Envestnet Portfolio Solutions Inc. Has $12.01 Million Position in American Tower Corporation $AMT

Key Points

• Envestnet Portfolio Solutions Inc. has reduced its stake in American Tower Corporation by 8.0%, holding a total of 54,342 shares valued at approximately $12.01 million.
• American Tower reported $2.60 earnings per share (EPS) for the latest quarter, surpassing analyst expectations, but a 9.4% decline in revenue compared to the previous year.
• The company announced a quarterly dividend of $1.70 per share, resulting in an annualized dividend yield of 3.7%.

Envestnet Portfolio Solutions Inc. reduced its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 8.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 54,342 shares of the real estate investment trust's stock after selling 4,743 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in American Tower were worth $12,011,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. North Capital Inc. acquired a new position in shares of American Tower in the 1st quarter valued at approximately $25,000. Hopwood Financial Services Inc. grew its position in shares of American Tower by 100.0% in the 1st quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust's stock valued at $26,000 after purchasing an additional 60 shares during the period. E Fund Management Hong Kong Co. Ltd. acquired a new position in shares of American Tower in the 1st quarter valued at approximately $31,000. Saudi Central Bank acquired a new position in shares of American Tower in the 1st quarter valued at approximately $40,000. Finally, Accredited Wealth Management LLC grew its position in shares of American Tower by 180.0% in the 1st quarter. Accredited Wealth Management LLC now owns 210 shares of the real estate investment trust's stock valued at $46,000 after purchasing an additional 135 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.

American Tower Trading Down 2.0%

Shares of American Tower stock opened at $183.03 on Tuesday. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $234.33. The stock has a market cap of $85.70 billion, a P/E ratio of 66.56, a P/E/G ratio of 1.13 and a beta of 0.86. 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 business's 50 day moving average is $198.16 and its 200-day moving average is $210.57.

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 earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $2.58 billion. During the same quarter in the prior year, the business posted $2.79 EPS. The business'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. Equities research analysts predict 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 3.7%. American Tower's dividend payout ratio is currently 247.27%.

Analyst Ratings Changes

Several brokerages recently issued reports on AMT. Jefferies Financial Group decreased 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. UBS Group boosted their target price on American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Royal Bank Of Canada set a $220.00 target price on American Tower and gave the company a "sector perform" rating in a research note on Wednesday, October 1st. HSBC cut American Tower from a "buy" rating to a "hold" rating and set a $235.00 target price on the stock. in a research note on Wednesday, July 30th. Finally, Wells Fargo & Company cut their target price on American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $241.06.

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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