Valley Wealth Managers Inc. Invests $4.46 Million in American Tower Corporation $AMT

Key Points

• Valley Wealth Managers Inc. opened a new position in American Tower, buying 25,862 shares worth about $4.46 million in the first quarter.
• American Tower reported better-than-expected Q1 results, with EPS of $2.84 versus $1.60 expected and revenue of $2.74 billion, up 6.8% year over year.
• The company also paid a quarterly dividend of $1.79 per share, equal to a 4.2% annualized yield, while analysts currently rate the stock a Moderate Buy with an average price target of $215.57.

Valley Wealth Managers Inc. acquired a new stake in shares of American Tower Corporation (NYSE:AMT - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The fund acquired 25,862 shares of the real estate investment trust's stock, valued at approximately $4,463,000.

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

Insider Activity at American Tower

In other American Tower news, EVP Ruth T. Dowling sold 556 shares of the stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $178.48, for a total transaction of $99,234.88. Following the completion of the transaction, the executive vice president owned 29,877 shares of the company's stock, valued at $5,332,446.96. This represents a 1.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.08% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on AMT shares. Citizens Jmp restated a "market outperform" rating and set a $260.00 target price on shares of American Tower in a research note on Wednesday, April 29th. Barclays cut their price target on American Tower from $200.00 to $195.00 and set an "equal weight" rating for the company in a research note on Thursday, April 16th. Royal Bank Of Canada raised American Tower from a "sector perform" rating to an "outperform" rating and raised their price target for the company from $195.00 to $205.00 in a report on Friday, June 26th. Raymond James Financial restated a "strong-buy" rating and issued a $240.00 price objective on shares of American Tower in a research report on Wednesday, April 29th. Finally, Truist Financial upped their price objective on American Tower from $205.00 to $208.00 and gave the stock a "buy" rating in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $215.57.

American Tower Trading Up 0.7%

American Tower stock opened at $170.13 on Friday. American Tower Corporation has a 1 year low of $160.06 and a 1 year high of $234.33. The firm's 50 day moving average price is $177.64 and its 200-day moving average price is $178.70. The company has a debt-to-equity ratio of 3.07, a current ratio of 0.43 and a quick ratio of 0.43. The stock has a market cap of $79.26 billion, a P/E ratio of 27.48, a PEG ratio of 0.71 and a beta of 0.91.

American Tower (NYSE:AMT - Get Free Report) last issued its earnings results on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share for the quarter, topping analysts' consensus estimates of $1.60 by $1.24. The firm had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.66 billion. American Tower had a net margin of 26.81% and a return on equity of 27.79%. American Tower's revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.75 earnings per share. American Tower has set its FY 2026 guidance at 10.900-11.07 EPS. On average, equities analysts predict that American Tower Corporation will post 10.66 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Friday, June 12th were paid a $1.79 dividend. The ex-dividend date was Friday, June 12th. This represents a $7.16 annualized dividend and a yield of 4.2%. American Tower's payout ratio is presently 115.67%.

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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