Bernzott Capital Advisors Grows Stock Position in American Tower Corporation $AMT

Key Points

• Bernzott Capital Advisors increased its stake in American Tower by 29.3% in the first quarter, buying 9,556 more shares and bringing its total to 42,161 shares worth about $7.28 million.
• Several other institutional investors also added to or started positions in AMT, and institutional ownership remains very high at 92.69% of the company’s shares.
• Analysts remain mostly constructive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $215.57; American Tower also reported Q1 results that beat estimates and continues paying a quarterly dividend of $1.79 per share.

Bernzott Capital Advisors boosted its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 29.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 42,161 shares of the real estate investment trust's stock after acquiring an additional 9,556 shares during the quarter. American Tower makes up approximately 3.5% of Bernzott Capital Advisors' holdings, making the stock its 7th biggest holding. Bernzott Capital Advisors' holdings in American Tower were worth $7,276,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in AMT. Raleigh Capital Management Inc. raised its position in shares of American Tower by 489.1% in the 1st quarter. Raleigh Capital Management Inc. now owns 13,703 shares of the real estate investment trust's stock valued at $2,365,000 after acquiring an additional 11,377 shares during the period. CIBC Bancorp USA Inc. bought a new position in American Tower during the 3rd quarter worth approximately $35,633,000. Nordea Investment Management AB grew its holdings in American Tower by 10.4% during the fourth quarter. Nordea Investment Management AB now owns 1,743,321 shares of the real estate investment trust's stock valued at $306,284,000 after purchasing an additional 164,645 shares during the period. Canal Capital Management LLC increased its stake in American Tower by 81.9% in the first quarter. Canal Capital Management LLC now owns 34,471 shares of the real estate investment trust's stock valued at $5,949,000 after purchasing an additional 15,520 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in American Tower by 4.7% in the fourth quarter. Legal & General Group Plc now owns 4,873,695 shares of the real estate investment trust's stock valued at $855,675,000 after purchasing an additional 220,447 shares in the last quarter. Institutional investors own 92.69% of the company's stock.

Analysts Set New Price Targets

AMT has been the topic of a number of recent analyst reports. Raymond James Financial reissued a "strong-buy" rating and set a $240.00 price target on shares of American Tower in a research report on Wednesday, April 29th. The Goldman Sachs Group assumed coverage on shares of American Tower in a research report on Friday, June 26th. They issued a "buy" rating and a $215.00 price objective for the company. Jefferies Financial Group raised their price objective on American Tower from $209.00 to $210.00 and gave the stock a "buy" rating in a research note on Tuesday, April 14th. Citizens Jmp reiterated a "market outperform" rating and set a $260.00 target price on shares of American Tower in a report on Wednesday, April 29th. Finally, Scotiabank increased their price target on American Tower from $214.00 to $218.00 and gave the stock an "outperform" rating in a report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, American Tower currently has a consensus rating of "Moderate Buy" and an average price target of $215.57.

American Tower Stock Down 0.2%

NYSE:AMT opened at $164.78 on Friday. The stock has a 50-day simple moving average of $178.85 and a 200 day simple moving average of $178.96. American Tower Corporation has a 52-week low of $160.06 and a 52-week high of $234.33. The company has a market cap of $76.77 billion, a PE ratio of 26.62, a PEG ratio of 0.69 and a beta of 0.91. The company has a debt-to-equity ratio of 3.07, a quick ratio of 0.43 and a current ratio of 0.43.

American Tower (NYSE:AMT - Get Free Report) last released its earnings results on Tuesday, April 28th. The real estate investment trust reported $2.84 EPS for the quarter, beating the consensus estimate of $1.60 by $1.24. American Tower had a return on equity of 27.79% and a net margin of 26.81%.The firm had revenue of $2.74 billion for the quarter, compared to analysts' expectations of $2.66 billion. During the same quarter in the previous year, the business posted $2.75 EPS. The business's quarterly 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. On average, sell-side analysts expect that American Tower Corporation will post 10.66 EPS for the current fiscal year.

American Tower Dividend Announcement

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

Insider Buying and Selling

In related news, EVP Ruth T. Dowling sold 556 shares of the firm's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $178.48, for a total value of $99,234.88. Following the completion of the transaction, the executive vice president owned 29,877 shares of the company's stock, valued at approximately $5,332,446.96. This trade represents a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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.

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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