Knights of Columbus Asset Advisors LLC Acquires 20,698 Shares of American Tower Corporation $AMT

Knights of Columbus Asset Advisors LLC grew its holdings in American Tower Corporation (NYSE:AMT) by 25.5% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 101,810 shares of the real estate investment trust’s stock after buying an additional 20,698 shares during the period. American Tower accounts for approximately 1.4% of Knights of Columbus Asset Advisors LLC’s portfolio, making the stock its 10th largest position. Knights of Columbus Asset Advisors LLC’s holdings in American Tower were worth $22,502,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Focus Financial Network Inc. boosted its position in shares of American Tower by 9.1% during the 2nd quarter. Focus Financial Network Inc. now owns 2,042 shares of the real estate investment trust’s stock worth $451,000 after purchasing an additional 170 shares in the last quarter. Resolution Capital Ltd purchased a new position in shares of American Tower during the 1st quarter worth $72,706,000. Golden State Wealth Management LLC lifted its position in American Tower by 23.0% during the first quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust’s stock worth $80,000 after buying an additional 69 shares during the period. Shum Financial Group Inc. lifted its holdings in shares of American Tower by 3.5% during the 1st quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust’s stock worth $913,000 after acquiring an additional 141 shares during the period. Finally, Kovitz Investment Group Partners LLC boosted its holdings in shares of American Tower by 126.0% in the 1st quarter. Kovitz Investment Group Partners LLC now owns 97,495 shares of the real estate investment trust’s stock valued at $21,215,000 after purchasing an additional 54,360 shares during the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Stock Performance

AMT stock opened at $190.10 on Monday. The company has a 50-day simple moving average of $201.53 and a 200 day simple moving average of $211.73. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36. The company has a market capitalization 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 fifty-two week low of $172.51 and a fifty-two week 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 EPS for the quarter, beating analysts’ consensus estimates of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.58 billion. During the same quarter last year, the business earned $2.79 earnings per share. The business’s revenue for the quarter was down 9.4% on a year-over-year basis. 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 earnings per share for the current fiscal year.

American Tower Announces Dividend

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

Analysts Set New Price Targets

AMT has been the topic of several research analyst reports. Raymond James Financial set a $250.00 price objective on American Tower and gave the company a “strong-buy” rating in a research note on Wednesday, July 30th. The Goldman Sachs Group restated a “buy” rating on shares of American Tower in a research note on Tuesday, July 29th. Wall Street Zen lowered shares of American Tower from a “hold” rating to a “sell” rating in a research note on Saturday. Wells Fargo & Company cut their price objective on American Tower from $240.00 to $230.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 30th. Finally, UBS Group increased their target price on shares of American Tower from $250.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, American Tower has an average rating of “Moderate Buy” and a consensus price target of $242.07.

Insider Transactions at American Tower

In other American Tower news, CEO Juan Font sold 720 shares of the company’s stock in a transaction 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 transaction, the chief executive officer owned 23,425 shares of the company’s stock, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.18% of the company’s stock.

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.