OP Asset Management Ltd Acquires New Position in American Tower Corporation $AMT

Key Points

• OP Asset Management Ltd opened a new position in American Tower during the first quarter, buying 47,682 shares valued at about $8.23 million.
• American Tower’s latest earnings beat expectations, with Q1 EPS of $2.84 versus the $1.60 estimate and revenue of $2.74 billion, up 6.8% year over year.
• The company declared a quarterly dividend of $1.79 per share, which annualizes to $7.16 and implies a 4.2% yield; analysts currently rate the stock a Moderate Buy with an average price target of $216.70.

OP Asset Management Ltd bought a new position in shares of American Tower Corporation (NYSE:AMT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 47,682 shares of the real estate investment trust's stock, valued at approximately $8,229,000.

A number of other large investors have also recently modified their holdings of AMT. CIBC Bancorp USA Inc. bought a new stake in American Tower during the 3rd quarter worth $35,633,000. Nordea Investment Management AB boosted its stake in shares of American Tower by 10.4% during the fourth quarter. Nordea Investment Management AB now owns 1,743,321 shares of the real estate investment trust's stock valued at $306,284,000 after purchasing an additional 164,645 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of American Tower by 4.7% during the fourth quarter. Legal & General Group Plc now owns 4,873,695 shares of the real estate investment trust's stock valued at $855,675,000 after purchasing an additional 220,447 shares in the last quarter. Rathbones Group PLC grew its holdings in shares of American Tower by 14.9% during the fourth quarter. Rathbones Group PLC now owns 474,216 shares of the real estate investment trust's stock worth $83,258,000 after purchasing an additional 61,428 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of American Tower by 5.4% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 939,247 shares of the real estate investment trust's stock valued at $180,636,000 after buying an additional 47,966 shares during the period. Institutional investors and hedge funds own 92.69% of the company's stock.

Insider Activity at American Tower

In other news, EVP Ruth T. Dowling sold 416 shares of American Tower stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $177.54, for a total value of $73,856.64. Following the completion of the sale, the executive vice president owned 29,461 shares in the company, 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 this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.08% of the stock is currently owned by company insiders.

American Tower Price Performance

American Tower stock opened at $168.77 on Friday. The stock's 50 day moving average is $181.23 and its 200 day moving average is $179.86. American Tower Corporation has a one year low of $165.08 and a one year high of $234.33. The firm has a market cap of $78.63 billion, a P/E ratio of 27.26, a P/E/G ratio of 0.73 and a beta of 0.90. The company has a debt-to-equity ratio of 3.07, a current ratio of 0.43 and a quick ratio of 0.43.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share for the quarter, topping 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 company had revenue of $2.74 billion during the quarter, compared to analysts' expectations of $2.66 billion. During the same period in the prior year, the company posted $2.75 earnings per share. American Tower's revenue for the quarter was up 6.8% compared to the same quarter last year. American Tower has set its FY 2026 guidance at 10.900-11.07 EPS. As a group, research analysts expect that American Tower Corporation will post 10.66 EPS for the current year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Stockholders 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 annualized dividend and a dividend yield of 4.2%. American Tower's dividend payout ratio (DPR) is 115.67%.

Analyst Ratings Changes

A number of brokerages recently issued reports on AMT. JPMorgan Chase & Co. dropped their price objective on shares of American Tower from $245.00 to $240.00 and set an "overweight" rating for the company 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 for the company in a research report on Tuesday, May 19th. Weiss Ratings raised shares of American Tower from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Mizuho upgraded shares of American Tower from a "neutral" rating to an "outperform" rating and lifted their price target for the stock from $189.00 to $205.00 in a report on Wednesday, April 15th. Finally, Truist Financial boosted their price objective on shares of American Tower from $205.00 to $208.00 and gave the stock a "buy" rating in a research note on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $216.70.

American Tower Company 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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