Clearbridge Investments LLC Sells 442,239 Shares of American Tower Corporation $AMT

Key Points

• Clearbridge Investments cut its American Tower stake by 12.0% in Q4, selling 442,239 shares and leaving it with 3,234,980 shares worth about $568 million.
• American Tower’s latest earnings beat expectations, with Q1 EPS of $2.84 versus $1.60 expected and revenue of $2.74 billion, up 6.8% year over year.
• The company declared a quarterly dividend of $1.79 per share, payable July 13, implying an annualized yield of 3.7% at the time of the report.

Clearbridge Investments LLC lowered its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 12.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,234,980 shares of the real estate investment trust's stock after selling 442,239 shares during the quarter. Clearbridge Investments LLC owned approximately 0.69% of American Tower worth $567,965,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in AMT. Northwestern Mutual Wealth Management Co. grew its holdings in American Tower by 20,721.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 9,712,672 shares of the real estate investment trust's stock worth $1,705,254,000 after acquiring an additional 9,666,025 shares during the last quarter. Norges Bank bought a new stake in American Tower during the 4th quarter worth about $1,171,180,000. Lazard Asset Management LLC grew its holdings in American Tower by 1,984.8% during the 3rd quarter. Lazard Asset Management LLC now owns 4,464,382 shares of the real estate investment trust's stock worth $858,552,000 after acquiring an additional 4,250,242 shares during the last quarter. Capital International Investors grew its holdings in American Tower by 157.0% during the 4th quarter. Capital International Investors now owns 3,871,368 shares of the real estate investment trust's stock worth $679,696,000 after acquiring an additional 2,364,898 shares during the last quarter. Finally, Viking Global Investors LP grew its holdings in American Tower by 233.5% during the 2nd quarter. Viking Global Investors LP now owns 2,797,125 shares of the real estate investment trust's stock worth $618,221,000 after acquiring an additional 1,958,329 shares during the last quarter. Institutional investors own 92.69% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on AMT. Mizuho raised shares of American Tower from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $189.00 to $205.00 in a report on Wednesday, April 15th. JPMorgan Chase & Co. reduced their target price on shares of American Tower from $245.00 to $240.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 29th. Weiss Ratings raised shares of American Tower from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, May 11th. UBS Group reduced their target price on shares of American Tower from $254.00 to $248.00 and set a "buy" rating on the stock in a research note on Wednesday, February 25th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $216.20.

American Tower Stock Down 0.0%

Shares of NYSE AMT opened at $193.88 on Friday. The firm has a market capitalization of $90.33 billion, a PE ratio of 31.32, a price-to-earnings-growth ratio of 0.81 and a beta of 0.90. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 3.07. American Tower Corporation has a 1 year low of $165.08 and a 1 year high of $234.33. The firm's 50-day moving average is $179.08 and its 200-day moving average is $179.58.

American Tower (NYSE:AMT - Get Free Report) last issued its earnings results on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $1.24. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.66 billion. American Tower had a net margin of 26.81% and a return on equity of 27.79%. The company's revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter last year, the firm earned $2.75 EPS. American Tower has set its FY 2026 guidance at 10.900-11.07 EPS. Equities analysts expect that American Tower Corporation will post 10.67 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. Investors 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 3.7%. The ex-dividend date is Friday, June 12th. American Tower's dividend payout ratio (DPR) is currently 115.67%.

Insider Buying and Selling

In related news, EVP Ruth T. Dowling sold 416 shares of the stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $177.54, for a total value 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 legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur purchased 2,671 shares of the business's stock in a transaction that occurred on Tuesday, March 10th. The stock was purchased at an average price of $185.30 per share, for a total transaction of $494,936.30. Following the completion of the transaction, the director directly owned 4,936 shares in the company, valued at $914,640.80. This trade represents a 117.92% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 0.08% of the company's stock.

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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