Magellan Asset Management Ltd Acquires 66,628 Shares of American Tower Corporation $AMT

Magellan Asset Management Ltd increased its holdings in shares of American Tower Corporation (NYSE:AMT) by 6.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,071,779 shares of the real estate investment trust’s stock after acquiring an additional 66,628 shares during the quarter. American Tower comprises about 2.3% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 15th largest holding. Magellan Asset Management Ltd’s holdings in American Tower were worth $188,172,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Oakworth Capital Inc. increased its position in American Tower by 90.7% during the fourth quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 68 shares during the period. Richards Merrill & Peterson Inc. bought a new position in American Tower during the fourth quarter worth about $25,000. Triumph Capital Management bought a new position in American Tower during the third quarter worth about $29,000. Holos Integrated Wealth LLC bought a new position in American Tower during the fourth quarter worth about $27,000. Finally, Westside Investment Management Inc. increased its position in American Tower by 103.6% during the third quarter. Westside Investment Management Inc. now owns 169 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 86 shares during the period. 92.69% of the stock is owned by institutional investors.

American Tower Trading Up 6.6%

AMT opened at $194.34 on Friday. The company’s 50 day moving average is $178.55 and its 200-day moving average is $179.48. American Tower Corporation has a 1-year low of $165.08 and a 1-year high of $234.33. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 3.07. The company has a market cap of $90.54 billion, a P/E ratio of 31.40, a PEG ratio of 0.76 and a beta of 0.90.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $1.24. American Tower had a net margin of 26.81% and a return on equity of 27.79%. The company had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same period last year, the company posted $2.75 EPS. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. American Tower has set its FY 2026 guidance at 10.900-11.07 EPS. Equities research analysts predict that American Tower Corporation will post 10.67 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 Monday, July 13th. Stockholders of record on Friday, June 12th will be paid a $1.79 dividend. This represents a $7.16 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Friday, June 12th. American Tower’s dividend payout ratio (DPR) is presently 115.67%.

Insider Activity at American Tower

In other American Tower news, Director Rajesh Kalathur bought 2,671 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The shares were acquired at an average cost of $185.30 per share, for a total transaction of $494,936.30. Following the transaction, the director directly owned 4,936 shares in the company, valued at approximately $914,640.80. This represents a 117.92% 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 416 shares of American Tower stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $177.54, for a total transaction of $73,856.64. Following the sale, the executive vice president owned 29,461 shares in the company, valued at approximately $5,230,505.94. This represents a 1.39% 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. 0.08% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

AMT has been the topic of a number of recent research reports. JPMorgan Chase & Co. lowered their price target on shares of American Tower from $245.00 to $240.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 29th. Barclays decreased their target price on shares of American Tower from $200.00 to $195.00 and set an “equal weight” rating on the stock in a report on Thursday, April 16th. Sanford C. Bernstein raised shares of American Tower from a “market perform” rating to an “outperform” rating and set a $207.00 target price on the stock in a report on Tuesday, May 19th. Mizuho raised shares of American Tower from a “neutral” rating to an “outperform” rating and raised their target price for the company from $189.00 to $205.00 in a report on Wednesday, April 15th. Finally, Jefferies Financial Group raised their target price on shares of American Tower from $209.00 to $210.00 and gave the company a “buy” rating in a report on Tuesday, April 14th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $216.20.

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.