Jennison Associates LLC Sells 17,705 Shares of American Tower Corporation $AMT

Key Points

• Jennison Associates LLC cut its American Tower stake by 30.5% in the first quarter, selling 17,705 shares and ending with 40,250 shares valued at about $6.95 million.
• Despite the sale, American Tower remains heavily owned by institutions, with hedge funds and other institutional investors holding 92.69% of the stock.
• Analysts are broadly positive on AMT, with a consensus rating of “Moderate Buy” and an average price target of $215.57, while the stock recently traded around $163.19.

Jennison Associates LLC lowered its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 30.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 40,250 shares of the real estate investment trust's stock after selling 17,705 shares during the period. Jennison Associates LLC's holdings in American Tower were worth $6,946,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. Richards Merrill & Peterson Inc. purchased a new stake in American Tower in the fourth quarter worth $25,000. Oakworth Capital Inc. lifted its position in shares of 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 buying an additional 68 shares during the last quarter. Swiss RE Ltd. purchased a new position in shares of American Tower during the 4th quarter valued at $25,000. Triumph Capital Management bought a new position in shares of American Tower during the 3rd quarter worth $29,000. Finally, Acumen Wealth Advisors LLC purchased a new stake in American Tower in the 4th quarter worth about $29,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on AMT. Weiss Ratings raised shares of American Tower from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, July 14th. Barclays reduced their target price on shares of American Tower from $200.00 to $195.00 and set an "equal weight" rating for the company in a research note on Thursday, April 16th. Jefferies Financial Group boosted their price target on shares of American Tower from $209.00 to $210.00 and gave the company a "buy" rating in a research report on Tuesday, April 14th. The Goldman Sachs Group assumed coverage on shares of American Tower in a research note on Friday, June 26th. They set a "buy" rating and a $215.00 price target on the stock. Finally, Scotiabank lifted their price objective 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. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, American Tower presently has an average rating of "Moderate Buy" and a consensus price target of $215.57.

American Tower Price Performance

Shares of NYSE:AMT opened at $163.19 on Wednesday. The company's fifty day moving average price is $177.12 and its 200-day moving average price is $178.57. The company has a debt-to-equity ratio of 3.07, a current ratio of 0.43 and a quick ratio of 0.43. The firm has a market capitalization of $76.03 billion, a price-to-earnings ratio of 26.36, a PEG ratio of 0.70 and a beta of 0.91. American Tower Corporation has a one year low of $160.06 and a one year high of $234.33.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings data 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 net margin of 26.81% and a return on equity of 27.79%. The company had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same period in the previous year, the firm posted $2.75 EPS. The firm's revenue was up 6.8% compared to the same quarter last year. American Tower has set its FY 2026 guidance at 10.900-11.07 EPS. On average, equities research analysts anticipate that American Tower Corporation will post 10.66 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Friday, June 12th were paid a dividend of $1.79 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $7.16 annualized dividend and a yield of 4.4%. American Tower's payout ratio is 115.67%.

Insider Activity

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

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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