Plimoth Trust Co. LLC Sells 128 Shares of American Tower Corporation $AMT

Plimoth Trust Co. LLC lessened its stake in American Tower Corporation (NYSE:AMT) by 6.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,882 shares of the real estate investment trust’s stock after selling 128 shares during the quarter. Plimoth Trust Co. LLC’s holdings in American Tower were worth $416,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. DAVENPORT & Co LLC raised its holdings in American Tower by 41.0% in the second quarter. DAVENPORT & Co LLC now owns 872,074 shares of the real estate investment trust’s stock worth $191,796,000 after buying an additional 253,708 shares during the last quarter. Grimes & Company Inc. increased its position in shares of American Tower by 13.5% during the second quarter. Grimes & Company Inc. now owns 1,228 shares of the real estate investment trust’s stock valued at $271,000 after acquiring an additional 146 shares in the last quarter. Simplicity Wealth LLC purchased a new position in American Tower in the 2nd quarter worth approximately $415,000. Highland Capital Management LLC bought a new position in American Tower in the 2nd quarter valued at approximately $2,255,000. Finally, Oak Hill Wealth Advisors LLC boosted its stake in American Tower by 188.5% during the 2nd quarter. Oak Hill Wealth Advisors LLC now owns 3,826 shares of the real estate investment trust’s stock valued at $844,000 after purchasing an additional 2,500 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

American Tower Stock Down 0.6%

AMT stock opened at $190.10 on Monday. The business’s 50-day moving average price is $201.53 and its 200-day moving average price is $211.73. The stock has a market cap of $89.01 billion, a P/E ratio of 69.13, a PEG ratio of 1.17 and a beta of 0.86. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $234.33. 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 released its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, topping analysts’ consensus estimates 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%. The firm’s revenue was down 9.4% compared to the same quarter last year. During the same quarter last year, the business earned $2.79 EPS. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. On average, equities research analysts forecast that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

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

Insider Activity at American Tower

In other news, CEO Juan Font sold 720 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer owned 23,425 shares of the company’s stock, valued at $4,880,130.25. This represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.18% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AMT. The Goldman Sachs Group restated a “buy” rating on shares of American Tower in a research note on Tuesday, July 29th. BMO Capital Markets reissued an “outperform” rating and issued a $245.00 target price (down previously from $250.00) on shares of American Tower in a research report on Wednesday, July 30th. Raymond James Financial set a $250.00 price target on shares of American Tower and gave the company a “strong-buy” rating in a report on Wednesday, July 30th. HSBC lowered shares of American Tower from a “buy” rating to a “hold” rating and set a $235.00 price target for the company. in a research note on Wednesday, July 30th. Finally, Wall Street Zen downgraded shares of American Tower from a “hold” rating to a “sell” rating in a research report on Saturday. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and a consensus target price of $242.07.

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.