TriaGen Wealth Management LLC Buys New Stake in American Tower Corporation $AMT

Key Points

• TriaGen Wealth Management LLC has acquired a new stake in American Tower Corporation, purchasing 2,094 shares valued at approximately $463,000 during the 2nd quarter.
• American Tower recently reported earnings of $2.60 per share for the latest quarter, slightly exceeding analysts' expectations, though revenue was down 9.4% year-over-year.
• The company declared a quarterly dividend of $1.70 per share, with an annual dividend yield of 3.7% and a payout ratio of 247.27%.

TriaGen Wealth Management LLC purchased a new position in American Tower Corporation (NYSE:AMT - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 2,094 shares of the real estate investment trust's stock, valued at approximately $463,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Blossom Wealth Management increased its position in American Tower by 1.8% during the 2nd quarter. Blossom Wealth Management now owns 2,601 shares of the real estate investment trust's stock valued at $575,000 after buying an additional 45 shares in the last quarter. TFG Advisers LLC grew its stake in shares of American Tower by 0.3% during the second quarter. TFG Advisers LLC now owns 16,186 shares of the real estate investment trust's stock worth $3,578,000 after acquiring an additional 47 shares during the last quarter. Novem Group grew its stake in shares of American Tower by 3.8% during the second quarter. Novem Group now owns 1,316 shares of the real estate investment trust's stock worth $291,000 after acquiring an additional 48 shares during the last quarter. Elmwood Wealth Management Inc. increased its holdings in shares of American Tower by 2.5% during the first 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 in the last quarter. Finally, 4J Wealth Management LLC raised its position 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 purchasing an additional 50 shares during the last quarter. Institutional investors own 92.69% of the company's stock.

American Tower Stock Down 2.5%

Shares of AMT opened at $185.46 on Tuesday. The company has a market capitalization of $86.84 billion, a price-to-earnings ratio of 67.44, a PEG ratio of 1.17 and a beta of 0.86. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $234.33. The stock's 50-day moving average price is $200.75 and its 200-day moving average price is $211.51. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36.

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 during the quarter, compared to the consensus estimate of $2.58 billion. American Tower had a return on equity of 24.85% and a net margin of 12.60%.American Tower's revenue for the quarter was down 9.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.79 earnings per share. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. On average, sell-side analysts predict that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Tuesday, September 30th will be issued a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.80 dividend on an annualized basis and a yield of 3.7%. American Tower's dividend payout ratio is 247.27%.

Insider Buying and Selling

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 completion of the transaction, the chief executive officer owned 23,425 shares of the company's stock, valued at approximately $4,880,130.25. The trade was a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.18% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on AMT. Royal Bank Of Canada set a $220.00 target price on shares of American Tower and gave the stock a "sector perform" rating in a research report on Wednesday, October 1st. UBS Group boosted their price objective on shares of American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. BMO Capital Markets restated an "outperform" rating and issued a $245.00 target price (down previously from $250.00) on shares of American Tower in a research note on Wednesday, July 30th. The Goldman Sachs Group reiterated a "buy" rating on shares of American Tower in a research note on Tuesday, July 29th. Finally, JPMorgan Chase & Co. raised their price objective on American Tower from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $242.07.

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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