Harrison Street Private Wealth LLC Acquires New Position in American Tower Corporation $AMT

Harrison Street Private Wealth LLC bought a new position in shares of American Tower Corporation (NYSE:AMT - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 17,910 shares of the real estate investment trust's stock, valued at approximately $3,091,000. American Tower accounts for 4.1% of Harrison Street Private Wealth LLC's portfolio, making the stock its 17th largest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. J. Stern & Co. LLP grew its position in shares of American Tower by 28,121.1% during the 4th quarter. J. Stern & Co. LLP now owns 37,686,978 shares of the real estate investment trust's stock worth $6,616,703,000 after buying an additional 37,553,436 shares during the period. State Street Corp increased its stake in shares of American Tower by 0.3% in the 4th quarter. State Street Corp now owns 20,987,534 shares of the real estate investment trust's stock valued at $3,719,634,000 after acquiring an additional 71,605 shares during the last quarter. Geode Capital Management LLC raised its position in shares of American Tower by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 13,499,035 shares of the real estate investment trust's stock valued at $2,361,675,000 after acquiring an additional 227,361 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake 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. Finally, Invesco Ltd. grew its holdings in American Tower by 0.9% during the fourth quarter. Invesco Ltd. now owns 6,948,190 shares of the real estate investment trust's stock valued at $1,219,894,000 after purchasing an additional 59,557 shares during the period. Institutional investors own 92.69% of the company's stock.

Insider Activity

In related news, EVP Ruth T. Dowling sold 556 shares of American Tower stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $178.48, for a total value of $99,234.88. Following the sale, the executive vice president owned 29,877 shares of the company's stock, valued at approximately $5,332,446.96. This trade represents a 1.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.08% of the company's stock.

American Tower Trading Down 0.1%

AMT opened at $165.84 on Friday. The stock has a market capitalization of $77.27 billion, a P/E ratio of 26.79, a P/E/G ratio of 0.69 and a beta of 0.91. 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 12 month low of $162.27 and a 12 month high of $234.33. The firm's fifty day simple moving average is $180.14 and its 200 day simple moving average is $179.40.

American Tower (NYSE:AMT - Get Free Report) last released its earnings results on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $2.74 billion during the quarter, compared to analysts' expectations of $2.66 billion. During the same quarter in the prior year, the company earned $2.75 EPS. The company'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. As a group, research analysts anticipate that American Tower Corporation will post 10.66 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Friday, June 12th will be issued a dividend of $1.79 per share. The ex-dividend date is Friday, June 12th. This represents a $7.16 dividend on an annualized basis and a dividend yield of 4.3%. American Tower's dividend payout ratio (DPR) is presently 115.67%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on AMT shares. Weiss Ratings downgraded shares of American Tower from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday. Royal Bank Of Canada raised shares of American Tower from a "sector perform" rating to an "outperform" rating and boosted their price target for the company from $195.00 to $205.00 in a report on Friday, June 26th. Citizens Jmp restated a "market outperform" rating and issued a $260.00 price objective on shares of American Tower in a research report on Wednesday, April 29th. JPMorgan Chase & Co. dropped their price objective 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. Finally, Jefferies Financial Group lifted their target price on American Tower from $209.00 to $210.00 and gave the stock a "buy" rating in a report on Tuesday, April 14th. 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's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $216.95.

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.

Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corporation (NYSE:AMT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.