Swedbank AB Raises Stake in American Tower Corporation $AMT

Key Points

• Swedbank AB boosted its American Tower stake by 68.9% in the first quarter, buying an additional 388,823 shares and bringing its total holding to 953,557 shares worth about $164.6 million.
• American Tower reported stronger-than-expected quarterly results, with EPS of $2.84 versus analysts’ estimate of $1.60 and revenue of $2.74 billion, up 6.8% year over year.
• The company continues to reward shareholders with a dividend of $1.79 per share, payable July 13, for an annualized yield of 4.3%, while analysts remain broadly positive with a “Moderate Buy” rating and an average price target of $216.95.

Swedbank AB increased its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 68.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 953,557 shares of the real estate investment trust's stock after purchasing an additional 388,823 shares during the quarter. Swedbank AB owned 0.20% of American Tower worth $164,565,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently modified their holdings of the company. Richards Merrill & Peterson Inc. bought a new stake in American Tower in the fourth quarter valued at approximately $25,000. Oakworth Capital Inc. increased its holdings in American Tower by 90.7% during the 4th quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust's stock valued at $25,000 after purchasing an additional 68 shares during the period. Swiss RE Ltd. purchased a new stake in American Tower in the 4th quarter worth approximately $25,000. Holos Integrated Wealth LLC bought a new position in shares of American Tower during the fourth quarter valued at approximately $27,000. Finally, Triumph Capital Management bought a new stake in American Tower in the third quarter valued at $29,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Price Performance

American Tower stock traded up $3.17 during mid-day trading on Tuesday, hitting $165.28. The stock had a trading volume of 717,507 shares, compared to its average volume of 3,242,899. American Tower Corporation has a one year low of $160.06 and a one year high of $234.33. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 3.07. The firm has a market capitalization of $77.00 billion, a P/E ratio of 26.68, a P/E/G ratio of 0.69 and a beta of 0.91. The firm's 50 day moving average is $179.93 and its 200 day moving average is $179.30.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $2.84 EPS for the quarter, beating analysts' consensus estimates of $1.60 by $1.24. American Tower had a return on equity of 27.79% and a net margin of 26.81%.The business had revenue of $2.74 billion for the quarter, compared to analysts' expectations of $2.66 billion. During the same period last year, the firm earned $2.75 earnings per share. The business's quarterly 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. On average, sell-side analysts forecast that American Tower Corporation will post 10.66 earnings per share for the current fiscal year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Friday, June 12th will be paid a dividend of $1.79 per share. This represents a $7.16 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Friday, June 12th. American Tower's dividend payout ratio (DPR) is 115.67%.

Insider Buying and Selling

In related news, EVP Ruth T. Dowling sold 556 shares of the business's stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $178.48, for a total value of $99,234.88. Following the transaction, the executive vice president directly owned 29,877 shares of the company's stock, valued at approximately $5,332,446.96. The trade was a 1.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on AMT. The Goldman Sachs Group assumed coverage on shares of American Tower in a report on Friday, June 26th. They issued a "buy" rating and a $215.00 price objective for the company. Citizens Jmp reissued a "market outperform" rating and issued a $260.00 price target on shares of American Tower in a research note on Wednesday, April 29th. 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. Mizuho raised American Tower from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $189.00 to $205.00 in a research report on Wednesday, April 15th. Finally, Jefferies Financial Group raised their target price on American Tower from $209.00 to $210.00 and gave the company a "buy" rating in a research note on Tuesday, April 14th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, American Tower has an average rating of "Moderate Buy" and an average target price of $216.95.

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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