Park Avenue Securities LLC Lowers Holdings in American Tower Corporation $AMT

Key Points

• Park Avenue Securities LLC has decreased its holdings in American Tower Corporation by 36.5%, now owning 14,787 shares valued at $3.27 million as of the end of the second quarter.
• American Tower announced a quarterly dividend of $1.70, which will be paid on October 20th, significantly increasing its payout ratio to 247.27%.
• Despite a 9.4% year-over-year decline in quarterly revenue, American Tower reported earnings per share of $2.60, slightly above analysts' estimates of $2.59.

Park Avenue Securities LLC reduced its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 36.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,787 shares of the real estate investment trust's stock after selling 8,497 shares during the quarter. Park Avenue Securities LLC's holdings in American Tower were worth $3,268,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AMT. Border to Coast Pensions Partnership Ltd increased its stake in shares of American Tower by 2.0% in the 2nd quarter. Border to Coast Pensions Partnership Ltd now owns 384,764 shares of the real estate investment trust's stock valued at $85,041,000 after purchasing an additional 7,584 shares in the last quarter. BTC Capital Management Inc. raised its position in shares of American Tower by 3.0% in the second quarter. BTC Capital Management Inc. now owns 3,931 shares of the real estate investment trust's stock valued at $869,000 after buying an additional 115 shares during the last quarter. Farther Finance Advisors LLC boosted its position in American Tower by 96.1% during the second quarter. Farther Finance Advisors LLC now owns 6,339 shares of the real estate investment trust's stock worth $1,401,000 after acquiring an additional 3,106 shares during the last quarter. Silver Oak Securities Incorporated grew its stake in American Tower by 126.8% during the 2nd quarter. Silver Oak Securities Incorporated now owns 5,260 shares of the real estate investment trust's stock valued at $1,163,000 after acquiring an additional 2,941 shares in the last quarter. Finally, Global X Japan Co. Ltd. raised its holdings in American Tower by 10.9% in the 2nd quarter. Global X Japan Co. Ltd. now owns 1,166 shares of the real estate investment trust's stock valued at $258,000 after acquiring an additional 115 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on AMT shares. 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 report on Wednesday, July 30th. Raymond James Financial set a $250.00 price objective on American Tower and gave the stock a "strong-buy" rating in a research note on Wednesday, July 30th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $245.00 target price (down from $250.00) on shares of American Tower in a research note on Wednesday, July 30th. HSBC cut shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 price target on the stock. in a research report on Wednesday, July 30th. Finally, 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 report on Thursday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $244.73.

Insider Transactions at American Tower

In other news, CEO Juan Font sold 720 shares of the 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 sale, the chief executive officer owned 23,425 shares of the company's stock, valued at approximately $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 can be accessed through the SEC website. 0.18% of the stock is owned by company insiders.

American Tower Stock Performance

NYSE:AMT opened at $194.34 on Wednesday. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $238.34. 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 company has a 50 day moving average price of $207.13 and a 200 day moving average price of $212.78. The stock has a market capitalization of $91.00 billion, a P/E ratio of 70.67, a PEG ratio of 1.19 and a beta of 0.86.

American Tower (NYSE:AMT - Get Free Report) last announced its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analyst estimates of $2.58 billion. During the same quarter in the previous year, the company earned $2.79 earnings per share. The firm'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. Equities research analysts forecast that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

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

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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