GC Wealth Management RIA LLC Grows Position in American Tower Corporation $AMT

Key Points

• GC Wealth Management RIA LLC increased its stake in American Tower Corporation by 24.3% during the 2nd quarter, bringing its total holdings to 13,161 shares valued at approximately $2.91 million.
• Analysts have mixed views on American Tower, with Wells Fargo lowering its price target to $230.00, while Royal Bank of Canada raised it to $260.00, reflecting a range of buy ratings amid recent market activity.
• American Tower announced a quarterly dividend of $1.70 per share, set to be paid on October 20th, with a significant annualized yield of 3.5%.

GC Wealth Management RIA LLC lifted its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 24.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 13,161 shares of the real estate investment trust's stock after buying an additional 2,572 shares during the quarter. GC Wealth Management RIA LLC's holdings in American Tower were worth $2,909,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of AMT. Brighton Jones LLC increased its position in shares of American Tower by 113.0% in the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock worth $727,000 after purchasing an additional 2,104 shares during the last quarter. BTC Capital Management Inc. grew its position in shares of American Tower by 4.3% during the first quarter. BTC Capital Management Inc. now owns 3,816 shares of the real estate investment trust's stock worth $830,000 after acquiring an additional 159 shares during the last quarter. Ables Iannone Moore & Associates Inc. grew its position in American Tower by 2.9% in the 1st quarter. Ables Iannone Moore & Associates Inc. now owns 17,234 shares of the real estate investment trust's stock worth $3,750,000 after purchasing an additional 485 shares during the last quarter. Fifth Third Wealth Advisors LLC grew its holdings in American Tower by 1.5% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 10,854 shares of the real estate investment trust's stock worth $2,362,000 after buying an additional 159 shares in the last quarter. Finally, Legacy Wealth Asset Management LLC grew its position in American Tower by 1.5% in the 1st quarter. Legacy Wealth Asset Management LLC now owns 7,443 shares of the real estate investment trust's stock valued at $1,620,000 after buying an additional 107 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Wells Fargo & Company decreased their price target on American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Royal Bank Of Canada raised their price objective on shares of American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Hsbc Global Res cut shares of American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. BMO Capital Markets reissued an "outperform" rating and set a $245.00 price objective (down previously from $250.00) on shares of American Tower in a research report on Wednesday, July 30th. Finally, HSBC cut shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 target price for the company. in a research note on Wednesday, July 30th. Two 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 MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $244.73.

American Tower Trading Up 0.4%

Shares of AMT stock opened at $194.40 on Monday. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $234.47. 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 stock has a market cap of $91.03 billion, a price-to-earnings ratio of 70.69, a P/E/G ratio of 1.20 and a beta of 0.86. The firm has a fifty day moving average of $205.32 and a 200-day moving average of $212.47.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The firm had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.58 billion. During the same quarter in the prior year, the business posted $2.79 earnings per share. The company's quarterly 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. On average, equities research analysts forecast 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. Shareholders of record on Tuesday, September 30th will be paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.5%. The ex-dividend date is Tuesday, September 30th. American Tower's dividend payout ratio is currently 247.27%.

Insider Transactions at American Tower

In other American Tower news, CEO Juan Font sold 720 shares of the 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 completion of the transaction, the chief executive officer directly owned 23,425 shares in the company, valued at $4,880,130.25. This represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.18% of the stock is owned by corporate 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.

Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corporation (NYSE:AMT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.