Morningstar Investment Management LLC Takes $566,000 Position in American Tower Corporation $AMT

Key Points

• Morningstar Investment Management LLC has acquired a new position in American Tower Corporation, purchasing 2,559 shares valued at approximately $566,000 in the second quarter.
• A significant volume of institutional investment has been observed in American Tower, with 92.69% of the stock owned by institutional investors and several funds increasing their stakes in the company during the first quarter.
• American Tower recently announced a quarterly dividend of $1.70 per share, which reflects an annualized dividend yield of 3.7% and a payout ratio of 247.27%.

Morningstar Investment Management LLC acquired a new position in American Tower Corporation (NYSE:AMT - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 2,559 shares of the real estate investment trust's stock, valued at approximately $566,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AMT. Nuveen LLC acquired a new stake in American Tower during the 1st quarter worth $991,525,000. Price T Rowe Associates Inc. MD grew its stake in shares of American Tower by 39.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,144,040 shares of the real estate investment trust's stock worth $1,772,144,000 after purchasing an additional 2,309,627 shares during the period. Bessemer Group Inc. grew its stake in shares of American Tower by 272.0% during the first quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust's stock worth $247,390,000 after purchasing an additional 831,247 shares during the period. Alyeska Investment Group L.P. acquired a new stake in shares of American Tower during the first quarter worth $162,127,000. Finally, Amundi grew its position in shares of American Tower by 35.5% during the 1st quarter. Amundi now owns 2,838,421 shares of the real estate investment trust's stock worth $645,694,000 after buying an additional 743,617 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

AMT has been the subject of a number of research analyst reports. 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. Wells Fargo & Company reduced their price target on American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Barclays increased their target price on shares of American Tower from $246.00 to $250.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. The Goldman Sachs Group restated a "buy" rating on shares of American Tower in a report on Tuesday, July 29th. Finally, Jefferies Financial Group cut their price objective on American Tower from $281.00 to $226.00 and set a "buy" rating for the company in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $241.06.

American Tower Stock Down 2.0%

NYSE AMT opened at $183.03 on Tuesday. The company has a market cap of $85.70 billion, a price-to-earnings ratio of 66.56, a PEG ratio of 1.13 and a beta of 0.86. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36. The company has a 50 day moving average of $198.16 and a 200-day moving average of $210.57. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $234.33.

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 for the quarter, beating the consensus estimate of $2.59 by $0.01. The firm had revenue of $2.63 billion during 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 company's quarterly revenue was down 9.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.79 EPS. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. On average, equities research analysts expect that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

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

Insider Buying and Selling

In other American Tower news, CEO Juan Font sold 720 shares of the business's stock in a transaction dated 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 owned 23,425 shares of the company's stock, valued at approximately $4,880,130.25. The trade was 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. Insiders own 0.18% of the company's stock.

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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