Fisher Asset Management LLC Cuts Stock Position in American Tower Corporation $AMT

Key Points

• Fisher Asset Management trimmed its American Tower stake by 3.0% in the fourth quarter, selling 55,475 shares and ending with 1,779,533 shares worth about $312.4 million.
• American Tower beat earnings expectations for the quarter, reporting $2.84 EPS versus the $1.60 consensus and revenue of $2.74 billion, up 6.8% year over year.
• The company also declared a quarterly dividend of $1.79 per share, or $7.16 annualized, which implies a 3.9% yield.

Fisher Asset Management LLC lessened its stake in American Tower Corporation (NYSE:AMT - Free Report) by 3.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,779,533 shares of the real estate investment trust's stock after selling 55,475 shares during the period. Fisher Asset Management LLC owned 0.38% of American Tower worth $312,433,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in American Tower by 1.0% in the third quarter. Vanguard Group Inc. now owns 63,640,168 shares of the real estate investment trust's stock valued at $12,239,277,000 after purchasing an additional 611,801 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in American Tower by 20,721.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 9,712,672 shares of the real estate investment trust's stock valued at $1,705,254,000 after purchasing an additional 9,666,025 shares during the last quarter. Invesco Ltd. grew its stake in American Tower by 3.1% in the third quarter. Invesco Ltd. now owns 6,888,633 shares of the real estate investment trust's stock valued at $1,324,822,000 after purchasing an additional 208,109 shares during the last quarter. Principal Financial Group Inc. grew its stake in American Tower by 1.0% in the fourth quarter. Principal Financial Group Inc. now owns 6,038,061 shares of the real estate investment trust's stock valued at $1,060,103,000 after purchasing an additional 57,545 shares during the last quarter. Finally, Capital Research Global Investors grew its stake in American Tower by 0.3% in the third quarter. Capital Research Global Investors now owns 4,924,771 shares of the real estate investment trust's stock valued at $947,132,000 after purchasing an additional 15,145 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on AMT shares. Scotiabank lifted their target price on American Tower from $214.00 to $218.00 and gave the company an "outperform" rating in a research note on Wednesday, April 29th. Royal Bank Of Canada restated a "sector perform" rating and set a $195.00 price target on shares of American Tower in a research note on Thursday, April 30th. BMO Capital Markets boosted their price target on American Tower from $185.00 to $200.00 and gave the stock a "market perform" rating in a research note on Wednesday, February 25th. Citizens Jmp restated a "market outperform" rating and set a $260.00 price target on shares of American Tower in a research note on Wednesday, April 29th. Finally, UBS Group dropped their price target on American Tower from $254.00 to $248.00 and set a "buy" rating on the stock in a research note on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $216.20.

Insider Activity at American Tower

In related news, EVP Ruth T. Dowling sold 416 shares of the company'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 value of $73,856.64. Following the sale, the executive vice president owned 29,461 shares in the company, valued at $5,230,505.94. This represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Eugene M. Noel sold 41,209 shares of the company's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $191.05, for a total value of $7,872,979.45. Following the completion of the sale, the chief operating officer owned 29,592 shares in the company, valued at approximately $5,653,551.60. This represents a 58.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 42,181 shares of company stock worth $8,046,071 over the last quarter. Insiders own 0.08% of the company's stock.

American Tower Price Performance

Shares of AMT stock opened at $183.77 on Tuesday. American Tower Corporation has a fifty-two week low of $165.08 and a fifty-two week high of $234.33. The firm has a market capitalization of $85.62 billion, a price-to-earnings ratio of 29.69, a PEG ratio of 0.77 and a beta of 0.90. 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's 50-day simple moving average is $177.48 and its 200-day simple moving average is $179.16.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share for the quarter, topping analysts' consensus estimates of $1.60 by $1.24. The business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.66 billion. American Tower had a return on equity of 27.79% and a net margin of 26.81%.The company's revenue was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.75 earnings per share. American Tower has set its FY 2026 guidance at 10.900-11.07 EPS. As a group, equities analysts forecast that American Tower Corporation will post 10.67 earnings per share for the current fiscal year.

American Tower Announces Dividend

The company also recently announced 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. The ex-dividend date is Friday, June 12th. This represents a $7.16 dividend on an annualized basis and a yield of 3.9%. American Tower's dividend payout ratio is currently 115.67%.

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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