Trust Co. of Vermont Lowers Stock Position in American Tower Corporation $AMT

Key Points

• Trust Co. of Vermont reduced its stake in American Tower Corporation by 6.3%, owning 44,336 shares worth approximately $9.8 million after selling 2,961 shares in the second quarter.
• American Tower reported $2.60 EPS for its latest quarter, exceeding analysts' expectations by $0.01, although revenue decreased by 9.4% year-over-year.
• The company has announced a $1.70 quarterly dividend, with an annualized yield of 3.5%, to be paid on October 20th to stockholders of record.

Trust Co. of Vermont cut its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 6.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 44,336 shares of the real estate investment trust's stock after selling 2,961 shares during the period. Trust Co. of Vermont's holdings in American Tower were worth $9,799,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Focus Financial Network Inc. lifted its holdings in shares of American Tower by 9.1% during the second quarter. Focus Financial Network Inc. now owns 2,042 shares of the real estate investment trust's stock worth $451,000 after purchasing an additional 170 shares during the period. Resolution Capital Ltd acquired a new stake in shares of American Tower during the first quarter worth $72,706,000. Golden State Wealth Management LLC lifted its holdings in shares of American Tower by 23.0% during the first quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust's stock worth $80,000 after purchasing an additional 69 shares during the period. Shum Financial Group Inc. lifted its holdings in shares of American Tower by 3.5% during the first quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust's stock worth $913,000 after purchasing an additional 141 shares during the period. Finally, Kovitz Investment Group Partners LLC lifted its holdings in shares of American Tower by 126.0% during the first quarter. Kovitz Investment Group Partners LLC now owns 97,495 shares of the real estate investment trust's stock worth $21,215,000 after purchasing an additional 54,360 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AMT. Wells Fargo & Company decreased their price target on American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. UBS Group increased their price target on American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Raymond James Financial set a $250.00 price target on American Tower and gave the stock a "strong-buy" rating in a report on Wednesday, July 30th. Royal Bank Of Canada increased their price target on American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Finally, The Goldman Sachs Group reissued a "buy" rating on shares of American Tower in a report on Tuesday, July 29th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, American Tower currently has a consensus rating of "Moderate Buy" and a consensus price target of $244.73.

American Tower Price Performance

American Tower stock opened at $191.76 on Wednesday. American Tower Corporation has a one year low of $172.51 and a one year high of $234.47. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95. The business has a fifty day moving average of $203.87 and a two-hundred day moving average of $212.22. The company has a market cap of $89.79 billion, a P/E ratio of 69.73, a price-to-earnings-growth ratio of 1.20 and a beta of 0.86.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly 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. The business 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%.The business's revenue was down 9.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.79 EPS. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. As a group, analysts predict that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Tuesday, September 30th. American Tower's payout ratio is 247.27%.

Insider Activity

In other news, CEO Juan Font sold 720 shares of American Tower stock in a transaction on Thursday, July 31st. The stock was 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 owned 23,425 shares of the company's stock, valued at $4,880,130.25. The trade was a 2.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.18% of the stock is owned by company insiders.

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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