Northeast Investment Management Reduces Position in American Tower Corporation $AMT

Key Points

• Northeast Investment Management cut its American Tower position by 4.4% in the fourth quarter, selling 7,285 shares and leaving it with 159,766 shares valued at about $28.05 million.
• American Tower reported better-than-expected quarterly results, with EPS of $2.84 versus estimates of $1.60 and revenue of $2.74 billion, up 6.8% year over year.
• The company raised its quarterly dividend to $1.79 per share from $1.70, implying an annualized dividend of $7.16 and a 4.0% yield; analysts currently rate the stock Moderate Buy with a consensus price target of $218.05.

Northeast Investment Management lessened its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 4.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 159,766 shares of the real estate investment trust's stock after selling 7,285 shares during the quarter. American Tower makes up 1.1% of Northeast Investment Management's portfolio, making the stock its 29th largest holding. Northeast Investment Management's holdings in American Tower were worth $28,050,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of AMT. Brighton Jones LLC lifted its position in shares of American Tower by 113.0% during the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock valued at $727,000 after buying an additional 2,104 shares in the last quarter. Sivia Capital Partners LLC lifted its position in shares of American Tower by 34.3% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,442 shares of the real estate investment trust's stock valued at $319,000 after buying an additional 368 shares in the last quarter. United Bank lifted its position in shares of American Tower by 12.7% during the 2nd quarter. United Bank now owns 6,488 shares of the real estate investment trust's stock valued at $1,434,000 after buying an additional 733 shares in the last quarter. Treasurer of the State of North Carolina lifted its position in shares of American Tower by 2.2% during the 2nd quarter. Treasurer of the State of North Carolina now owns 218,511 shares of the real estate investment trust's stock valued at $48,295,000 after buying an additional 4,778 shares in the last quarter. Finally, Ieq Capital LLC lifted its position in shares of American Tower by 52.2% during the 2nd quarter. Ieq Capital LLC now owns 34,248 shares of the real estate investment trust's stock valued at $7,570,000 after buying an additional 11,751 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Stock Performance

Shares of NYSE AMT opened at $178.80 on Wednesday. The firm's fifty day moving average is $178.92 and its two-hundred day moving average is $179.43. American Tower Corporation has a 52-week low of $165.08 and a 52-week high of $234.33. The company has a market cap of $83.30 billion, a P/E ratio of 28.89, a P/E/G ratio of 0.74 and a beta of 0.90. 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 (NYSE:AMT - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $2.84 EPS for the quarter, beating the consensus estimate of $1.60 by $1.24. American Tower had a net margin of 26.81% and a return on equity of 27.79%. The business had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same quarter in the prior year, the firm earned $2.75 EPS. The business'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. As a group, analysts anticipate that American Tower Corporation will post 10.67 EPS for the current fiscal year.

American Tower Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 28th. Shareholders of record on Tuesday, April 14th were paid a $1.79 dividend. This represents a $7.16 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Tuesday, April 14th. This is a positive change from American Tower's previous quarterly dividend of $1.70. American Tower's dividend payout ratio is presently 115.67%.

Insiders Place Their Bets

In other American Tower news, EVP Ruth T. Dowling sold 416 shares of American Tower 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 of the company's stock, valued at $5,230,505.94. The trade was a 1.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur acquired 2,671 shares of American Tower stock in a transaction on Tuesday, March 10th. The stock was purchased at an average cost of $185.30 per share, for a total transaction of $494,936.30. Following the purchase, 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 SEC filing for this purchase provides additional information. Insiders have sold a total of 42,181 shares of company stock valued at $8,046,071 in the last quarter. 0.08% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on AMT. Citizens Jmp reaffirmed a "market outperform" rating and set a $260.00 price objective on shares of American Tower in a research report on Wednesday, April 29th. BMO Capital Markets lifted their price objective on American Tower from $185.00 to $200.00 and gave the company a "market perform" rating in a research report on Wednesday, February 25th. Truist Financial lifted their price objective on American Tower from $205.00 to $208.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. Morgan Stanley lowered their price objective on American Tower from $225.00 to $220.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 25th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and set a $240.00 price objective on shares of American Tower in a research report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $218.05.

About American Tower

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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