State of Michigan Retirement System Grows Stake in American Tower Corporation $AMT

State of Michigan Retirement System grew its holdings in American Tower Corporation (NYSE:AMT) by 6.9% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 135,484 shares of the real estate investment trust’s stock after acquiring an additional 8,700 shares during the quarter. State of Michigan Retirement System’s holdings in American Tower were worth $29,945,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in AMT. Blossom Wealth Management grew its stake 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 worth $575,000 after buying an additional 45 shares during the last quarter. TFG Advisers LLC grew 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 purchasing an additional 47 shares during the last quarter. Novem Group grew 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 purchasing an additional 48 shares during the last quarter. Analyst IMS Investment Management Services Ltd. grew its stake in shares of American Tower by 3.6% in the 2nd quarter. Analyst IMS Investment Management Services Ltd. now owns 1,370 shares of the real estate investment trust’s stock valued at $303,000 after purchasing an additional 48 shares during the last quarter. Finally, Cypress Wealth Services LLC grew its stake in shares of American Tower by 1.9% in the 2nd quarter. Cypress Wealth Services LLC now owns 2,684 shares of the real estate investment trust’s stock valued at $593,000 after purchasing an additional 49 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on AMT. BMO Capital Markets lowered their target price on American Tower from $220.00 to $215.00 and set an “outperform” rating on the stock in a research note on Wednesday. Hsbc Global Res cut American Tower from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 30th. Raymond James Financial reissued a “strong-buy” rating and issued a $231.00 price target (down from $250.00) on shares of American Tower in a report on Wednesday. The Goldman Sachs Group reduced their price target on American Tower from $250.00 to $230.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Wall Street Zen raised American Tower from a “sell” rating to a “hold” rating in a report on Sunday, October 12th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $231.11.

American Tower Stock Down 0.2%

AMT opened at $179.18 on Friday. The business has a 50 day simple moving average of $192.70 and a 200-day simple moving average of $207.98. The stock has a market capitalization of $83.90 billion, a P/E ratio of 28.62, a P/E/G ratio of 1.08 and a beta of 0.86. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $234.33. The company has a debt-to-equity ratio of 3.24, a current ratio of 0.89 and a quick ratio of 0.95.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.64 by $0.14. The firm had revenue of $2.72 billion during the quarter, compared to analysts’ expectations of $2.65 billion. American Tower had a return on equity of 28.79% and a net margin of 28.11%.American Tower’s revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the firm posted $2.52 earnings per share. American Tower has set its FY 2025 guidance at 10.600-10.720 EPS. On average, equities analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 20th. Investors of record on Tuesday, September 30th were issued a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $6.80 annualized dividend and a yield of 3.8%. American Tower’s payout ratio is currently 108.63%.

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.