Perigon Wealth Management LLC Buys 419 Shares of American Tower Corporation $AMT

Perigon Wealth Management LLC boosted its stake in shares of American Tower Corporation (NYSE:AMT) by 8.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,473 shares of the real estate investment trust’s stock after acquiring an additional 419 shares during the quarter. Perigon Wealth Management LLC’s holdings in American Tower were worth $1,210,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Brighton Jones LLC boosted its stake in shares of American Tower by 113.0% in the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust’s stock valued at $727,000 after purchasing an additional 2,104 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of American Tower by 23,627.3% in the 1st quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust’s stock valued at $370,346,000 after purchasing an additional 1,694,784 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of American Tower by 1.6% in the 1st quarter. Parallel Advisors LLC now owns 21,612 shares of the real estate investment trust’s stock valued at $4,703,000 after purchasing an additional 332 shares during the last quarter. BTC Capital Management Inc. boosted its stake in shares of American Tower by 4.3% in the 1st quarter. BTC Capital Management Inc. now owns 3,816 shares of the real estate investment trust’s stock valued at $830,000 after purchasing an additional 159 shares during the last quarter. Finally, Somerset Trust Co boosted its stake in shares of American Tower by 11.3% in the 1st quarter. Somerset Trust Co now owns 5,929 shares of the real estate investment trust’s stock valued at $1,290,000 after purchasing an additional 603 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Insider Buying and Selling

In related news, CEO Juan Font sold 720 shares of the company’s stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $208.33, for a total value of $149,997.60. Following the sale, the chief executive officer directly owned 23,425 shares in the company, valued at $4,880,130.25. This represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.17% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. UBS Group raised their target price on shares of American Tower from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, July 8th. Wells Fargo & Company reduced their price objective on shares of American Tower from $240.00 to $230.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 30th. BMO Capital Markets reissued an “outperform” rating and set a $245.00 price objective (down previously from $250.00) on shares of American Tower in a research note on Wednesday, July 30th. JPMorgan Chase & Co. lifted their price objective on shares of American Tower from $250.00 to $255.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 30th. Finally, Barclays lifted their price objective on shares of American Tower from $246.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, American Tower currently has an average rating of “Moderate Buy” and an average target price of $244.73.

American Tower Stock Up 0.4%

AMT stock opened at $194.40 on Friday. The company has a market cap of $91.03 billion, a PE ratio of 70.69, a price-to-earnings-growth ratio of 1.20 and a beta of 0.86. The business has a 50-day simple moving average of $205.32 and a 200 day simple moving average of $212.44. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $234.47. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, topping the consensus estimate 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 quarter in the previous year, the firm earned $2.79 earnings per share. The business’s quarterly revenue was down 9.4% on a year-over-year basis. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Sell-side analysts anticipate that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Tuesday, September 30th will be issued a $1.70 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $6.80 annualized dividend and a yield of 3.5%. American Tower’s dividend payout ratio is presently 247.27%.

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.