Syntax Research Inc. Cuts Stock Position in American Tower Corporation $AMT

Key Points

• Syntax Research Inc. significantly decreased its stake in American Tower Corporation by 98.5%, leaving it with only 235 shares valued at $52,000.
• American Tower's latest earnings report showed an EPS of $2.60, slightly outperforming estimates, but revenue decreased by 9.4% year-over-year.
• A quarterly dividend of $1.70 has been declared, resulting in a dividend yield of 3.6%, with a payout ratio of 247.27%.

Syntax Research Inc. reduced its position in American Tower Corporation (NYSE:AMT - Free Report) by 98.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 235 shares of the real estate investment trust's stock after selling 15,355 shares during the quarter. Syntax Research Inc.'s holdings in American Tower were worth $52,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Blossom Wealth Management lifted its stake in shares of American Tower by 1.8% in the 2nd quarter. Blossom Wealth Management now owns 2,601 shares of the real estate investment trust's stock valued at $575,000 after acquiring an additional 45 shares during the last quarter. TFG Advisers LLC lifted its stake in shares of American Tower by 0.3% in the 2nd quarter. TFG Advisers LLC now owns 16,186 shares of the real estate investment trust's stock valued at $3,578,000 after acquiring an additional 47 shares during the last quarter. Novem Group lifted its stake in shares of American Tower by 3.8% in the 2nd quarter. Novem Group now owns 1,316 shares of the real estate investment trust's stock valued at $291,000 after acquiring an additional 48 shares during the last quarter. Elmwood Wealth Management Inc. lifted its stake in shares of American Tower by 2.5% in the 1st quarter. Elmwood Wealth Management Inc. now owns 2,087 shares of the real estate investment trust's stock valued at $454,000 after acquiring an additional 50 shares during the last quarter. Finally, 4J Wealth Management LLC lifted its stake in shares of American Tower by 4.0% in the 1st quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust's stock valued at $283,000 after acquiring an additional 50 shares during the last quarter. Institutional investors own 92.69% of the company's stock.

American Tower Stock Down 1.2%

Shares of NYSE:AMT opened at $191.03 on Friday. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $234.33. The firm has a market capitalization of $89.45 billion, a P/E ratio of 69.47, a P/E/G ratio of 1.19 and a beta of 0.86. The stock has a 50 day moving average price of $202.32 and a 200-day moving average price of $211.93. 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 earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.01. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The firm had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.58 billion. During the same quarter in the prior year, the company earned $2.79 EPS. The business's revenue was down 9.4% compared to the same quarter last year. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. As a group, equities research analysts anticipate that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

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 given a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. American Tower's dividend payout ratio is currently 247.27%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on AMT. UBS Group boosted their target price on American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. HSBC lowered American Tower from a "buy" rating to a "hold" rating and set a $235.00 price target for the company. in a research report on Wednesday, July 30th. Wells Fargo & Company lowered their price target on American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Barclays upped their price target on American Tower from $246.00 to $250.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Finally, Royal Bank Of Canada set a $220.00 price target on American Tower and gave the company a "sector perform" rating in a research report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $242.07.

Insider Activity

In other news, CEO Juan Font sold 720 shares of the stock in a transaction that occurred on Thursday, July 31st. The stock was 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 of the company's stock, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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.

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