Drucker Wealth 3.0 LLC Decreases Stake in American Tower Corporation $AMT

Key Points

• Drucker Wealth 3.0 LLC reduced its stake in American Tower Corporation by 23.7%, owning 9,751 shares valued at approximately $2.16 million after selling 3,027 shares in the second quarter.
• American Tower reported earnings of $2.60 per share for the last quarter, slightly exceeding analyst estimates, but showed a 9.4% decline in quarterly revenue year-over-year.
• A quarterly dividend of $1.70 per share has been declared, set to be paid on October 20th, reflecting a 3.6% dividend yield for shareholders.

Drucker Wealth 3.0 LLC cut its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 23.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 9,751 shares of the real estate investment trust's stock after selling 3,027 shares during the period. Drucker Wealth 3.0 LLC's holdings in American Tower were worth $2,163,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in AMT. Nuveen LLC purchased a new position in shares of American Tower during the first quarter valued at approximately $991,525,000. Price T Rowe Associates Inc. MD increased its stake in shares of American Tower by 39.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,144,040 shares of the real estate investment trust's stock valued at $1,772,144,000 after buying an additional 2,309,627 shares during the period. Bessemer Group Inc. grew its stake in American Tower by 272.0% in the first quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust's stock worth $247,390,000 after purchasing an additional 831,247 shares during the period. Alyeska Investment Group L.P. purchased a new stake in American Tower in the first quarter worth $162,127,000. Finally, Amundi grew its stake in American Tower by 35.5% in the first quarter. Amundi now owns 2,838,421 shares of the real estate investment trust's stock worth $645,694,000 after purchasing an additional 743,617 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AMT has been the topic of several recent research reports. BMO Capital Markets reaffirmed an "outperform" rating and issued a $245.00 price target (down from $250.00) on shares of American Tower in a research note on Wednesday, July 30th. Hsbc Global Res cut American Tower from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. HSBC cut American Tower from a "buy" rating to a "hold" rating and set a $235.00 price target on the stock. in a research note on Wednesday, July 30th. Barclays increased their target price on American Tower from $246.00 to $250.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Finally, JPMorgan Chase & Co. increased their target price on American Tower from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $242.07.

American Tower Trading Up 0.7%

Shares of NYSE:AMT opened at $186.60 on Friday. The company has a market cap of $87.38 billion, a P/E ratio of 67.85, a PEG ratio of 1.12 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. American Tower Corporation has a 1 year low of $172.51 and a 1 year high of $234.33. The stock's fifty day moving average price is $198.75 and its 200-day moving average price is $210.81.

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. The firm had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.58 billion. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The company's quarterly revenue was down 9.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.79 earnings per share. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Sell-side analysts expect that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Tuesday, September 30th will be issued 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 is presently 247.27%.

Insider Activity

In other news, CEO Juan Font sold 720 shares of the company's stock in a transaction 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 transaction, the chief executive officer directly owned 23,425 shares of the company's stock, valued at $4,880,130.25. This represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.17% of the stock is currently owned by insiders.

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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