Legal & General Group Plc Has $993.27 Million Position in American Tower Corporation $AMT

Legal & General Group Plc raised its position in American Tower Corporation (NYSE:AMT) by 3.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,494,025 shares of the real estate investment trust’s stock after purchasing an additional 143,424 shares during the quarter. Legal & General Group Plc owned 0.96% of American Tower worth $993,269,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hopwood Financial Services Inc. grew its holdings in American Tower by 100.0% during the 1st quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 60 shares during the last quarter. Legacy Investment Solutions LLC bought a new position in shares of American Tower during the second quarter valued at $31,000. VSM Wealth Advisory LLC lifted its holdings in shares of American Tower by 136.4% during the second quarter. VSM Wealth Advisory LLC now owns 156 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 90 shares during the period. Rosenberg Matthew Hamilton grew its stake in shares of American Tower by 86.0% in the second quarter. Rosenberg Matthew Hamilton now owns 173 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 80 shares during the last quarter. Finally, Saudi Central Bank bought a new stake in shares of American Tower in the first quarter worth $40,000. 92.69% of the stock is currently owned by institutional investors.

Insider Activity

In other American Tower news, Director Eugene F. Reilly bought 5,554 shares of the firm’s stock in a transaction dated Friday, October 31st. The stock was purchased at an average cost of $178.99 per share, with a total value of $994,110.46. Following the transaction, the director directly owned 5,689 shares in the company, valued at $1,018,274.11. This trade represents a 4,114.07% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.18% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on AMT shares. BMO Capital Markets lowered their target price on American Tower from $220.00 to $215.00 and set an “outperform” rating for the company in a research report on Wednesday, October 29th. JPMorgan Chase & Co. lowered 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. Wells Fargo & Company cut their price objective on American Tower from $210.00 to $200.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 29th. Royal Bank Of Canada set a $220.00 target price on shares of American Tower and gave the company a “sector perform” rating in a research report on Wednesday, October 1st. Finally, UBS Group restated a “buy” rating and set a $260.00 price target on shares of American Tower in a report on Wednesday, October 29th. Two equities research 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, American Tower currently has an average rating of “Moderate Buy” and an average price target of $228.44.

American Tower Trading Down 0.8%

NYSE AMT opened at $179.09 on Friday. American Tower Corporation has a one year low of $172.51 and a one year high of $234.33. The company has a debt-to-equity ratio of 3.24, a current ratio of 0.89 and a quick ratio of 0.95. The business has a 50 day simple moving average of $187.23 and a 200 day simple moving average of $204.34. The stock has a market capitalization of $83.84 billion, a P/E ratio of 28.61, a P/E/G ratio of 1.08 and a beta of 0.85.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.64 by $0.14. The company had revenue of $2.72 billion for the quarter, compared to analysts’ expectations of $2.65 billion. American Tower had a net margin of 28.11% and a return on equity of 28.79%. The business’s revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.52 EPS. American Tower has set its FY 2025 guidance at 10.600-10.720 EPS. Research analysts expect that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

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

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.