Old West Investment Management LLC Makes New Investment in American Tower Corporation $AMT

Old West Investment Management LLC acquired a new stake in shares of American Tower Corporation (NYSE:AMT) during the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 3,321 shares of the real estate investment trust’s stock, valued at approximately $543,000.

Several other large investors also recently bought and sold shares of the stock. Raleigh Capital Management Inc. boosted its position in American Tower by 489.1% in the first quarter. Raleigh Capital Management Inc. now owns 13,703 shares of the real estate investment trust’s stock valued at $2,365,000 after buying an additional 11,377 shares during the last quarter. Canal Capital Management LLC boosted its holdings in shares of American Tower by 81.9% in the 1st quarter. Canal Capital Management LLC now owns 34,471 shares of the real estate investment trust’s stock valued at $5,949,000 after acquiring an additional 15,520 shares during the last quarter. Bernzott Capital Advisors increased its stake in shares of American Tower by 29.3% in the first quarter. Bernzott Capital Advisors now owns 42,161 shares of the real estate investment trust’s stock worth $7,276,000 after acquiring an additional 9,556 shares during the period. Legal & General Group Plc lifted its position in American Tower by 4.7% during the fourth quarter. Legal & General Group Plc now owns 4,873,695 shares of the real estate investment trust’s stock valued at $855,675,000 after purchasing an additional 220,447 shares during the period. Finally, Swiss Life Asset Management Ltd boosted its holdings in American Tower by 13.9% in the fourth quarter. Swiss Life Asset Management Ltd now owns 101,993 shares of the real estate investment trust’s stock valued at $17,907,000 after purchasing an additional 12,464 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analysts Forecast Growth

AMT has been the subject of a number of recent research reports. 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. Scotiabank reissued an “outperform” rating on shares of American Tower in a report on Wednesday, July 29th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $214.00 price objective on shares of American Tower in a research note on Wednesday, July 29th. Jefferies Financial Group decreased their target price on shares of American Tower from $210.00 to $201.00 and set a “buy” rating for the company in a research note on Wednesday, July 15th. Finally, Weiss Ratings upgraded shares of American Tower from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $215.14.

American Tower Price Performance

American Tower stock opened at $175.68 on Monday. The stock has a market capitalization of $81.86 billion, a P/E ratio of 24.17, a P/E/G ratio of 2.79 and a beta of 0.90. The company’s fifty day moving average price is $172.82 and its 200 day moving average price is $177.93. 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 Corporation has a 1 year low of $160.06 and a 1 year high of $214.79.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, July 28th. The real estate investment trust reported $2.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $1.14. American Tower had a net margin of 31.08% and a return on equity of 32.76%. The company had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.70 billion. During the same period in the prior year, the business posted $2.60 earnings per share. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis. American Tower has set its FY 2026 guidance at 11.000-11.170 EPS. As a group, equities research analysts anticipate that American Tower Corporation will post 10.78 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. Investors of record on Friday, June 12th were paid a $1.79 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $7.16 dividend on an annualized basis and a yield of 4.1%. American Tower’s dividend payout ratio (DPR) is currently 98.49%.

Insider Activity

In other news, CFO Robert Joseph Meyer sold 5,000 shares of American Tower stock in a transaction that occurred on Wednesday, July 29th. The stock was 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. The trade was a 18.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Ruth T. Dowling sold 1,106 shares of the stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $174.96, for a total value of $193,505.76. Following the completion of the transaction, the executive vice president directly owned 27,711 shares of the company’s stock, valued at approximately $4,848,316.56. This represents a 3.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 6,791 shares of company stock worth $1,204,091. 0.08% of the stock is currently owned by insiders.

American Tower Company 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.