Empirical Financial Services LLC d.b.a. Empirical Wealth Management Decreases Stock Position in American Tower Corporation $AMT

Key Points

• Empirical Wealth Management cut its American Tower position by 78.4% in the first quarter, selling 6,076 shares and leaving it with 1,677 shares worth about $289,000.
• American Tower reported strong first-quarter results, posting EPS of $2.84 versus the $1.60 estimate and revenue of $2.74 billion, which topped expectations and rose 6.8% year over year.
• The company paid a quarterly dividend of $1.79 per share, equal to a 4.2% yield, while analysts remain largely positive with a consensus rating of Moderate Buy and an average price target of $215.57.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management decreased its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 78.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,677 shares of the real estate investment trust's stock after selling 6,076 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in American Tower were worth $289,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Oakworth Capital Inc. grew its holdings in American Tower by 90.7% during the 4th quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust's stock valued at $25,000 after purchasing an additional 68 shares during the last quarter. Richards Merrill & Peterson Inc. bought a new stake in American Tower in the fourth quarter worth about $25,000. Swiss RE Ltd. purchased a new position in shares of American Tower during the fourth quarter valued at approximately $25,000. Triumph Capital Management bought a new position in shares of American Tower during the third quarter valued at approximately $29,000. Finally, Acumen Wealth Advisors LLC bought a new position in shares of American Tower during the fourth quarter valued at approximately $29,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

Insiders Place Their Bets

In related news, EVP Ruth T. Dowling sold 416 shares of the company's stock in a transaction dated Wednesday, April 29th. The shares were 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 directly owned 29,461 shares of the company's stock, valued at $5,230,505.94. This represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.08% of the stock is currently owned by company insiders.

American Tower Stock Up 0.0%

Shares of NYSE:AMT opened at $170.13 on Monday. American Tower Corporation has a 52-week low of $160.06 and a 52-week high of $234.33. The stock has a market cap of $79.26 billion, a P/E ratio of 27.48, a price-to-earnings-growth ratio of 0.71 and a beta of 0.91. The business's 50 day moving average is $177.64 and its 200 day moving average is $178.72. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 3.07.

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 for the quarter, beating 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 business had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.66 billion. During the same period in the previous year, the company posted $2.75 EPS. American Tower's 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. 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 disclosed a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Friday, June 12th were issued a $1.79 dividend. This represents a $7.16 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Friday, June 12th. American Tower's payout ratio is presently 115.67%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Raymond James Financial reissued a "strong-buy" rating and set a $240.00 price target on shares of American Tower in a research note on Wednesday, April 29th. Mizuho upgraded American Tower from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $189.00 to $205.00 in a research note on Wednesday, April 15th. Royal Bank Of Canada upgraded American Tower from a "sector perform" rating to an "outperform" rating and lifted their target price for the stock from $195.00 to $205.00 in a research report on Friday, June 26th. Scotiabank boosted their target price on shares of American Tower from $214.00 to $218.00 and gave the company an "outperform" rating in a research note on Wednesday, April 29th. Finally, The Goldman Sachs Group initiated coverage on shares of American Tower in a report on Friday, June 26th. They issued a "buy" rating and a $215.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, American Tower presently has an average rating of "Moderate Buy" and a consensus target price of $215.57.

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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