KLP Kapitalforvaltning AS Purchases 10,300 Shares of American Tower Corporation $AMT

Key Points

• KLP Kapitalforvaltning AS has increased its stake in American Tower Corporation (NYSE: AMT) by 6.5% during the second quarter, acquiring an additional 10,300 shares, bringing their total holdings to 168,913 shares valued at approximately $37.57 million.
• American Tower reported a quarterly earnings per share of $2.60, slightly exceeding estimates, with revenue of $2.63 billion despite a 9.4% year-over-year decline.
• The company has declared a quarterly dividend of $1.70 per share, resulting in an annualized yield of 3.6%, with a high dividend payout ratio of 247.27%.

KLP Kapitalforvaltning AS increased its position in American Tower Corporation (NYSE:AMT - Free Report) by 6.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 168,913 shares of the real estate investment trust's stock after buying an additional 10,300 shares during the quarter. KLP Kapitalforvaltning AS's holdings in American Tower were worth $37,573,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. North Capital Inc. purchased a new position in American Tower in the 1st quarter worth approximately $25,000. Hopwood Financial Services Inc. increased its stake in 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 worth $26,000 after purchasing an additional 60 shares during the period. E Fund Management Hong Kong Co. Ltd. purchased a new position in American Tower in the 1st quarter worth approximately $31,000. City Holding Co. purchased a new position in American Tower in the 1st quarter worth approximately $39,000. Finally, Saudi Central Bank purchased a new position in American Tower in the 1st quarter worth approximately $40,000. Institutional investors own 92.69% of the company's stock.

American Tower Price Performance

Shares of AMT stock opened at $186.71 on Wednesday. The stock has a market cap of $87.43 billion, a price-to-earnings ratio of 67.89, a PEG ratio of 1.15 and a beta of 0.86. The business's fifty day moving average is $200.19 and its 200 day moving average is $211.34. American Tower Corporation has a twelve month low of $172.51 and a twelve 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.

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

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Tuesday, September 30th will be paid a $1.70 dividend. This represents a $6.80 annualized dividend and a 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%.

Insiders Place Their Bets

In related 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 value of $149,997.60. Following the sale, 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 Securities & Exchange Commission, which is available at this link. 0.18% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have commented on AMT. The Goldman Sachs Group reaffirmed a "buy" rating on shares of American Tower in a research note on Tuesday, July 29th. Wells Fargo & Company decreased their price target 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. Barclays boosted their target price on American Tower from $246.00 to $250.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. 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. Finally, JPMorgan Chase & Co. boosted their target price on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $242.07.

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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