Sowell Financial Services LLC Sells 1,889 Shares of American Tower Corporation $AMT

Key Points

• Sowell Financial Services LLC has reduced its stake in American Tower Corporation by 27.5%, selling 1,889 shares and now holding 4,978 shares valued at approximately $1.1 million.
• American Tower Corporation's CEO, Juan Font, sold 720 shares at a price of $208.33 per share, reducing his ownership by 2.98% to 23,425 shares, worth around $4.88 million.
• The company's recent earnings report showed a quarterly EPS of $2.60, beating expectations, but revenue declined by 9.4% year-over-year, prompting analysts to set varied price targets around $235 to $250.

Sowell Financial Services LLC lowered its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 27.5% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 4,978 shares of the real estate investment trust's stock after selling 1,889 shares during the period. Sowell Financial Services LLC's holdings in American Tower were worth $1,100,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Nuveen LLC acquired a new position in shares of American Tower in the first quarter valued at approximately $991,525,000. Price T Rowe Associates Inc. MD grew its position in shares of American Tower by 39.6% in the first 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 purchasing an additional 2,309,627 shares during the last quarter. GAMMA Investing LLC grew its position in shares of American Tower by 23,627.3% in the first quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust's stock valued at $370,346,000 after purchasing an additional 1,694,784 shares during the last quarter. Bessemer Group Inc. grew its position in shares of American Tower by 272.0% in the first quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust's stock valued at $247,390,000 after purchasing an additional 831,247 shares during the last quarter. Finally, Alyeska Investment Group L.P. acquired a new position in shares of American Tower in the first quarter valued at approximately $162,127,000. Institutional investors own 92.69% of the company's stock.

Insider Buying and Selling

In other American Tower news, CEO Juan Font sold 720 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The shares were 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 directly owned 23,425 shares in the company, valued at $4,880,130.25. The trade was a 2.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.18% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

AMT has been the topic of several research reports. Raymond James Financial set a $250.00 target price on American Tower and gave the company a "strong-buy" rating in a research report on Wednesday, July 30th. Barclays upped their target price on American Tower from $246.00 to $250.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. BMO Capital Markets reiterated an "outperform" rating and issued a $245.00 price target (down from $250.00) on shares of American Tower in a research note on Wednesday, July 30th. Hsbc Global Res cut American Tower from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Finally, HSBC cut American Tower from a "buy" rating to a "hold" rating and set a $235.00 price target for the company. in a research note on Wednesday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $244.73.

American Tower Stock Up 0.6%

Shares of AMT opened at $194.34 on Wednesday. American Tower Corporation has a one year low of $172.51 and a one year high of $238.34. The company has a market cap of $91.00 billion, a P/E ratio of 70.67, a P/E/G ratio of 1.19 and a beta of 0.86. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a 50 day simple moving average of $207.13 and a two-hundred day simple moving average of $212.78.

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 EPS for the quarter, beating 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 business had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same period in the previous year, the business earned $2.79 earnings per share. The company's 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. Research analysts forecast that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Shareholders of record on Tuesday, September 30th will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.5%. The ex-dividend date 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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