North Dakota State Investment Board Makes New Investment in American Tower Corporation $AMT

Key Points

• North Dakota State Investment Board opened a new position in American Tower, buying 16,041 shares worth about $2.8 million in the fourth quarter.
• American Tower reported strong quarterly results, with EPS of $2.84 beating estimates and revenue of $2.74 billion topping expectations; it also raised its quarterly dividend to $1.79 per share.
• Wall Street remains mostly constructive on AMT, with a Moderate Buy consensus and an average price target of $216.20, even as some analysts trimmed targets slightly.

North Dakota State Investment Board acquired a new position in American Tower Corporation (NYSE:AMT - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 16,041 shares of the real estate investment trust's stock, valued at approximately $2,816,000.

Several other institutional investors have also added to or reduced their stakes in AMT. Brighton Jones LLC lifted its stake in American Tower by 113.0% in the fourth quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock worth $727,000 after purchasing an additional 2,104 shares during the last quarter. Sivia Capital Partners LLC lifted its stake in American Tower by 34.3% in the second quarter. Sivia Capital Partners LLC now owns 1,442 shares of the real estate investment trust's stock worth $319,000 after purchasing an additional 368 shares during the last quarter. United Bank lifted its stake in American Tower by 12.7% in the second quarter. United Bank now owns 6,488 shares of the real estate investment trust's stock worth $1,434,000 after purchasing an additional 733 shares during the last quarter. Treasurer of the State of North Carolina lifted its stake in American Tower by 2.2% in the second quarter. Treasurer of the State of North Carolina now owns 218,511 shares of the real estate investment trust's stock worth $48,295,000 after purchasing an additional 4,778 shares during the last quarter. Finally, Ieq Capital LLC lifted its stake in American Tower by 52.2% in the second quarter. Ieq Capital LLC now owns 34,248 shares of the real estate investment trust's stock worth $7,570,000 after purchasing an additional 11,751 shares during the last quarter. Institutional investors own 92.69% of the company's stock.

American Tower Stock Performance

American Tower stock opened at $177.34 on Tuesday. The company has a 50 day moving average price of $177.60 and a 200-day moving average price of $179.00. The company has a debt-to-equity ratio of 3.07, a quick ratio of 0.43 and a current ratio of 0.43. American Tower Corporation has a fifty-two week low of $165.08 and a fifty-two week high of $234.33. The company has a market capitalization of $82.62 billion, a PE ratio of 28.65, a P/E/G ratio of 0.71 and a beta of 0.90.

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 EPS for the quarter, topping analysts' consensus estimates of $1.60 by $1.24. The company had revenue of $2.74 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $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 year.

American Tower Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 28th. Shareholders of record on Tuesday, April 14th were issued a dividend of $1.79 per share. This is an increase from American Tower's previous quarterly dividend of $1.70. This represents a $7.16 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date was Tuesday, April 14th. American Tower's dividend payout ratio (DPR) is currently 115.67%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. decreased their price target on shares of American Tower from $245.00 to $240.00 and set an "overweight" rating for the company in a research note on Wednesday, April 29th. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $195.00 price target on shares of American Tower in a research note on Thursday, April 30th. Raymond James Financial reaffirmed a "strong-buy" rating and set a $240.00 price target on shares of American Tower in a research note on Wednesday, April 29th. Jefferies Financial Group lifted their price target on shares of American Tower from $209.00 to $210.00 and gave the company a "buy" rating in a research note on Tuesday, April 14th. Finally, Mizuho raised shares of American Tower from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $189.00 to $205.00 in a research note on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $216.20.

Insiders Place Their Bets

In related news, Director Rajesh Kalathur bought 2,671 shares of the stock in a transaction on Tuesday, March 10th. The stock was bought at an average price of $185.30 per share, for a total transaction of $494,936.30. Following the completion of the acquisition, the director directly owned 4,936 shares in the company, valued at approximately $914,640.80. This represents a 117.92% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Eugene M. Noel sold 41,209 shares of the company's stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $191.05, for a total value of $7,872,979.45. Following the sale, the chief operating officer owned 29,592 shares of the company's stock, 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 sold a total of 42,181 shares of company stock worth $8,046,071 over the last 90 days. Company 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.

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.