Perpetual Ltd Sells 3,135 Shares of American Tower Corporation $AMT

Key Points

• Perpetual Ltd reduced its stake in American Tower Corporation by 24.2%, owning 9,806 shares valued at $2.17 million following a sale of 3,135 shares in the second quarter.
• American Tower reported a quarterly EPS of $2.60, slightly above analysts' expectations, along with revenue of $2.63 billion, but noted a 9.4% year-over-year decline in revenue.
• The company declared a $1.70 quarterly dividend with a payout ratio of 247.27%, and the dividend yield stands at 3.5%.

Perpetual Ltd lessened its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 24.2% in the second quarter, according to its most recent filing with the SEC. The firm owned 9,806 shares of the real estate investment trust's stock after selling 3,135 shares during the quarter. Perpetual Ltd's holdings in American Tower were worth $2,167,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Focus Financial Network Inc. lifted its holdings in shares of American Tower by 9.1% in the second quarter. Focus Financial Network Inc. now owns 2,042 shares of the real estate investment trust's stock valued at $451,000 after buying an additional 170 shares during the period. Resolution Capital Ltd acquired a new position in shares of American Tower in the 1st quarter worth approximately $72,706,000. Golden State Wealth Management LLC increased its holdings in American Tower by 23.0% during the 1st quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust's stock valued at $80,000 after purchasing an additional 69 shares in the last quarter. Shum Financial Group Inc. increased its holdings in American Tower by 3.5% during the 1st quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust's stock valued at $913,000 after purchasing an additional 141 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC increased its holdings in American Tower by 126.0% during the 1st quarter. Kovitz Investment Group Partners LLC now owns 97,495 shares of the real estate investment trust's stock valued at $21,215,000 after purchasing an additional 54,360 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

American Tower Price Performance

Shares of NYSE:AMT traded up $0.98 during trading on Tuesday, hitting $194.19. 1,080,958 shares of the company were exchanged, compared to its average volume of 2,659,786. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36. The company has a market capitalization of $90.93 billion, a P/E ratio of 70.62, a price-to-earnings-growth ratio of 1.19 and a beta of 0.86. The business's 50 day moving average is $207.62 and its 200-day moving average is $212.91. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $238.34.

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 EPS for the quarter, beating analysts' consensus estimates of $2.59 by $0.01. The business had revenue of $2.63 billion for the quarter, compared to analysts' expectations of $2.58 billion. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The business's quarterly revenue was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.79 earnings per share. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Equities analysts forecast that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Tuesday, September 30th. American Tower's payout ratio is currently 247.27%.

Insiders Place Their Bets

In related news, CEO Juan Font sold 720 shares of American Tower stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total value of $149,997.60. Following the completion of the transaction, the chief executive officer directly owned 23,425 shares in the company, valued at approximately $4,880,130.25. The trade was a 2.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.18% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on AMT shares. Hsbc Global Res cut American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. UBS Group raised their price target on American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Raymond James Financial set a $250.00 price target on American Tower and gave the company a "strong-buy" rating in a report on Wednesday, July 30th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of American Tower in a report on Tuesday, July 29th. Finally, JPMorgan Chase & Co. increased their price objective on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $244.73.

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.