Brown Miller Wealth Management LLC Cuts Stake in American Tower Corporation $AMT

Brown Miller Wealth Management LLC lessened its stake in shares of American Tower Corporation (NYSE:AMT) by 65.7% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 4,121 shares of the real estate investment trust’s stock after selling 7,909 shares during the quarter. Brown Miller Wealth Management LLC’s holdings in American Tower were worth $911,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. North Capital Inc. purchased a new position in American Tower in the first quarter valued at approximately $25,000. Hopwood Financial Services Inc. raised its stake 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 buying an additional 60 shares during the period. E Fund Management Hong Kong Co. Ltd. purchased a new position in shares of American Tower during the 1st quarter valued at $31,000. City Holding Co. bought a new position in shares of American Tower during the 1st quarter worth $39,000. Finally, Saudi Central Bank bought a new stake in American Tower in the 1st quarter valued at about $40,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Juan Font sold 720 shares of the firm’s stock in a transaction that occurred on Thursday, July 31st. The shares were 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 of the company’s stock, valued at $4,880,130.25. This trade represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.17% of the stock is owned by corporate insiders.

American Tower Stock Down 0.6%

AMT opened at $190.10 on Friday. The firm has a market capitalization of $89.01 billion, a P/E ratio of 69.13, a price-to-earnings-growth ratio of 1.17 and a beta of 0.86. American Tower Corporation has a one year low of $172.51 and a one year high of $234.33. The company has a fifty day moving average price of $201.53 and a 200-day moving average price of $211.75. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) 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 company had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter last year, the business posted $2.79 earnings per share. The firm’s revenue 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. Equities research analysts expect that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Tuesday, September 30th will be given a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Tuesday, September 30th. American Tower’s dividend payout ratio is 247.27%.

Wall Street Analyst Weigh In

AMT has been the subject of a number of research reports. Wells Fargo & Company cut their target price on shares of American Tower from $240.00 to $230.00 and set an “overweight” rating for the company in a research report on Wednesday, July 30th. Wall Street Zen downgraded shares of American Tower from a “hold” rating to a “sell” rating in a report on Saturday. Weiss Ratings reissued a “hold (c-)” rating on shares of American Tower in a report on Saturday, September 27th. HSBC lowered American Tower from a “buy” rating to a “hold” rating and set a $235.00 price target for the company. in a report on Wednesday, July 30th. Finally, Barclays boosted their price objective on American Tower from $246.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $242.07.

American Tower 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.