Exchange Traded Concepts LLC Has $15 Million Stock Position in American Tower Corporation $AMT

Key Points

• Exchange Traded Concepts LLC significantly increased its stake in American Tower Corporation, purchasing 59,912 additional shares, resulting in total holdings worth $15 million.
• American Tower's recent earnings report showed $2.63 billion in revenue and an EPS of $2.60, surpassing analyst expectations.
• The company's next quarterly dividend of $1.70 per share will be paid on October 20th, representing an annualized yield of 3.5%.

Exchange Traded Concepts LLC increased its stake in American Tower Corporation (NYSE:AMT - Free Report) by 752.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 67,873 shares of the real estate investment trust's stock after buying an additional 59,912 shares during the period. Exchange Traded Concepts LLC's holdings in American Tower were worth $15,001,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of AMT. North Capital Inc. acquired a new stake in shares of American Tower in the first quarter worth $25,000. Hopwood Financial Services Inc. boosted its stake in shares of American Tower by 100.0% during the first 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 in the last quarter. E Fund Management Hong Kong Co. Ltd. acquired a new position in American Tower in the first quarter valued at approximately $31,000. Lowe Wealth Advisors LLC grew its stake in American Tower by 218.0% in the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 109 shares during the period. Finally, City Holding Co. purchased a new stake in American Tower during the 1st quarter worth about $39,000. 92.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AMT. UBS Group upped their price target on American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. boosted 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. Hsbc Global Res lowered American Tower from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. BMO Capital Markets reiterated an "outperform" rating and issued a $245.00 price objective (down from $250.00) on shares of American Tower in a report on Wednesday, July 30th. Finally, Barclays increased their target price on American Tower from $246.00 to $250.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $244.73.

Insiders Place Their Bets

In related news, CEO Juan Font sold 720 shares of American Tower stock in a transaction on 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 approximately $4,880,130.25. This trade represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.17% of the stock is owned by insiders.

American Tower Stock Performance

Shares of NYSE AMT traded up $0.26 during mid-day trading on Friday, reaching $193.29. 5,329,524 shares of the company's stock were exchanged, compared to its average volume of 2,945,268. 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 firm has a market capitalization of $90.51 billion, a price-to-earnings ratio of 70.29, a price-to-earnings-growth ratio of 1.19 and a beta of 0.86. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $238.34. The firm has a 50-day moving average price of $208.18 and a two-hundred day moving average price of $213.00.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share for the quarter, topping the consensus estimate 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 period in the prior year, the firm earned $2.79 earnings per share. The firm's revenue for the quarter was down 9.4% on a year-over-year basis. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Analysts predict that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.80 annualized dividend and a yield of 3.5%. American Tower's dividend payout ratio is currently 247.27%.

American Tower 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.