Russell Investments Group Ltd. Trims Stake in American Tower Corporation $AMT

by · The Markets Daily

Russell Investments Group Ltd. lowered its position in American Tower Corporation (NYSE:AMT – Free Report) by 10.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 817,218 shares of the real estate investment trust’s stock after selling 97,453 shares during the period. Russell Investments Group Ltd.’s holdings in American Tower were worth $180,502,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in AMT. Nuveen LLC bought a new position in American Tower in the first quarter worth $991,525,000. JPMorgan Chase & Co. increased its stake in shares of American Tower by 24.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 12,666,082 shares of the real estate investment trust’s stock worth $2,799,458,000 after acquiring an additional 2,474,328 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in American Tower by 39.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,144,040 shares of the real estate investment trust’s stock valued at $1,772,144,000 after acquiring an additional 2,309,627 shares during the period. Alyeska Investment Group L.P. bought a new stake in American Tower during the first quarter worth about $162,127,000. Finally, Amundi boosted its stake in American Tower by 35.5% during the first quarter. Amundi now owns 2,838,421 shares of the real estate investment trust’s stock worth $645,694,000 after acquiring an additional 743,617 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on AMT shares. Citigroup reaffirmed a “market outperform” rating on shares of American Tower in a research note on Wednesday, October 29th. JPMorgan Chase & Co. reduced their price objective on American Tower from $255.00 to $250.00 and set an “overweight” rating for the company in a research report on Wednesday, October 29th. UBS Group reissued a “buy” rating and issued a $260.00 target price on shares of American Tower in a report on Wednesday, October 29th. HSBC reduced their price target on American Tower from $235.00 to $205.00 in a report on Wednesday, October 29th. Finally, The Goldman Sachs Group dropped their price target on shares of American Tower from $250.00 to $230.00 and set a “buy” rating on the stock in a research note on Wednesday, October 29th. 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $228.44.

View Our Latest Stock Report on AMT

American Tower Trading Up 0.1%

American Tower stock opened at $179.68 on Wednesday. American Tower Corporation has a one year low of $172.51 and a one year high of $234.33. The business’s fifty day moving average is $186.36 and its 200 day moving average is $203.23. The stock has a market capitalization of $84.12 billion, a PE ratio of 28.70, a price-to-earnings-growth ratio of 1.08 and a beta of 0.85. 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 – Get Free Report) last posted its earnings results on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.14. American Tower had a net margin of 28.11% and a return on equity of 28.79%. The business had revenue of $2.72 billion for the quarter, compared to analysts’ expectations of $2.65 billion. During the same quarter in the prior year, the business earned $2.52 EPS. The business’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, sell-side analysts predict that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

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

Insider Buying and Selling at American Tower

In other news, Director Eugene F. Reilly purchased 5,554 shares of the stock in a transaction dated Friday, October 31st. The shares were purchased at an average cost of $178.99 per share, with a total value of $994,110.46. Following the acquisition, the director directly owned 5,689 shares of the company’s stock, valued at $1,018,274.11. This represents a 4,114.07% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.17% of the stock is owned by insiders.

American Tower Profile

(Free Report)

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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