Greenwich Wealth Management Increases Stake in American Tower by 9.9%

Greenwich Wealth Management LLC has boosted its holdings in American Tower Corporation (NYSE: AMT) by 9.9% during the second quarter of 2023. According to the company’s recent filing with the U.S. Securities and Exchange Commission (SEC), Greenwich now owns 3,997 shares of the real estate investment trust (REIT) after acquiring an additional 360 shares in the period. The total value of this investment stands at approximately $883,000.

Several institutional investors have also adjusted their positions in American Tower. For instance, Legacy Investment Solutions LLC established a new position valued at around $31,000 during the second quarter. Meanwhile, VSM Wealth Advisory LLC increased its stake by a significant 136.4%, bringing its total holdings to 156 shares worth $34,000 after purchasing an additional 90 shares. Additionally, Rosenberg Matthew Hamilton raised its investment in the company by 86.0%, now owning 173 shares valued at $38,000.

The Saudi Central Bank also entered the market with a new stake worth approximately $40,000, while Winnow Wealth LLC acquired shares valued at $44,000. Currently, institutional investors and hedge funds hold 92.69% of American Tower’s stock.

Analysts Adjust Price Targets

Recent analysis from various equity research firms has led to adjustments in price targets for American Tower. On October 29, HSBC reduced its target from $235.00 to $205.00. Concurrently, JPMorgan Chase & Co. lowered its target from $255.00 to $250.00 while maintaining an “overweight” rating. Jefferies Financial Group decreased its price target from $281.00 to $226.00, also assigning a “buy” rating.

Furthermore, TD Cowen announced a reduced price target of $235.00 while reaffirming a “buy” rating. Analysts from MarketBeat indicate that there are two “Strong Buy” ratings, thirteen “Buy” ratings, and five “Hold” ratings, resulting in a consensus rating of “Moderate Buy” with an average target price of $228.44.

Stock Performance and Financial Highlights

As of the recent trading session, American Tower’s stock opened at $181.95, reflecting a 0.4% increase. The company has experienced a 1-year low of $172.51 and a high of $234.33. Its 50-day moving average stands at $185.59, while the 200-day average is $202.73. With a market capitalization of $85.18 billion, American Tower reports a price-to-earnings (P/E) ratio of 29.07.

In its latest quarterly earnings report released on October 28, American Tower reported earnings per share (EPS) of $2.78, surpassing the consensus estimate of $2.64 by $0.14. The company achieved a revenue of $2.72 billion, exceeding expectations of $2.65 billion and reflecting a year-over-year revenue growth of 7.7%.

American Tower has also provided guidance for the fiscal year 2025, projecting EPS between $10.600 and $10.720. Analysts anticipate an average EPS of $10.14 for the current fiscal year.

In addition to its financial performance, American Tower declared a quarterly dividend of $1.70 per share, which was paid on October 20. The annualized dividend amounts to $6.80, resulting in a dividend yield of 3.7%.

Insider Transactions and Ownership

In related news, Director Eugene F. Reilly purchased 5,554 shares of American Tower on October 31 at an average price of $178.99 per share, totaling approximately $994,110.46. Following this transaction, Reilly now holds 5,689 shares valued at around $1,018,274.11, representing a substantial increase in ownership by 4,114.07%.

Insider ownership in the company remains relatively low, with corporate insiders holding only 0.17% of American Tower’s stock.

American Tower Corporation, one of the largest global REITs, specializes in owning, operating, and developing multitenant communications real estate, with over 224,000 communications sites within its portfolio.