Bank of New York Mellon Corp Reduces Stock Position in American Tower Corporation $AMT

Bank of New York Mellon Corp lowered its stake in shares of American Tower Corporation (NYSE:AMT) by 5.3% during the 2nd quarter, HoldingsChannel reports. The fund owned 2,789,968 shares of the real estate investment trust’s stock after selling 155,907 shares during the period. Bank of New York Mellon Corp’s holdings in American Tower were worth $616,639,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Focus Financial Network Inc. raised its position in shares of American Tower by 9.1% in the second quarter. Focus Financial Network Inc. now owns 2,042 shares of the real estate investment trust’s stock worth $451,000 after buying an additional 170 shares in the last quarter. Resolution Capital Ltd purchased a new stake in shares of American Tower in the first quarter worth $72,706,000. Stack Financial Management Inc purchased a new stake in shares of American Tower in the second quarter worth $13,020,000. Golden State Wealth Management LLC raised its position in shares of American Tower by 23.0% in the first quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust’s stock worth $80,000 after buying an additional 69 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC raised its position in shares of American Tower by 126.0% in 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 buying an additional 54,360 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

AMT has been the topic of a number of recent analyst reports. Hsbc Global Res downgraded American Tower from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Barclays increased their price objective on American Tower from $250.00 to $251.00 and gave the stock an “overweight” rating in a research report on Friday, October 17th. Wells Fargo & Company lowered their price target on American Tower from $210.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 29th. Argus set a $210.00 price target on American Tower in a research report on Thursday. Finally, HSBC lowered their price target on American Tower from $235.00 to $205.00 in a research report on Wednesday, October 29th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $231.11.

American Tower Stock Down 1.1%

Shares of NYSE:AMT opened at $177.00 on Tuesday. The stock’s 50-day moving average price is $192.02 and its 200-day moving average price is $207.59. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $234.33. The stock has a market capitalization of $82.88 billion, a P/E ratio of 28.28, a price-to-earnings-growth ratio of 1.08 and a beta of 0.86. The company has a current ratio of 0.89, a quick ratio of 0.95 and a debt-to-equity ratio of 3.24.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.64 by $0.14. American Tower had a return on equity of 28.79% and a net margin of 28.11%.The firm had revenue of $2.72 billion for the quarter, compared to analysts’ expectations of $2.65 billion. During the same period last year, the firm earned $2.52 earnings per share. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. 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 year.

American Tower Dividend Announcement

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

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.