American Tower Corporation $AMT Shares Bought by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC increased its stake in American Tower by 5.9% in the first quarter, buying 6,350 more shares and bringing its total holding to 114,390 shares worth about $19.74 million.
• American Tower reported stronger-than-expected quarterly results, with EPS of $2.84 versus the $1.60 consensus estimate and revenue of $2.74 billion, up 6.8% year over year.
• The company continues to attract bullish analyst sentiment and pays a sizable dividend, with a consensus “Moderate Buy” rating, an average price target of $215.57, and a recent quarterly dividend of $1.79 per share yielding about 4.3% annualized.

Gabelli Funds LLC grew its stake in American Tower Corporation (NYSE:AMT - Free Report) by 5.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 114,390 shares of the real estate investment trust's stock after buying an additional 6,350 shares during the period. Gabelli Funds LLC's holdings in American Tower were worth $19,741,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of AMT. Richards Merrill & Peterson Inc. purchased a new position in shares of American Tower during the fourth quarter worth about $25,000. Oakworth Capital Inc. grew its stake in American Tower by 90.7% during the 4th quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust's stock worth $25,000 after buying an additional 68 shares during the last quarter. Swiss RE Ltd. purchased a new position in American Tower during the 4th quarter worth approximately $25,000. Triumph Capital Management acquired a new position in American Tower during the third quarter worth approximately $29,000. Finally, Acumen Wealth Advisors LLC acquired a new position in American Tower during the fourth quarter worth approximately $29,000. Institutional investors and hedge funds own 92.69% of the company's stock.

Insider Activity at American Tower

In other news, EVP Ruth T. Dowling sold 416 shares of the company's stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $177.54, for a total transaction of $73,856.64. Following the transaction, the executive vice president directly owned 29,461 shares of the company's stock, valued at $5,230,505.94. This represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.08% of the company's stock.

American Tower Trading Up 1.2%

Shares of American Tower stock opened at $166.66 on Friday. American Tower Corporation has a 52-week low of $160.06 and a 52-week high of $231.54. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 3.07. The company's 50-day simple moving average is $176.77 and its 200-day simple moving average is $178.35. The firm has a market cap of $77.65 billion, a price-to-earnings ratio of 26.92, a price-to-earnings-growth ratio of 0.70 and a beta of 0.91.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $2.84 EPS for the quarter, beating analysts' consensus estimates of $1.60 by $1.24. American Tower had a net margin of 26.81% and a return on equity of 27.79%. The firm had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same quarter last year, the firm earned $2.75 earnings per share. The firm's revenue was up 6.8% compared to the same quarter last year. American Tower has set its FY 2026 guidance at 10.900-11.07 EPS. As a group, equities research analysts anticipate that American Tower Corporation will post 10.66 earnings per share for the current year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Friday, June 12th were given a $1.79 dividend. The ex-dividend date was Friday, June 12th. This represents a $7.16 annualized dividend and a yield of 4.3%. American Tower's dividend payout ratio is presently 115.67%.

Wall Street Analysts Forecast Growth

AMT has been the topic of a number of recent research reports. Truist Financial lifted their target price on shares of American Tower from $205.00 to $208.00 and gave the company a "buy" rating in a report on Thursday, April 30th. Royal Bank Of Canada upgraded shares of American Tower from a "sector perform" rating to an "outperform" rating and increased their price target for the stock from $195.00 to $205.00 in a research note on Friday, June 26th. Weiss Ratings raised shares of American Tower from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, July 14th. Scotiabank boosted their price target on American Tower from $214.00 to $218.00 and gave the company an "outperform" rating in a research report on Wednesday, April 29th. Finally, Jefferies Financial Group upped their price objective on American Tower from $209.00 to $210.00 and gave the company a "buy" rating in a research note on Tuesday, April 14th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, American Tower has a consensus rating of "Moderate Buy" and an average price target of $215.57.

About American Tower

American Tower NYSE: AMT is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company's core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.

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