Norris Perne & French LLP MI Acquires New Holdings in American Tower Corporation $AMT

Norris Perne & French LLP MI bought a new position in shares of American Tower Corporation (NYSE:AMT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 45,782 shares of the real estate investment trust’s stock, valued at approximately $7,494,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dynamic Wealth Strategies LLC lifted its stake in shares of American Tower by 11.1% in the 3rd quarter. Dynamic Wealth Strategies LLC now owns 549 shares of the real estate investment trust’s stock valued at $90,000 after purchasing an additional 55 shares during the last quarter. Pinnacle Bancorp Inc. grew its holdings in shares of American Tower by 1.3% during the 3rd quarter. Pinnacle Bancorp Inc. now owns 4,491 shares of the real estate investment trust’s stock worth $736,000 after purchasing an additional 59 shares during the period. William Allan Corp grew its holdings in shares of American Tower by 4.7% during the 3rd quarter. William Allan Corp now owns 1,391 shares of the real estate investment trust’s stock worth $228,000 after purchasing an additional 62 shares during the period. Community Financial Services Group LLC grew its holdings in shares of American Tower by 1.2% during the 2nd quarter. Community Financial Services Group LLC now owns 5,388 shares of the real estate investment trust’s stock worth $895,000 after purchasing an additional 65 shares during the period. Finally, Sunburst Financial Group LLC increased its position in shares of American Tower by 3.5% during the 2nd quarter. Sunburst Financial Group LLC now owns 1,933 shares of the real estate investment trust’s stock worth $316,000 after purchasing an additional 66 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Stock Up 4.2%

Shares of NYSE AMT opened at $189.25 on Friday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 3.12. The business’s 50 day moving average is $174.69 and its two-hundred day moving average is $175.73. American Tower Corporation has a 52-week low of $160.06 and a 52-week high of $202.50. The firm has a market cap of $88.18 billion, a price-to-earnings ratio of 26.03, a PEG ratio of 3.03 and a beta of 0.88.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $2.71 EPS for the quarter, topping the consensus estimate of $1.57 by $1.14. American Tower had a return on equity of 32.76% and a net margin of 31.08%. The business had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.70 billion. During the same period last year, the business posted $2.60 earnings per share. The company’s quarterly revenue was up 4.6% on a year-over-year basis. American Tower has set its FY 2026 guidance at 11.000-11.170 EPS. Research analysts predict that American Tower Corporation will post 10.80 EPS for the current year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 20th. Investors of record on Wednesday, September 30th were issued a $1.79 dividend. This represents a $7.16 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Wednesday, September 30th. American Tower’s payout ratio is currently 98.49%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. BMO Capital Markets boosted their price objective on shares of American Tower from $190.00 to $195.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. Truist Financial reaffirmed a “buy” rating and set a $207.00 target price (down from $208.00) on shares of American Tower in a research note on Wednesday, August 12th. The Goldman Sachs Group set a $210.00 target price on shares of American Tower in a research note on Tuesday, July 28th. TD Cowen lifted their price target on shares of American Tower from $225.00 to $227.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Finally, Sanford C. Bernstein reduced their price target on shares of American Tower from $214.00 to $212.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $214.90.

Key Stories Impacting American Tower

Here are the key news stories impacting American Tower this week:

• Positive Sentiment: Reports that SpaceX may pursue approximately 80,000 cell sites to support a nationwide wireless service boosted the outlook for tower operators. American Tower could benefit from new tenants, higher site utilization and incremental recurring rental revenue. SpaceX Talks Send Cell Tower Stocks Surging
• Positive Sentiment: Investors are also citing strong data-center leasing momentum at American Tower’s CoreSite business, adding a second growth catalyst alongside 5G deployments and traditional tower leasing. American Tower climbs as data-center leasing hits fresh records
• Positive Sentiment: Before its upcoming third-quarter report, analysts expect revenue and adjusted funds from operations to benefit from 5G activity, leasing demand and data-center growth. The company’s prior quarter exceeded earnings expectations and revenue increased year over year.
• Neutral Sentiment: Director Teresa Hillary Clarke disclosed several small purchases of American Tower shares, including a recent purchase at approximately $183 per share. The buying provides a modest confidence signal, but the transactions are small relative to the company’s market value and several disclosed trades are older.
• Negative Sentiment: Valuation concerns remain: an analyst recently reduced the price target, while commentary suggested American Tower’s former valuation discount has largely disappeared. This could limit further gains if quarterly results or guidance fail to exceed expectations. American Tower price target cut by Sanford C. Bernstein

Insider Buying and Selling

In related news, EVP Ruth Dowling sold 1,106 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $174.96, for a total transaction of $193,505.76. Following the completion of the transaction, the executive vice president directly owned 27,711 shares in the company, valued at $4,848,316.56. This trade represents a 3.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Robert Joseph Meyer sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $178.89, for a total value of $894,450.00. Following the transaction, the chief financial officer owned 21,428 shares of the company’s stock, valued at $3,833,254.92. This trade represents a 18.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 6,791 shares of company stock valued at $1,204,091. Corporate insiders own 0.08% of the company’s stock.

About American Tower

American Tower Corporation (NYSE:AMT) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its portfolio primarily includes communications towers, rooftop sites, distributed antenna systems and other infrastructure used by wireless carriers, broadcasters, governments and businesses to support voice, data and video communications.

The company leases space on its sites to multiple customers, allowing them to install antennas and related equipment without building and maintaining individual tower locations.