Bessemer Group Inc. Reduces Position in American Tower Corporation $AMT

Key Points

• Bessemer Group Inc. sharply reduced its American Tower stake by 76.9% in the fourth quarter, selling 900,871 shares and leaving it with 270,313 shares valued at about $47.5 million.
• American Tower beat earnings expectations in its latest quarter, reporting $2.84 EPS versus the $1.60 estimate and revenue of $2.74 billion, while also lifting its quarterly dividend to $1.79 per share.
• Analyst sentiment remains mostly positive, with the stock carrying a consensus rating of Moderate Buy and an average price target of $218.05, though some firms recently trimmed their targets.

Bessemer Group Inc. trimmed its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 76.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 270,313 shares of the real estate investment trust's stock after selling 900,871 shares during the quarter. Bessemer Group Inc. owned 0.06% of American Tower worth $47,458,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. boosted its stake in American Tower by 8.9% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 96,793 shares of the real estate investment trust's stock valued at $18,615,000 after acquiring an additional 7,872 shares during the period. Krilogy Financial LLC bought a new stake in shares of American Tower during the third quarter valued at approximately $1,044,000. Machina Capital S.A.S. bought a new stake in shares of American Tower during the third quarter valued at approximately $2,871,000. Commerzbank Aktiengesellschaft FI raised its holdings in shares of American Tower by 92.4% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 61,397 shares of the real estate investment trust's stock valued at $11,808,000 after buying an additional 29,486 shares during the last quarter. Finally, National Pension Service raised its holdings in shares of American Tower by 2.5% during the third quarter. National Pension Service now owns 1,240,270 shares of the real estate investment trust's stock valued at $238,529,000 after buying an additional 30,368 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on AMT shares. Barclays cut their price target on American Tower from $200.00 to $195.00 and set an "equal weight" rating on the stock in a report on Thursday, April 16th. Morgan Stanley cut their price target on American Tower from $225.00 to $220.00 and set an "overweight" rating on the stock in a report on Wednesday, February 25th. Citizens Jmp reaffirmed a "market outperform" rating and set a $260.00 price target on shares of American Tower in a report on Wednesday, April 29th. Weiss Ratings raised American Tower from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday. Finally, Jefferies Financial Group lifted their price target on American Tower from $209.00 to $210.00 and gave the company a "buy" rating in a report on Tuesday, April 14th. One 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. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $218.05.

Insider Buying and Selling

In related news, 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 transaction of $73,856.64. Following the sale, the executive vice president owned 29,461 shares of the company's stock, valued at $5,230,505.94. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 42,181 shares of company stock valued at $8,046,071 over the last quarter. Corporate insiders own 0.08% of the company's stock.

American Tower Price Performance

Shares of NYSE:AMT opened at $170.74 on Friday. American Tower Corporation has a 12 month low of $165.08 and a 12 month high of $234.33. The stock has a market cap of $79.54 billion, a price-to-earnings ratio of 27.58, a PEG ratio of 0.71 and a beta of 0.90. The stock's 50 day moving average price is $177.80 and its 200 day moving average price is $179.11. The company has a debt-to-equity ratio of 3.07, a current ratio of 0.43 and a quick ratio of 0.43.

American Tower (NYSE:AMT - Get Free Report) last announced its earnings results on Tuesday, April 28th. The real estate investment trust reported $2.84 EPS for the quarter, topping 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 company earned $2.75 earnings per share. The firm'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. Equities research analysts anticipate that American Tower Corporation will post 10.67 earnings per share for the current fiscal year.

American Tower Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 28th. Investors of record on Tuesday, April 14th were issued a dividend of $1.79 per share. The ex-dividend date of this dividend was Tuesday, April 14th. This is a positive change from American Tower's previous quarterly dividend of $1.70. This represents a $7.16 annualized dividend and a yield of 4.2%. American Tower's dividend payout ratio is presently 115.67%.

American Tower 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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