DAVENPORT & Co LLC's investment portfolio, making the stock its 12th largest position. DAVENPORT & Co LLC owned 0.19% of American Tower worth $191,796,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in AMT. North Capital Inc. purchased a new position in shares of American Tower during the first quarter valued at approximately $25,000. Hopwood Financial Services Inc. boosted its holdings in American Tower by 100.0% during the 1st quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust's stock valued at $26,000 after acquiring an additional 60 shares during the period. E Fund Management Hong Kong Co. Ltd. bought a new position in American Tower in the 1st quarter valued at $31,000. City Holding Co. purchased a new stake in American Tower in the first quarter worth $39,000. Finally, Saudi Central Bank bought a new stake in shares of American Tower during the first quarter worth $40,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Price Performance

Shares of AMT opened at $190.10 on Monday. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95. The company has a 50 day moving average price of $201.53 and a 200-day moving average price of $211.73. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $234.33. The stock has a market capitalization of $89.01 billion, a PE ratio of 69.13, a PEG ratio of 1.17 and a beta of 0.86.

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

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Tuesday, September 30th will be paid 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 is Tuesday, September 30th. American Tower's dividend payout ratio is 247.27%.

Insiders Place Their Bets

In other American Tower news, CEO Juan Font sold 720 shares of American Tower stock in a transaction dated 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 $4,880,130.25. The trade was a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.18% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Wells Fargo & Company cut their price target on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. BMO Capital Markets reissued an "outperform" rating and issued a $245.00 price objective (down from $250.00) on shares of American Tower in a research report on Wednesday, July 30th. Raymond James Financial set a $250.00 target price on shares of American Tower and gave the stock a "strong-buy" rating in a research note on Wednesday, July 30th. Wall Street Zen downgraded shares of American Tower from a "hold" rating to a "sell" rating in a research note on Saturday. Finally, Royal Bank Of Canada set a $220.00 price objective on American Tower and gave the stock a "sector perform" rating in a research note on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $242.07.

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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