Sumitomo Mitsui DS Asset Management Company Ltd Acquires 3,146 Shares of American Tower Corporation $AMT

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in American Tower Corporation by 5.2%, acquiring an additional 3,146 shares during the second quarter, bringing its total ownership to 63,163 shares valued at approximately $13.96 million.
• American Tower recently reported quarterly earnings of $2.60 EPS, surpassing analysts’ expectations, although its revenue decreased by 9.4% compared to the prior year.
• The company announced a quarterly dividend of $1.70 per share, with an annualized yield of 3.5%, while its dividend payout ratio stands at an unusually high 247.27%.

Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in American Tower Corporation (NYSE:AMT - Free Report) by 5.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 63,163 shares of the real estate investment trust's stock after acquiring an additional 3,146 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in American Tower were worth $13,960,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in American Tower by 0.7% in the first 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 acquiring an additional 434,118 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake 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 worth $1,772,144,000 after purchasing an additional 2,309,627 shares during the last quarter. Deutsche Bank AG grew its stake in shares of American Tower by 4.0% in the first quarter. Deutsche Bank AG now owns 7,383,368 shares of the real estate investment trust's stock worth $1,606,621,000 after purchasing an additional 285,195 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of American Tower by 1.4% in the first quarter. Dimensional Fund Advisors LP now owns 6,534,862 shares of the real estate investment trust's stock worth $1,421,965,000 after purchasing an additional 88,120 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of American Tower by 3.7% in the first quarter. Principal Financial Group Inc. now owns 6,136,981 shares of the real estate investment trust's stock worth $1,335,407,000 after purchasing an additional 220,565 shares during the last quarter. 92.69% of the stock is owned by institutional investors.

American Tower Trading Up 0.1%

NYSE:AMT traded up $0.13 during trading hours on Monday, reaching $193.44. The company's stock had a trading volume of 3,411,004 shares, compared to its average volume of 3,094,599. The firm has a 50-day simple moving average of $207.62 and a 200-day simple moving average of $212.91. American Tower Corporation has a 1 year low of $172.51 and a 1 year high of $238.34. The firm has a market capitalization of $90.58 billion, a price-to-earnings ratio of 70.34, a PEG ratio of 1.19 and a beta of 0.86. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (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 company had revenue of $2.63 billion for the quarter, compared to analysts' expectations of $2.58 billion. During the same quarter in the previous year, the company earned $2.79 earnings per share. 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. Research analysts expect that American Tower Corporation will post 10.14 EPS 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. Stockholders of record on Tuesday, September 30th will be paid a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Tuesday, September 30th. American Tower's dividend payout ratio is currently 247.27%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on AMT. JPMorgan Chase & Co. boosted their target price on shares of American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Hsbc Global Res downgraded shares of American Tower from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Barclays boosted their target price on shares of American Tower from $246.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Royal Bank Of Canada upped 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. Finally, Raymond James Financial set a $250.00 target price on shares of American Tower and gave the company a "strong-buy" rating in a research report on Wednesday, July 30th. 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's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $244.73.

Insider Buying and Selling at American Tower

In other 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 of the company's stock, valued at $4,880,130.25. The trade was a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.18% of the stock is owned by insiders.

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.