OLD National Bancorp IN Has $1.48 Million Stock Position in American Tower Corporation $AMT

OLD National Bancorp IN lowered its stake in American Tower Corporation (NYSE:AMT) by 4.8% during the second quarter, HoldingsChannel reports. The firm owned 6,686 shares of the real estate investment trust’s stock after selling 340 shares during the period. OLD National Bancorp IN’s holdings in American Tower were worth $1,478,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of AMT. Brighton Jones LLC boosted its stake in 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 worth $727,000 after purchasing an additional 2,104 shares during the period. Congress Asset Management Co. purchased a new stake in shares of American Tower in the first quarter valued at $203,000. Sivia Capital Partners LLC acquired a new stake in shares of American Tower in the first quarter worth $234,000. Wedmont Private Capital raised its position in American Tower by 7.6% during the first quarter. Wedmont Private Capital now owns 3,038 shares of the real estate investment trust’s stock valued at $648,000 after buying an additional 214 shares during the period. Finally, Miracle Mile Advisors LLC lifted its stake in American Tower by 25.4% in the 1st quarter. Miracle Mile Advisors LLC now owns 4,679 shares of the real estate investment trust’s stock worth $1,018,000 after acquiring an additional 949 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at American Tower

In related news, CEO Juan Font sold 720 shares of the business’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 completion of the sale, the chief executive officer directly owned 23,425 shares in the company, valued at approximately $4,880,130.25. The trade was a 2.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

AMT has been the topic of a number of research reports. The Goldman Sachs Group reiterated a “buy” rating on shares of American Tower in a report on Tuesday, July 29th. HSBC lowered shares of American Tower from a “buy” rating to a “hold” rating and set a $235.00 price objective on the stock. in a research note on Wednesday, July 30th. UBS Group lifted 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. Hsbc Global Res cut shares of American Tower from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 30th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of American Tower in a report on Saturday, September 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $242.07.

American Tower Stock Performance

Shares of AMT opened at $185.46 on Tuesday. The firm has a market cap of $86.84 billion, a price-to-earnings ratio of 67.44, a price-to-earnings-growth ratio of 1.17 and a beta of 0.86. The company’s fifty day moving average is $200.75 and its 200-day moving average is $211.51. 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 Corporation has a 12 month low of $172.51 and a 12 month high of $234.33.

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. The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.58 billion. American Tower had a net margin of 12.60% and a return on equity of 24.85%. American Tower’s revenue for the quarter was down 9.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.79 earnings per share. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Equities analysts expect that American Tower Corporation will post 10.14 EPS 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. Stockholders of record on Tuesday, September 30th will be issued a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.7%. American Tower’s dividend payout ratio is currently 247.27%.

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.