Easterly Investment Partners LLC Makes New Investment in American Tower Corporation $AMT

Key Points

• Easterly Investment Partners LLC has acquired a new position in American Tower Corporation, purchasing 84,400 shares valued at approximately $18.65 million, which now constitutes about 1.3% of their portfolio.
• Several institutional investors have recently increased their stakes in American Tower, highlighting strong interest with notable purchases by Nuveen LLC and Bessemer Group Inc..
• American Tower reported a quarterly EPS of $2.60, slightly above expectations, despite experiencing a 9.4% year-over-year revenue decline and has set its FY 2025 guidance for EPS between 10.460 and 10.650.

Easterly Investment Partners LLC bought a new position in American Tower Corporation (NYSE:AMT - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 84,400 shares of the real estate investment trust's stock, valued at approximately $18,654,000. American Tower makes up approximately 1.3% of Easterly Investment Partners LLC's investment portfolio, making the stock its 13th largest position.

A number of other institutional investors also recently modified their holdings of AMT. Nuveen LLC purchased a new stake in shares of American Tower during the first quarter worth $991,525,000. Price T Rowe Associates Inc. MD raised its stake in shares of American Tower by 39.6% during the 1st 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 purchasing an additional 2,309,627 shares during the period. Bessemer Group Inc. lifted its holdings in American Tower by 272.0% during the 1st 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 in the last quarter. Alyeska Investment Group L.P. purchased a new position in American Tower during the 1st quarter valued at about $162,127,000. Finally, Amundi increased its position in shares of American Tower by 35.5% during the first quarter. Amundi now owns 2,838,421 shares of the real estate investment trust's stock valued at $645,694,000 after buying an additional 743,617 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Juan Font sold 720 shares of the stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total transaction of $149,997.60. Following the transaction, the chief executive officer owned 23,425 shares of the company's stock, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.17% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Hsbc Global Res lowered shares of American Tower from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. HSBC downgraded shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 price target for the company. in a report on Wednesday, July 30th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $245.00 price target (down previously from $250.00) on shares of American Tower in a report on Wednesday, July 30th. UBS Group lifted 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. Finally, Wells Fargo & Company reduced their target price on American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, American Tower has an average rating of "Moderate Buy" and a consensus target price of $239.56.

American Tower Trading Up 0.7%

Shares of AMT stock opened at $191.44 on Friday. The business has a 50-day moving average price of $196.93 and a two-hundred day moving average price of $210.08. American Tower Corporation has a 12-month low of $172.51 and a 12-month 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 firm has a market cap of $89.64 billion, a P/E ratio of 69.61, a price-to-earnings-growth ratio of 1.15 and a beta of 0.86.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings data 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 analyst estimates of $2.58 billion. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The company's revenue was down 9.4% on a year-over-year basis. During the same period in the prior year, the company earned $2.79 EPS. 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 EPS for the current fiscal year.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Tuesday, September 30th will be issued a $1.70 dividend. 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 payout ratio is presently 247.27%.

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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