Maryland State Retirement & Pension System Sells 18,705 Shares of American Tower Corporation $AMT

Key Points

• Maryland State Retirement & Pension System trimmed its American Tower stake by 4% in the first quarter, selling 18,705 shares and leaving it with 446,060 shares valued at about $76.98 million.
• American Tower reported strong quarterly results, beating EPS expectations with $2.84 per share and posting revenue of $2.74 billion, up 6.8% year over year.
• Analyst sentiment remains constructive, with the stock carrying a “Moderate Buy” consensus and an average price target of $215.57, even as one analyst slightly lowered its target and others maintained or upgraded ratings.

Maryland State Retirement & Pension System reduced its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 446,060 shares of the real estate investment trust's stock after selling 18,705 shares during the period. American Tower makes up about 1.6% of Maryland State Retirement & Pension System's investment portfolio, making the stock its 9th largest position. Maryland State Retirement & Pension System owned about 0.10% of American Tower worth $76,981,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of AMT. J. Stern & Co. LLP lifted its holdings in shares of American Tower by 28,121.1% during the fourth quarter. J. Stern & Co. LLP now owns 37,686,978 shares of the real estate investment trust's stock valued at $6,616,703,000 after acquiring an additional 37,553,436 shares during the period. State Street Corp raised its position in shares of American Tower by 0.3% during 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 increased its stake 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 last quarter. Northwestern Mutual Wealth Management Co. increased 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 purchasing an additional 9,666,025 shares in the last quarter. Finally, Invesco Ltd. lifted its position in American Tower by 0.9% in the 4th quarter. Invesco Ltd. now owns 6,948,190 shares of the real estate investment trust's stock valued at $1,219,894,000 after acquiring an additional 59,557 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

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 position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.08% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. cut their price target on shares of American Tower from $245.00 to $240.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 29th. Scotiabank upped their price objective on shares of American Tower from $214.00 to $218.00 and gave the company an "outperform" rating in a report on Wednesday, April 29th. Royal Bank Of Canada raised American Tower from a "sector perform" rating to an "outperform" rating and lifted their price target for the stock from $195.00 to $205.00 in a report on Friday, June 26th. Jefferies Financial Group lifted their price objective on shares of American Tower from $209.00 to $210.00 and gave the stock a "buy" rating in a research note on Tuesday, April 14th. Finally, Raymond James Financial reiterated a "strong-buy" rating and issued a $240.00 price target on shares of American Tower in a research note on Wednesday, April 29th. One 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 company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $215.57.

American Tower Stock Down 0.3%

NYSE:AMT opened at $169.04 on Wednesday. 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's 50-day moving average price is $178.21 and its 200-day moving average price is $178.86. The company has a market capitalization of $78.75 billion, a PE ratio of 27.31, a P/E/G ratio of 0.71 and a beta of 0.91. American Tower Corporation has a 1-year low of $160.06 and a 1-year high of $234.33.

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 (EPS) for the quarter, beating 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 analysts' expectations of $2.66 billion. During the same period last 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. On average, equities analysts predict that American Tower Corporation will post 10.66 EPS for the current fiscal year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Friday, June 12th were issued a dividend of $1.79 per share. 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 dividend payout ratio (DPR) is presently 115.67%.

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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