NorthCrest Asset Manangement LLC Buys 5,615 Shares of American Tower Corporation $AMT

Key Points

• NorthCrest Asset Management increased its American Tower stake by 411.4% in the third quarter, purchasing 5,615 additional shares and bringing its holdings to 6,980 shares valued at approximately $1.16 million. Institutional investors collectively own 92.69% of the company.
• American Tower insiders sold 6,791 shares worth about $1.2 million over the past 90 days, including sales by EVP Ruth Dowling and CFO Robert Meyer under a pre-arranged trading plan.
• American Tower reported quarterly earnings of $2.71 per share, exceeding estimates, while revenue rose 4.6% year over year to $2.75 billion. The company declared a quarterly dividend of $1.79 per share, representing a 4.0% annualized yield, and analysts maintain a “Moderate Buy” consensus with a $215 price target.

NorthCrest Asset Manangement LLC increased its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 411.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,980 shares of the real estate investment trust's stock after buying an additional 5,615 shares during the period. NorthCrest Asset Manangement LLC's holdings in American Tower were worth $1,164,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Asset Advisory Group Inc. boosted its stake in American Tower by 3.0% in the first quarter. Asset Advisory Group Inc. now owns 2,072 shares of the real estate investment trust's stock valued at $358,000 after acquiring an additional 60 shares during the last quarter. Anchor Investment Management LLC grew its position in shares of American Tower by 2.7% during the 4th quarter. Anchor Investment Management LLC now owns 2,351 shares of the real estate investment trust's stock valued at $413,000 after acquiring an additional 62 shares during the period. Community Financial Services Group LLC increased its stake in shares of American Tower by 1.2% during the 2nd quarter. Community Financial Services Group LLC now owns 5,388 shares of the real estate investment trust's stock worth $895,000 after purchasing an additional 65 shares during the last quarter. Sunburst Financial Group LLC increased its stake in shares of American Tower by 3.5% during the 2nd quarter. Sunburst Financial Group LLC now owns 1,933 shares of the real estate investment trust's stock worth $316,000 after purchasing an additional 66 shares during the last quarter. Finally, Optas LLC increased its stake in shares of American Tower by 4.1% during the 1st quarter. Optas LLC now owns 1,733 shares of the real estate investment trust's stock worth $299,000 after purchasing an additional 69 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

Insider Activity at American Tower

In related news, EVP Ruth T. Dowling sold 1,106 shares of American Tower stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $174.96, for a total value of $193,505.76. Following the completion of the transaction, the executive vice president directly owned 27,711 shares in the company, valued at approximately $4,848,316.56. The trade was a 3.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Robert Joseph Meyer sold 5,000 shares of the business's stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $178.89, for a total transaction of $894,450.00. Following the sale, the chief financial officer directly owned 21,428 shares in the company, valued at $3,833,254.92. The trade was a 18.92% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 6,791 shares of company stock worth $1,204,091. 0.08% of the stock is owned by corporate insiders.

American Tower Price Performance

NYSE AMT opened at $180.93 on Friday. The company has a market cap of $84.30 billion, a PE ratio of 24.89, a price-to-earnings-growth ratio of 2.88 and a beta of 0.88. American Tower Corporation has a 52 week low of $160.06 and a 52 week high of $196.08. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 3.12. The firm's 50-day simple moving average is $173.32 and its two-hundred day simple moving average is $175.29.

American Tower (NYSE:AMT - Get Free Report) last issued its earnings results on Tuesday, July 28th. The real estate investment trust reported $2.71 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $1.14. The firm had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.70 billion. American Tower had a net margin of 31.08% and a return on equity of 32.76%. The company's quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter last year, the business earned $2.60 earnings per share. American Tower has set its FY 2026 guidance at 11.000-11.170 EPS. Research analysts predict that American Tower Corporation will post 10.80 earnings per share for the current year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 20th. Investors of record on Wednesday, September 30th will be paid a dividend of $1.79 per share. This represents a $7.16 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Wednesday, September 30th. American Tower's dividend payout ratio is presently 98.49%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on AMT shares. Weiss Ratings cut shares of American Tower from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, October 8th. Wolfe Research raised American Tower from a "peer perform" rating to an "outperform" rating and set a $188.00 price objective for the company in a report on Wednesday, July 8th. Barclays increased their price objective on American Tower from $198.00 to $199.00 and gave the company an "overweight" rating in a report on Wednesday, September 30th. Jefferies Financial Group decreased their target price on American Tower from $210.00 to $201.00 and set a "buy" rating for the company in a research report on Wednesday, July 15th. Finally, Truist Financial restated a "buy" rating and issued a $207.00 target price (down from $208.00) on shares of American Tower in a research note on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $215.00.

About American Tower

American Tower Corporation NYSE: AMT is a global real estate investment trust that owns, operates and develops communications infrastructure. Its portfolio includes wireless and broadcast towers, rooftop sites, distributed antenna systems and other facilities that support wireless communications, television and radio broadcasting, government communications and other connectivity services.

The company leases space on its communications sites to wireless carriers, broadcasters, government agencies and other customers.

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