NorthRock Partners LLC Raises Stock Position in American Tower Corporation $AMT

NorthRock Partners LLC raised its stake in American Tower Corporation (NYSE:AMT) by 13.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,250 shares of the real estate investment trust’s stock after buying an additional 857 shares during the period. NorthRock Partners LLC’s holdings in American Tower were worth $1,615,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. North Capital Inc. acquired a new stake in shares of American Tower in the first quarter valued at approximately $25,000. Hopwood Financial Services Inc. grew its position in shares of American Tower by 100.0% in the first quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 60 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of American Tower in the first quarter valued at approximately $31,000. Saudi Central Bank acquired a new stake in American Tower during the first quarter worth approximately $40,000. Finally, Accredited Wealth Management LLC boosted its position in American Tower by 180.0% during the first quarter. Accredited Wealth Management LLC now owns 210 shares of the real estate investment trust’s stock worth $46,000 after acquiring an additional 135 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of American Tower from $250.00 to $255.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 30th. Wells Fargo & Company decreased their target price on shares of American Tower from $240.00 to $230.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 30th. Wall Street Zen upgraded shares of American Tower from a “sell” rating to a “hold” rating in a research report on Sunday. The Goldman Sachs Group reiterated a “buy” rating on shares of American Tower in a report on Tuesday, July 29th. Finally, HSBC lowered shares of American Tower from a “buy” rating to a “hold” rating and set a $235.00 price target on the stock. in a report on Wednesday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $241.06.

Insiders Place Their Bets

In other news, CEO Juan Font sold 720 shares of the stock in a transaction 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 transaction, the chief executive officer owned 23,425 shares in the company, valued at $4,880,130.25. This represents a 2.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.18% of the company’s stock.

American Tower Trading Down 2.0%

American Tower stock opened at $183.03 on Tuesday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36. The firm has a 50-day moving average price of $198.16 and a two-hundred day moving average price of $210.57. The firm has a market capitalization of $85.70 billion, a price-to-earnings ratio of 66.56, a PEG ratio of 1.13 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.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $2.58 billion. During the same period in the prior year, the firm posted $2.79 earnings per share. The firm’s revenue for the quarter 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. Sell-side analysts expect that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Shareholders of record on Tuesday, September 30th will be paid a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.7%. The ex-dividend date is Tuesday, September 30th. American Tower’s dividend payout ratio is currently 247.27%.

About American Tower

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.