American Tower Corporation $AMT Shares Sold by Madison Asset Management LLC

Key Points

• Madison Asset Management cut its stake in American Tower by 74.1% in the fourth quarter, selling 81,631 shares and leaving it with 28,568 shares worth about $5.0 million.
• American Tower beat earnings expectations in its latest quarter, reporting $2.84 EPS versus $1.60 expected and revenue of $2.74 billion, with revenue up 6.8% year over year.
• The company raised its quarterly dividend to $1.79 per share, bringing the annualized dividend to $7.16 and a yield of 4.1%, while analysts currently hold a consensus Moderate Buy rating.

Madison Asset Management LLC reduced its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 74.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,568 shares of the real estate investment trust's stock after selling 81,631 shares during the period. Madison Asset Management LLC's holdings in American Tower were worth $5,016,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its position in American Tower by 8.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 96,793 shares of the real estate investment trust's stock worth $18,615,000 after acquiring an additional 7,872 shares during the period. Eastern Bank boosted its position in American Tower by 69.6% during the 3rd quarter. Eastern Bank now owns 139,091 shares of the real estate investment trust's stock worth $26,750,000 after acquiring an additional 57,078 shares during the period. Krilogy Financial LLC acquired a new stake in American Tower during the 3rd quarter worth about $1,044,000. Machina Capital S.A.S. acquired a new stake in American Tower during the 3rd quarter worth about $2,871,000. Finally, Commerzbank Aktiengesellschaft FI boosted its position in American Tower by 92.4% during the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 61,397 shares of the real estate investment trust's stock worth $11,808,000 after acquiring an additional 29,486 shares during the period. 92.69% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at American Tower

In related news, COO Eugene M. Noel sold 41,209 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $191.05, for a total value of $7,872,979.45. Following the completion of the sale, the chief operating officer directly owned 29,592 shares in the company, valued at approximately $5,653,551.60. The trade was a 58.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Ruth T. Dowling sold 416 shares of the business's stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $177.54, for a total value of $73,856.64. Following the completion of the sale, the executive vice president owned 29,461 shares of the company's stock, valued at approximately $5,230,505.94. This trade represents a 1.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 42,181 shares of company stock valued at $8,046,071 in the last three months. Corporate insiders own 0.08% of the company's stock.

American Tower Stock Down 2.7%

AMT opened at $174.04 on Thursday. American Tower Corporation has a fifty-two week low of $165.08 and a fifty-two week high of $234.33. The business has a 50-day moving average of $178.60 and a 200-day moving average of $179.32. The company has a debt-to-equity ratio of 3.07, a current ratio of 0.43 and a quick ratio of 0.43. The company has a market capitalization of $81.08 billion, a PE ratio of 28.12, a price-to-earnings-growth ratio of 0.75 and a beta of 0.90.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share for the quarter, topping analysts' consensus estimates of $1.60 by $1.24. American Tower had a return on equity of 27.79% and a net margin of 26.81%.The company had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same period last year, the business earned $2.75 EPS. The business's quarterly revenue was up 6.8% on a year-over-year basis. American Tower has set its FY 2026 guidance at 10.900-11.07 EPS. Equities research analysts forecast that American Tower Corporation will post 10.67 EPS for the current fiscal year.

American Tower Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 28th. Stockholders of record on Tuesday, April 14th were paid a dividend of $1.79 per share. This is a boost from American Tower's previous quarterly dividend of $1.70. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $7.16 dividend on an annualized basis and a dividend yield of 4.1%. American Tower's dividend payout ratio (DPR) is 115.67%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on AMT shares. Morgan Stanley decreased their price objective on American Tower from $225.00 to $220.00 and set an "overweight" rating for the company in a research report on Wednesday, February 25th. BMO Capital Markets raised their price objective on American Tower from $185.00 to $200.00 and gave the stock a "market perform" rating in a research report on Wednesday, February 25th. Truist Financial raised their price objective on American Tower from $205.00 to $208.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. Citizens Jmp restated a "market outperform" rating and set a $260.00 price objective on shares of American Tower in a research report on Wednesday, April 29th. Finally, The Goldman Sachs Group cut their price target on American Tower from $230.00 to $210.00 and set a "buy" rating for the company in a research note on Friday, January 16th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, American Tower has a consensus rating of "Moderate Buy" and a consensus target price of $218.05.

American Tower Company Profile

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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