Cross Staff Investments Inc Raises Stake in American Tower Corporation $AMT

Cross Staff Investments Inc increased its stake in American Tower Corporation (NYSE:AMT) by 4.5% during the second quarter, according to its most recent filing with the SEC. The fund owned 6,381 shares of the real estate investment trust’s stock after buying an additional 277 shares during the quarter. American Tower accounts for approximately 1.0% of Cross Staff Investments Inc’s portfolio, making the stock its 26th largest holding. Cross Staff Investments Inc’s holdings in American Tower were worth $1,410,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AMT. North Capital Inc. purchased a new position in shares of American Tower in the 1st quarter worth about $25,000. Hopwood Financial Services Inc. lifted its holdings in American Tower by 100.0% during the first quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 60 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. purchased a new stake in American Tower during the first quarter valued at about $31,000. Saudi Central Bank purchased a new stake in American Tower during the first quarter valued at about $40,000. Finally, Accredited Wealth Management LLC lifted its holdings in American Tower by 180.0% during the first quarter. Accredited Wealth Management LLC now owns 210 shares of the real estate investment trust’s stock valued at $46,000 after purchasing an additional 135 shares during 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 other American Tower news, CEO Juan Font sold 720 shares of the stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total transaction of $149,997.60. Following the transaction, the chief executive officer directly owned 23,425 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.17% of the company’s stock.

American Tower Stock Up 0.7%

AMT stock opened at $186.60 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36. The company’s 50 day moving average is $198.75 and its 200 day moving average is $210.81. The stock has a market cap of $87.38 billion, a price-to-earnings ratio of 67.85, a price-to-earnings-growth ratio of 1.12 and a beta of 0.86. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $234.33.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.01. The company had revenue of $2.63 billion for 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% compared to the same quarter last year. During the same period in the prior year, the business earned $2.79 earnings per share. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Sell-side analysts predict 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. 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%.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. BMO Capital Markets reaffirmed an “outperform” rating and set a $245.00 price objective (down from $250.00) on shares of American Tower in a report on Wednesday, July 30th. JPMorgan Chase & Co. upped their price objective on shares of American Tower from $250.00 to $255.00 and gave the company an “overweight” rating in a report on Wednesday, July 30th. Wells Fargo & Company dropped their price objective on shares of American Tower from $240.00 to $230.00 and set an “overweight” rating on the stock in a report on Wednesday, July 30th. Weiss Ratings reiterated a “hold (c-)” rating on shares of American Tower in a research report on Wednesday. Finally, Wall Street Zen cut shares of American Tower from a “hold” rating to a “sell” rating in a research note on Saturday, October 4th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $242.07.

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.