Fenimore Asset Management Inc Makes New Investment in American Tower Corporation $AMT

Fenimore Asset Management Inc acquired a new position in shares of American Tower Corporation (NYSE:AMT) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 94,361 shares of the real estate investment trust’s stock, valued at approximately $15,446,000.

Several other institutional investors have also modified their holdings of AMT. BlackRock Inc. acquired a new position in shares of American Tower during the 2nd quarter worth about $7,490,943,000. J. Stern & Co. LLP boosted its stake in shares of American Tower by 28,121.1% in the fourth 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 acquiring an additional 37,553,436 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. Bank of America Corp DE acquired a new position in American Tower in the 2nd quarter valued at $638,829,000. Finally, Bank of New York Mellon Corp acquired a new stake in American Tower during the 2nd quarter worth $500,016,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Trading Up 0.3%

AMT traded up $0.48 during trading hours on Thursday, reaching $166.66. The company’s stock had a trading volume of 4,437,452 shares, compared to its average volume of 3,049,115. The business’s 50-day moving average is $172.61 and its 200-day moving average is $174.99. 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 stock has a market cap of $77.66 billion, a PE ratio of 22.92, a P/E/G ratio of 2.65 and a beta of 0.88. 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 announced its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $2.71 EPS for the quarter, beating the consensus estimate of $1.57 by $1.14. The business had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.70 billion. American Tower had a return on equity of 32.76% and a net margin of 31.08%.The company’s quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter 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 research analysts predict that American Tower Corporation will post 10.8 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. 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 4.3%. The ex-dividend date of this dividend is Wednesday, September 30th. American Tower’s payout ratio is 98.49%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on AMT shares. Scotiabank reiterated an “outperform” rating on shares of American Tower in a research report on Wednesday, July 29th. BMO Capital Markets boosted their target price on American Tower from $190.00 to $195.00 and gave the stock a “market perform” rating in a report on Wednesday, July 29th. Wolfe Research upgraded American Tower from a “peer perform” rating to an “outperform” rating and set a $188.00 price target for the company in a research report on Wednesday, July 8th. Mizuho set a $208.00 price objective on American Tower in a research report on Thursday, August 20th. Finally, Jefferies Financial Group lowered their price objective on American Tower from $210.00 to $201.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, American Tower has an average rating of “Moderate Buy” and an average price target of $215.48.

Insider Transactions at American Tower

In other news, Director Rajesh Kalathur purchased 2,829 shares of the firm’s stock in a transaction on Friday, August 21st. The shares were bought at an average cost of $177.00 per share, for a total transaction of $500,733.00. Following the completion of the purchase, the director directly owned 7,765 shares of the company’s stock, valued at approximately $1,374,405. This trade represents a 57.31% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Ruth T. Dowling sold 1,106 shares of American Tower stock in a transaction dated 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. In the last three months, insiders have 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 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.