Maryland State Retirement & Pension System Purchases 26,490 Shares of American Tower Corporation $AMT

Key Points

• The Maryland State Retirement & Pension System increased its stake in American Tower Corporation by 6.3%, acquiring an additional 26,490 shares, bringing its total ownership to 444,614 shares worth approximately $98.27 million.
• American Tower recently reported a quarterly EPS of $2.60, beating estimates, while the revenue was $2.63 billion, down 9.4% year-over-year.
• The company announced a quarterly dividend of $1.70 per share, with a total annualized dividend yield of 3.7%.

Maryland State Retirement & Pension System raised its position in American Tower Corporation (NYSE:AMT - Free Report) by 6.3% during the second quarter, according to its most recent filing with the SEC. The firm owned 444,614 shares of the real estate investment trust's stock after purchasing an additional 26,490 shares during the period. American Tower accounts for approximately 2.2% of Maryland State Retirement & Pension System's portfolio, making the stock its 6th largest position. Maryland State Retirement & Pension System owned 0.09% of American Tower worth $98,269,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. NBT Bank N A NY lifted its position in shares of American Tower by 10.9% in the 2nd quarter. NBT Bank N A NY now owns 2,273 shares of the real estate investment trust's stock worth $502,000 after purchasing an additional 223 shares during the period. DMC Group LLC lifted its position in shares of American Tower by 9.6% in the 2nd quarter. DMC Group LLC now owns 2,459 shares of the real estate investment trust's stock worth $543,000 after purchasing an additional 216 shares during the period. Shell Asset Management Co. lifted its position in shares of American Tower by 35.2% in the 2nd quarter. Shell Asset Management Co. now owns 18,597 shares of the real estate investment trust's stock worth $4,110,000 after purchasing an additional 4,838 shares during the period. TriaGen Wealth Management LLC acquired a new position in shares of American Tower in the 2nd quarter worth approximately $463,000. Finally, Slow Capital Inc. lifted its position in shares of American Tower by 1.7% in the 2nd quarter. Slow Capital Inc. now owns 29,050 shares of the real estate investment trust's stock worth $6,431,000 after purchasing an additional 477 shares during the period. Institutional investors and hedge funds own 92.69% of the company's stock.

Insider Activity at American Tower

In related news, CEO Juan Font sold 720 shares of the firm's stock in a transaction dated 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 directly owned 23,425 shares of the company's stock, valued at $4,880,130.25. This trade represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.17% of the stock is currently owned by corporate insiders.

American Tower Stock Performance

Shares of AMT stock opened at $185.46 on Thursday. The firm has a market capitalization of $86.84 billion, a PE ratio of 67.44, a price-to-earnings-growth ratio of 1.15 and a beta of 0.86. The firm has a fifty day simple moving average of $199.72 and a two-hundred day simple moving average of $211.16. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $234.33.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, beating analysts' consensus estimates of $2.59 by $0.01. The business had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.58 billion. American Tower had a net margin of 12.60% and a return on equity of 24.85%. American Tower's quarterly revenue was down 9.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.79 EPS. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Analysts forecast that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Tuesday, September 30th will be paid a $1.70 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $6.80 annualized dividend and a dividend yield of 3.7%. American Tower's dividend payout ratio is presently 247.27%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AMT. Weiss Ratings reiterated a "hold (c-)" rating on shares of American Tower in a research note on Wednesday. Barclays lifted their price objective on shares of American Tower from $246.00 to $250.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. HSBC lowered shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 price objective for the company. in a research note on Wednesday, July 30th. Royal Bank Of Canada set a $220.00 price objective on shares of American Tower and gave the company a "sector perform" rating in a research note on Wednesday, October 1st. Finally, Wells Fargo & Company lowered their price objective on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, American Tower currently has an average rating of "Moderate Buy" and a consensus target price of $242.07.

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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