Sumitomo Mitsui DS Asset Management Company Ltd Raises Stock Position in 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 increased its stake in American Tower Corporation (NYSE:AMT - Free Report) by 5.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 63,163 shares of the real estate investment trust's stock after purchasing 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 quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. North Capital Inc. purchased a new position in shares of American Tower during the 1st quarter worth $25,000. Hopwood Financial Services Inc. boosted its stake in shares of American Tower by 100.0% during the 1st quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust's stock worth $26,000 after acquiring an additional 60 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. purchased a new position in shares of American Tower during the 1st quarter worth $31,000. Lowe Wealth Advisors LLC boosted its stake in shares of American Tower by 218.0% during the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after acquiring an additional 109 shares during the last quarter. Finally, City Holding Co. purchased a new position in shares of American Tower during the 1st quarter worth $39,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Stock Down 2.1%

Shares of AMT stock opened at $193.01 on Friday. The company has a market capitalization of $90.38 billion, a price-to-earnings ratio of 70.19, a PEG ratio of 1.22 and a beta of 0.86. American Tower Corporation has a one year low of $172.51 and a one year high of $238.34. The company's fifty day moving average price is $208.70 and its 200-day moving average price is $213.07. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick 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 analysts' consensus estimates of $2.59 by $0.01. The company had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.58 billion. American Tower had a net margin of 12.60% and a return on equity of 24.85%. American Tower's revenue for the quarter was down 9.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.79 EPS. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Sell-side analysts expect that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Shareholders of record on Tuesday, September 30th will be issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.5%. American Tower's dividend payout ratio is currently 247.27%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on AMT shares. Barclays lifted their price target on shares of American Tower from $246.00 to $250.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Royal Bank Of Canada lifted their price target on shares of American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. BMO Capital Markets reiterated an "outperform" rating and set a $245.00 price target (down previously 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 note on Wednesday, July 30th. Finally, JPMorgan Chase & Co. raised their price objective on shares of American Tower from $250.00 to $255.00 and gave the company an "overweight" 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 data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $244.73.

Insider Transactions at American Tower

In other American Tower news, CEO Juan Font sold 720 shares of American Tower stock in a transaction 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 sale, 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.17% of the company's stock.

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.

Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corporation (NYSE:AMT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.