American Tower Corporation $AMT Stake Lessened by Procyon Advisors LLC

Key Points

• Procyon Advisors LLC sold 12,507 shares of American Tower Corporation, reducing its holdings by 90.2% in the second quarter, leaving it with 1,357 shares valued at approximately $300,000.
• American Tower recently announced a quarterly dividend of $1.70 per share, with a dividend yield of 3.5%, scheduled to be paid on October 20th.
• A number of analysts have maintained a positive outlook on American Tower, with several raising their target prices and the overall consensus rating being a "Moderate Buy."

Procyon Advisors LLC cut its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 90.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,357 shares of the real estate investment trust's stock after selling 12,507 shares during the period. Procyon Advisors LLC's holdings in American Tower were worth $300,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of American Tower by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 62,809,486 shares of the real estate investment trust's stock valued at $13,667,344,000 after buying an additional 434,118 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of American Tower by 39.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,144,040 shares of the real estate investment trust's stock valued at $1,772,144,000 after buying an additional 2,309,627 shares during the period. Deutsche Bank AG grew its stake in shares of American Tower by 4.0% during the 1st quarter. Deutsche Bank AG now owns 7,383,368 shares of the real estate investment trust's stock valued at $1,606,621,000 after buying an additional 285,195 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of American Tower by 1.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,534,862 shares of the real estate investment trust's stock valued at $1,421,965,000 after acquiring an additional 88,120 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of American Tower by 3.7% during the 1st quarter. Principal Financial Group Inc. now owns 6,136,981 shares of the real estate investment trust's stock valued at $1,335,407,000 after acquiring an additional 220,565 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other American Tower news, CEO Juan Font sold 720 shares of the company's stock in a transaction dated 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 owned 23,425 shares in the company, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.17% of the company's stock.

American Tower Stock Performance

AMT traded down $0.00 on Monday, hitting $193.31. 2,370,294 shares of the company's stock were exchanged, compared to its average volume of 2,662,661. The firm has a market cap of $90.52 billion, a PE ratio of 70.33, a P/E/G ratio of 1.19 and a beta of 0.86. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $238.34. The stock has a fifty day moving average of $208.18 and a two-hundred day moving average of $213.04. 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 (NYSE:AMT - Get Free Report) last posted its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, topping the consensus estimate of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The firm had revenue of $2.63 billion during the quarter, compared to analysts' expectations of $2.58 billion. During the same quarter in the prior year, the firm earned $2.79 EPS. American Tower's quarterly revenue was down 9.4% on a year-over-year basis. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. On average, research analysts anticipate that American Tower Corporation will post 10.14 earnings per share 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. Shareholders of record on Tuesday, September 30th will be given a $1.70 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $6.80 annualized dividend and a yield of 3.5%. American Tower's dividend payout ratio is 247.27%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on AMT shares. The Goldman Sachs Group restated a "buy" rating on shares of American Tower in a report on Tuesday, July 29th. HSBC lowered shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 target price on the stock. in a report on Wednesday, July 30th. Hsbc Global Res lowered shares of American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. UBS Group boosted their price objective on shares of American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Finally, Raymond James Financial set a $250.00 price objective on shares of American Tower and gave the stock a "strong-buy" rating in a report on Wednesday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $244.73.

American Tower 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.