American Tower Corporation $AMT Shares Newly Bought by EULAV Asset Management

Key Points

• EULAV Asset Management initiated a position in American Tower, purchasing 18,740 shares valued at approximately $3.1 million. Institutional investors own 92.69% of the company’s stock.
• American Tower’s latest quarterly results exceeded expectations, with $2.71 EPS and $2.75 billion in revenue, up 4.6% year over year. Growth prospects include 5G deployments, potential SpaceX cell-site demand and strong data-center leasing.
• Analysts maintain a Moderate Buy consensus rating with an average price target of $214.90, although some targets were recently reduced and valuation concerns remain. The company also pays a $1.79 quarterly dividend, representing a 3.8% annualized yield.

EULAV Asset Management purchased a new position in American Tower Corporation (NYSE:AMT - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 18,740 shares of the real estate investment trust's stock, valued at approximately $3,068,000.

A number of other large investors also recently bought and sold shares of AMT. BlackRock Inc. purchased a new stake in American Tower in the second quarter worth about $7,490,943,000. State Street Corp lifted its holdings in shares of American Tower by 2.9% during the second quarter. State Street Corp now owns 22,066,202 shares of the real estate investment trust's stock valued at $3,647,491,000 after purchasing an additional 631,593 shares during the last quarter. Lazard Asset Management LLC lifted its holdings in shares of American Tower by 20.4% during the first quarter. Lazard Asset Management LLC now owns 7,325,943 shares of the real estate investment trust's stock valued at $1,264,311,000 after purchasing an additional 1,240,780 shares during the last quarter. Deutsche Bank AG bought a new stake in shares of American Tower in the 2nd quarter worth approximately $1,096,186,000. Finally, Legal & General Group Plc boosted its position in shares of American Tower by 0.6% in the 2nd quarter. Legal & General Group Plc now owns 4,853,850 shares of the real estate investment trust's stock worth $793,944,000 after purchasing an additional 27,929 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Key Headlines 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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Mizuho set a $208.00 price target on American Tower in a research note on Thursday, August 20th. Truist Financial reissued a "buy" rating and issued a $207.00 target price (down from $208.00) on shares of American Tower in a report on Wednesday, August 12th. Jefferies Financial Group dropped their target price on American Tower from $210.00 to $201.00 and set a "buy" rating on the stock in a report on Wednesday, July 15th. Weiss Ratings raised American Tower from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday. Finally, TD Cowen raised their price target on American Tower from $225.00 to $227.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $214.90.

Insider Buying and Selling

In related news, Director Rajesh Kalathur bought 2,829 shares of the business's stock in a transaction on Friday, August 21st. The stock was acquired at an average price of $177.00 per share, with a total value of $500,733.00. Following the transaction, the director owned 7,765 shares in the company, valued at approximately $1,374,405. This trade represents a 57.31% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Robert Joseph Meyer sold 5,000 shares of the business's stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $178.89, for a total transaction of $894,450.00. Following the sale, the chief financial officer owned 21,428 shares of the company's stock, valued at approximately $3,833,254.92. This represents a 18.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 6,791 shares of company stock worth $1,204,091. 0.08% of the stock is owned by insiders.

American Tower Price Performance

NYSE AMT opened at $189.25 on Monday. American Tower Corporation has a one year low of $160.06 and a one year high of $202.50. The stock has a 50-day moving average of $174.69 and a 200 day moving average of $175.73. The company has a debt-to-equity ratio of 3.12, a quick ratio of 0.52 and a current ratio of 0.52. The company has a market capitalization 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 - Get Free Report) last posted its earnings results on Tuesday, July 28th. The real estate investment trust reported $2.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $1.14. American Tower had a net margin of 31.08% and a return on equity of 32.76%. The business had revenue of $2.75 billion for the quarter, compared to analysts' expectations of $2.70 billion. During the same quarter in the prior year, the business earned $2.60 EPS. The business's revenue for the quarter was up 4.6% compared to the same quarter last year. American Tower has set its FY 2026 guidance at 11.000-11.170 EPS. On average, sell-side analysts forecast that American Tower Corporation will post 10.80 EPS for the current year.

American Tower Dividend Announcement

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

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.

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