Perigon Wealth Management LLC Invests $1.06 Million in American Tower Corporation $AMT

Key Points

• Perigon Wealth Management acquired 6,497 American Tower shares worth approximately $1.06 million in the second quarter. Institutional investors collectively own 92.69% of the REIT’s stock.
• American Tower insiders sold 6,791 shares valued at about $1.20 million over the past three months, including sales by its CFO and an executive vice president under a pre-arranged trading plan.
• Analysts maintain a positive outlook, with a “Moderate Buy” consensus and an average price target of $215.14. The company also exceeded quarterly EPS estimates, reported 4.6% year-over-year revenue growth, and offers a $7.16 annualized dividend yielding about 4.2%.

Perigon Wealth Management LLC acquired a new position in shares of American Tower Corporation (NYSE:AMT - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 6,497 shares of the real estate investment trust's stock, valued at approximately $1,063,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC lifted its position in shares of 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 in the last quarter. Sivia Capital Partners LLC grew its position 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 valued at $319,000 after purchasing an additional 368 shares in the last quarter. United Bank increased its stake in American Tower by 12.7% in 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 during the last quarter. Treasurer of the State of North Carolina lifted its position in 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 worth $48,295,000 after buying an additional 4,778 shares in the last quarter. Finally, Ieq Capital LLC lifted its position in 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 worth $7,570,000 after buying an additional 11,751 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

Insider Buying and Selling

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

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. TD Cowen raised their price objective on American Tower from $225.00 to $227.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Truist Financial reiterated a "buy" rating and set a $207.00 target price (down from $208.00) on shares of American Tower in a report on Wednesday, August 12th. JPMorgan Chase & Co. decreased their price target on American Tower from $245.00 to $240.00 and set an "overweight" rating for the company in a research note on Wednesday, April 29th. The Goldman Sachs Group set a $210.00 price target on American Tower in a research report on Tuesday, July 28th. Finally, Wolfe Research upgraded American Tower from a "peer perform" rating to an "outperform" rating and set a $188.00 price objective on the stock in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $215.14.

American Tower Stock Up 0.1%

Shares of AMT stock opened at $172.45 on Wednesday. American Tower Corporation has a 52-week low of $160.06 and a 52-week high of $214.79. The stock has a market cap of $80.35 billion, a price-to-earnings ratio of 23.72, a PEG ratio of 2.79 and a beta of 0.90. The firm's 50-day moving average is $172.11 and its 200-day moving average is $177.84. The company has a debt-to-equity ratio of 3.12, a quick ratio of 0.52 and a current ratio of 0.52.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $2.71 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $1.14. The business had revenue of $2.75 billion during the quarter, compared to analysts' expectations of $2.70 billion. American Tower had a return on equity of 32.76% and a net margin of 31.08%.American Tower's quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter last year, the company posted $2.60 earnings per share. American Tower has set its FY 2026 guidance at 11.000-11.170 EPS. Sell-side analysts predict that American Tower Corporation will post 10.78 EPS for the current year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Friday, June 12th were issued a dividend of $1.79 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $7.16 dividend on an annualized basis and a dividend yield of 4.2%. American Tower's payout ratio is presently 98.49%.

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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