Canal Capital Management LLC Acquires 15,520 Shares of American Tower Corporation $AMT

Key Points

• Canal Capital Management increased its American Tower position by 81.9% in the first quarter, buying 15,520 additional shares and bringing its total holdings to 34,471 shares valued at about $5.95 million.
• American Tower reported strong quarterly results, with EPS of $2.84 beating estimates by a wide margin and revenue of $2.74 billion topping expectations. The company also raised guidance for fiscal 2026 to $10.90-$11.07 EPS.
• The company declared a quarterly dividend of $1.79 per share, implying an annualized yield of about 4.3%. However, the payout ratio is high at 115.67%, and the stock was trading near its 52-week low.

Canal Capital Management LLC lifted its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 81.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,471 shares of the real estate investment trust's stock after purchasing an additional 15,520 shares during the period. Canal Capital Management LLC's holdings in American Tower were worth $5,949,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AMT. CIBC Bancorp USA Inc. purchased a new stake in shares of American Tower during the third quarter worth $35,633,000. Nordea Investment Management AB grew its holdings in American Tower by 10.4% during the 4th 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 buying an additional 164,645 shares in the last quarter. Legal & General Group Plc increased its position in shares of American Tower by 4.7% during 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 buying an additional 220,447 shares during the period. Rathbones Group PLC lifted its holdings in shares of American Tower by 14.9% in the fourth quarter. Rathbones Group PLC now owns 474,216 shares of the real estate investment trust's stock worth $83,258,000 after buying an additional 61,428 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its position in shares of American Tower by 60.0% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 21,739 shares of the real estate investment trust's stock valued at $3,837,000 after acquiring an additional 8,155 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Down 0.1%

American Tower stock opened at $165.84 on Friday. American Tower Corporation has a one year low of $162.27 and a one year high of $234.33. The stock has a fifty day moving average of $179.93 and a 200 day moving average of $179.30. The company has a debt-to-equity ratio of 3.07, a quick ratio of 0.43 and a current ratio of 0.43. The stock has a market cap of $77.27 billion, a PE ratio of 26.79, a price-to-earnings-growth ratio of 0.69 and a beta of 0.91.

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

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Shareholders 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 is Friday, June 12th. American Tower's dividend payout ratio is presently 115.67%.

Insider Activity

In other news, EVP Ruth T. Dowling sold 416 shares of the firm'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 sale, the executive vice president directly owned 29,461 shares in the company, valued at $5,230,505.94. This trade represents a 1.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.08% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on AMT. Sanford C. Bernstein upgraded shares of American Tower from a "market perform" rating to an "outperform" rating and set a $207.00 target price on the stock in a research note on Tuesday, May 19th. JPMorgan Chase & Co. decreased their target price on American Tower from $245.00 to $240.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 29th. Royal Bank Of Canada upgraded American Tower from a "sector perform" rating to an "outperform" rating and lifted their price target for the company from $195.00 to $205.00 in a research report on Friday, June 26th. Citizens Jmp reaffirmed a "market outperform" rating and issued a $260.00 target price on shares of American Tower in a research note on Wednesday, April 29th. Finally, Mizuho raised shares of American Tower from a "neutral" rating to an "outperform" rating and increased their price target for the stock from $189.00 to $205.00 in a report on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $216.95.

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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