45,782 Shares of American Tower Corporation $AMT Bought by Norris Perne & French LLP MI

Norris Perne & French LLP MI purchased a new stake in American Tower Corporation (NYSE:AMT) during the third quarter, according to its most recent disclosure with the SEC. The firm purchased 45,782 shares of the real estate investment trust’s stock, valued at approximately $7,494,000.

Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of American Tower during the second quarter valued at approximately $7,490,943,000. State Street Corp boosted its stake in shares of American Tower by 2.9% in the second quarter. State Street Corp now owns 22,066,202 shares of the real estate investment trust’s stock worth $3,647,491,000 after acquiring an additional 631,593 shares during the last quarter. Lazard Asset Management LLC boosted its stake in shares of American Tower by 20.4% in 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 acquiring an additional 1,240,780 shares during the last quarter. Deutsche Bank AG purchased a new stake in shares of American Tower during the second quarter worth approximately $1,096,186,000. Finally, Legal & General Group Plc increased its position in shares of American Tower by 0.6% during the second quarter. Legal & General Group Plc now owns 4,853,850 shares of the real estate investment trust’s stock worth $793,944,000 after purchasing an additional 27,929 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Rajesh Kalathur purchased 2,829 shares of American Tower stock in a transaction dated Friday, August 21st. The shares were acquired at an average price of $177.00 per share, for a total transaction of $500,733.00. Following the acquisition, the director directly owned 7,765 shares in the company, valued at approximately $1,374,405. The trade was a 57.31% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ruth T. Dowling sold 1,106 shares of American Tower 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 transaction, 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 6,791 shares of company stock valued at $1,204,091. Insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

AMT has been the subject of several recent research reports. The Goldman Sachs Group set a $210.00 price objective on American Tower in a research note on Tuesday, July 28th. Scotiabank reaffirmed an “outperform” rating on shares of American Tower in a research note on Wednesday, July 29th. Truist Financial reaffirmed a “buy” rating and set a $207.00 target price (down from $208.00) on shares of American Tower in a research note on Wednesday, August 12th. TD Cowen upped their target price on shares of American Tower from $225.00 to $227.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Finally, Wolfe Research upgraded shares of American Tower from a “peer perform” rating to an “outperform” rating and set a $188.00 target price for the company in a research report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $214.90.

Key Headlines Impacting American Tower

Here are the key news stories impacting American Tower this week:

• Positive Sentiment: Reports that SpaceX may pursue approximately 80,000 cell sites to support a nationwide wireless service boosted the outlook for tower operators. American Tower could benefit from new tenants, higher site utilization and incremental recurring rental revenue. SpaceX Talks Send Cell Tower Stocks Surging
• Positive Sentiment: Investors are also citing strong data-center leasing momentum at American Tower’s CoreSite business, adding a second growth catalyst alongside 5G deployments and traditional tower leasing. American Tower climbs as data-center leasing hits fresh records
• Positive Sentiment: Before its upcoming third-quarter report, analysts expect revenue and adjusted funds from operations to benefit from 5G activity, leasing demand and data-center growth. The company’s prior quarter exceeded earnings expectations and revenue increased year over year.
• Neutral Sentiment: Director Teresa Hillary Clarke disclosed several small purchases of American Tower shares, including a recent purchase at approximately $183 per share. The buying provides a modest confidence signal, but the transactions are small relative to the company’s market value and several disclosed trades are older.
• Negative Sentiment: Valuation concerns remain: an analyst recently reduced the price target, while commentary suggested American Tower’s former valuation discount has largely disappeared. This could limit further gains if quarterly results or guidance fail to exceed expectations. American Tower price target cut by Sanford C. Bernstein

American Tower Trading Up 4.2%

AMT opened at $189.25 on Friday. The firm has a market capitalization of $88.18 billion, a price-to-earnings ratio of 26.03, a price-to-earnings-growth ratio of 3.03 and a beta of 0.88. The company’s 50 day simple moving average is $174.69 and its two-hundred day simple moving average is $175.73. American Tower Corporation has a 1-year low of $160.06 and a 1-year high of $202.50. The company has a debt-to-equity ratio of 3.12, a current ratio of 0.52 and a quick ratio of 0.52.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $2.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $1.14. American Tower had a return on equity of 32.76% and a net margin of 31.08%. The business had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.70 billion. During the same period in the prior year, the business earned $2.60 earnings per share. The business’s revenue was up 4.6% compared to the same quarter last year. American Tower has set its FY 2026 guidance at 11.000-11.170 EPS. Analysts expect that American Tower Corporation will post 10.80 EPS for the current fiscal year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 20th. Shareholders of record on Wednesday, September 30th were paid a dividend of $1.79 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $7.16 dividend on an annualized basis and a yield of 3.8%. American Tower’s payout ratio is 98.49%.

American Tower Profile

American Tower Corporation (NYSE:AMT) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its portfolio primarily includes communications towers, rooftop sites, distributed antenna systems and other infrastructure used by wireless carriers, broadcasters, governments and businesses to support voice, data and video communications.

The company leases space on its sites to multiple customers, allowing them to install antennas and related equipment without building and maintaining individual tower locations.