Sterling Investment Management LLC Purchases 4,926 Shares of American Tower Corporation $AMT

Sterling Investment Management LLC acquired a new stake in American Tower Corporation (NYSE:AMT) during the third quarter, HoldingsChannel reports. The fund acquired 4,926 shares of the real estate investment trust’s stock, valued at approximately $806,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AMT. BlackRock Inc. acquired a new stake in shares of American Tower during the second quarter worth $7,490,943,000. State Street Corp boosted its position 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 valued at $3,647,491,000 after acquiring an additional 631,593 shares during the period. Lazard Asset Management LLC grew 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 valued at $1,264,311,000 after acquiring an additional 1,240,780 shares in the last quarter. Deutsche Bank AG acquired a new position in shares of American Tower in the second quarter valued at about $1,096,186,000. Finally, Legal & General Group Plc grew its stake in shares of American Tower by 0.6% in the second quarter. Legal & General Group Plc now owns 4,853,850 shares of the real estate investment trust’s stock valued at $793,944,000 after acquiring an additional 27,929 shares in the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on AMT. BMO Capital Markets raised their price target 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. TD Cowen boosted their price objective on shares of American Tower from $225.00 to $227.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Scotiabank reissued an “outperform” rating on shares of American Tower in a report on Wednesday, July 29th. Weiss Ratings lowered shares of American Tower from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, October 8th. Finally, Mizuho set a $208.00 target price on shares of American Tower in a report on Thursday, August 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, American Tower presently has a consensus rating of “Moderate Buy” and a consensus price target of $215.00.

American Tower Price Performance

Shares of NYSE AMT opened at $185.24 on Friday. The stock has a market capitalization of $86.32 billion, a PE ratio of 25.48, a P/E/G ratio of 2.97 and a beta of 0.88. The company has a debt-to-equity ratio of 3.12, a current ratio of 0.52 and a quick ratio of 0.52. The business has a fifty day moving average price of $173.57 and a two-hundred day moving average price of $175.36. American Tower Corporation has a fifty-two week low of $160.06 and a fifty-two week high of $196.08.

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

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 20th. Investors 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 yield of 3.9%. The ex-dividend date of this dividend is Wednesday, September 30th. American Tower’s payout ratio is 98.49%.

Insider Activity at American Tower

In related news, EVP Ruth Dowling sold 1,106 shares of the company’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $174.96, for a total transaction of $193,505.76. Following the completion of the sale, the executive vice president owned 27,711 shares of the company’s stock, valued at $4,848,316.56. This represents a 3.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Robert Joseph Meyer sold 5,000 shares of the company’s stock in a transaction dated Wednesday, July 29th. The stock was 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 $3,833,254.92. This represents a 18.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 6,791 shares of company stock valued at $1,204,091 over the last quarter. 0.08% of the stock is owned by corporate insiders.

About American Tower

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.