Norges Bank Takes $1.17 Billion Position in American Tower Corporation $AMT

Key Points

• Norges Bank disclosed a new position in American Tower, buying 6.67 million shares valued at about $1.17 billion, or roughly 1.42% of the company.
• Analysts remain generally upbeat on the stock, with an average rating of “Moderate Buy” and an average price target of $216.20; several firms recently raised targets or upgraded ratings.
• American Tower reported solid quarterly results, with EPS of $2.84 beating estimates and revenue of $2.74 billion topping expectations, while the company also declared a $1.79 quarterly dividend payable July 13.

Norges Bank purchased a new stake in shares of American Tower Corporation (NYSE:AMT - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 6,670,729 shares of the real estate investment trust's stock, valued at approximately $1,171,180,000. Norges Bank owned approximately 1.42% of American Tower as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Oakworth Capital Inc. grew its holdings 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 acquiring an additional 68 shares in the last quarter. Richards Merrill & Peterson Inc. purchased a new position in shares of American Tower during the 4th quarter valued at $25,000. Triumph Capital Management purchased a new position in shares of American Tower during the 3rd quarter valued at $29,000. Holos Integrated Wealth LLC purchased a new position in shares of American Tower during the 4th quarter valued at $27,000. Finally, Westside Investment Management Inc. grew its holdings in shares of American Tower by 103.6% during the 3rd quarter. Westside Investment Management Inc. now owns 169 shares of the real estate investment trust's stock valued at $33,000 after acquiring an additional 86 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AMT has been the topic of several research analyst reports. BMO Capital Markets boosted their price target on shares of American Tower from $185.00 to $200.00 and gave the company a "market perform" rating in a report on Wednesday, February 25th. Raymond James Financial restated a "strong-buy" rating and set a $240.00 price target on shares of American Tower in a report on Wednesday, April 29th. Sanford C. Bernstein upgraded shares of American Tower from a "market perform" rating to an "outperform" rating and set a $207.00 price target on the stock in a report on Tuesday, May 19th. Mizuho upgraded shares of American Tower from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $189.00 to $205.00 in a report on Wednesday, April 15th. Finally, Morgan Stanley decreased their price objective on shares of American Tower from $225.00 to $220.00 and set an "overweight" rating for the company in a report on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $216.20.

American Tower Trading Up 0.1%

Shares of NYSE:AMT opened at $186.87 on Friday. The stock has a market capitalization of $87.06 billion, a PE ratio of 30.19, a P/E/G ratio of 0.78 and a beta of 0.90. American Tower Corporation has a 1 year low of $165.08 and a 1 year high of $234.33. The firm has a fifty day moving average price of $177.67 and a 200 day moving average price of $179.37. 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 (NYSE:AMT - Get Free Report) last issued 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. The firm had revenue of $2.74 billion during the quarter, compared to analysts' expectations of $2.66 billion. American Tower had a net margin of 26.81% and a return on equity of 27.79%. American Tower's revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.75 earnings per share. American Tower has set its FY 2026 guidance at 10.900-11.07 EPS. Analysts expect that American Tower Corporation will post 10.67 EPS 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. Shareholders of record on Friday, June 12th will be given a dividend of $1.79 per share. The ex-dividend date of this dividend is Friday, June 12th. This represents a $7.16 dividend on an annualized basis and a yield of 3.8%. American Tower's payout ratio is currently 115.67%.

Insiders Place Their Bets

In other American Tower news, COO Eugene M. Noel sold 41,209 shares of the business's stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $191.05, for a total transaction of $7,872,979.45. Following the completion of the transaction, the chief operating officer owned 29,592 shares of the company's stock, valued at $5,653,551.60. The trade was a 58.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rajesh Kalathur bought 2,671 shares of the business's stock in a transaction on Tuesday, March 10th. The shares were purchased at an average cost of $185.30 per share, with a total value of $494,936.30. Following the transaction, the director owned 4,936 shares in the company, valued at approximately $914,640.80. The trade was a 117.92% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 42,181 shares of company stock valued at $8,046,071 in the last quarter. Insiders own 0.08% of the company's stock.

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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