Douglas Lane & Associates LLC Sells 6,179 Shares of American Tower Corporation $AMT

Douglas Lane & Associates LLC decreased its holdings in shares of American Tower Corporation (NYSE:AMT) by 1.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 412,362 shares of the real estate investment trust’s stock after selling 6,179 shares during the quarter. Douglas Lane & Associates LLC’s holdings in American Tower were worth $67,500,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in American Tower in the second quarter valued at approximately $7,490,943,000. J. Stern & Co. LLP grew its stake in shares of American Tower by 28,121.1% during the 4th quarter. J. Stern & Co. LLP now owns 37,686,978 shares of the real estate investment trust’s stock worth $6,616,703,000 after purchasing an additional 37,553,436 shares during the period. State Street Corp lifted its position in shares of American Tower by 2.9% during the 2nd quarter. State Street Corp now owns 22,066,202 shares of the real estate investment trust’s stock valued at $3,647,491,000 after acquiring an additional 631,593 shares during the period. Lazard Asset Management LLC boosted its position in American Tower by 20.4% during the first quarter. Lazard Asset Management LLC now owns 7,325,943 shares of the real estate investment trust’s stock worth $1,264,311,000 after purchasing an additional 1,240,780 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of American Tower by 0.9% in the 4th quarter. Invesco Ltd. now owns 6,948,190 shares of the real estate investment trust’s stock worth $1,219,894,000 after buying an additional 59,557 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on AMT. TD Cowen increased their target price on American Tower from $225.00 to $227.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Barclays lifted their price target on shares of American Tower from $198.00 to $199.00 and gave the company an “overweight” rating in a report on Wednesday, September 30th. BMO Capital Markets increased their target price on shares of American Tower from $190.00 to $195.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 29th. Mizuho set a $208.00 price target on shares of American Tower in a report on Thursday, August 20th. Finally, Truist Financial reiterated a “buy” rating and set a $207.00 price objective (down from $208.00) on shares of American Tower in a research note on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $215.48.

American Tower Stock Up 7.6%

Shares of AMT traded up $12.64 during mid-day trading on Friday, reaching $179.37. 4,734,424 shares of the stock traded hands, compared to its average volume of 3,056,468. The stock has a fifty day simple moving average of $172.45 and a 200 day simple moving average of $174.92. American Tower Corporation has a 12-month low of $160.06 and a 12-month high of $196.08. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 3.12. The firm has a market cap of $83.58 billion, a price-to-earnings ratio of 24.69, a P/E/G ratio of 2.67 and a beta of 0.88.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $2.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $1.14. American Tower had a net margin of 31.08% and a return on equity of 32.76%. The firm had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter in the previous year, the firm posted $2.60 EPS. The firm’s quarterly revenue was up 4.6% on a year-over-year basis. American Tower has set its FY 2026 guidance at 11.000-11.170 EPS. Sell-side analysts expect that American Tower Corporation will post 10.8 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 20th. Stockholders of record on Wednesday, September 30th will be paid a $1.79 dividend. This represents a $7.16 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Wednesday, September 30th. American Tower’s dividend payout ratio is 98.49%.

Insider Activity at American Tower

In other American Tower news, Director Rajesh Kalathur purchased 2,829 shares of the firm’s stock in a transaction dated Friday, August 21st. The stock was acquired at an average cost of $177.00 per share, with a total value of $500,733.00. Following the acquisition, the director owned 7,765 shares of the company’s stock, valued at approximately $1,374,405. This represents a 57.31% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Robert Joseph Meyer sold 5,000 shares of the business’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $178.89, for a total transaction of $894,450.00. Following the sale, the chief financial officer directly owned 21,428 shares of the company’s stock, valued at approximately $3,833,254.92. This represents a 18.92% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 6,791 shares of company stock valued at $1,204,091. Corporate insiders own 0.08% of the company’s stock.

American Tower Profile

American Tower Corporation (NYSE: AMT) is a global real estate investment trust that owns, operates and develops communications infrastructure. Its portfolio includes wireless and broadcast towers, rooftop sites, distributed antenna systems and other facilities that support wireless communications, television and radio broadcasting, government communications and other connectivity services.

The company leases space on its communications sites to wireless carriers, broadcasters, government agencies and other customers.