CI Investments Inc. Grows Holdings in American Tower Corporation $AMT

CI Investments Inc. raised its holdings in shares of American Tower Corporation (NYSE:AMT) by 6.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 88,755 shares of the real estate investment trust’s stock after purchasing an additional 5,271 shares during the quarter. CI Investments Inc.’s holdings in American Tower were worth $15,317,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in AMT. First Trust Advisors LP lifted its holdings in American Tower by 116.5% during the 1st quarter. First Trust Advisors LP now owns 131,411 shares of the real estate investment trust’s stock valued at $22,679,000 after buying an additional 70,708 shares in the last quarter. Magellan Asset Management Ltd grew its stake in American Tower by 40.3% in the 1st quarter. Magellan Asset Management Ltd now owns 1,503,296 shares of the real estate investment trust’s stock worth $259,439,000 after acquiring an additional 431,517 shares in the last quarter. Westpac Banking Corp increased its position in shares of American Tower by 7.6% during the first quarter. Westpac Banking Corp now owns 19,786 shares of the real estate investment trust’s stock worth $3,415,000 after acquiring an additional 1,405 shares during the period. ABN Amro Investment Solutions raised its stake in shares of American Tower by 1.8% during the first quarter. ABN Amro Investment Solutions now owns 41,610 shares of the real estate investment trust’s stock valued at $7,181,000 after acquiring an additional 721 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in American Tower by 3.0% in the first quarter. PNC Financial Services Group Inc. now owns 404,541 shares of the real estate investment trust’s stock worth $69,816,000 after purchasing an additional 11,946 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Trading Up 1.7%

Shares of NYSE:AMT opened at $166.24 on Thursday. The company has a market capitalization of $77.45 billion, a PE ratio of 26.86, a P/E/G ratio of 0.68 and a beta of 0.91. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 3.07. American Tower Corporation has a 12-month low of $160.06 and a 12-month high of $234.33. The business’s fifty day simple moving average is $176.97 and its 200-day simple moving average is $178.50.

American Tower (NYSE:AMT) last issued its quarterly earnings data 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 return on equity of 27.79% and a net margin of 26.81%.The company had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same quarter last year, the company earned $2.75 earnings per share. The firm’s revenue for the quarter 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. As a group, equities research analysts predict that American Tower Corporation will post 10.66 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Friday, June 12th were issued 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 was Friday, June 12th. American Tower’s dividend payout ratio (DPR) is currently 115.67%.

Insider Activity

In other news, EVP Ruth T. Dowling sold 556 shares of American Tower stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $178.48, for a total value of $99,234.88. Following the transaction, the executive vice president owned 29,877 shares of the company’s stock, valued at $5,332,446.96. The trade was a 1.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.08% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

AMT has been the subject of a number of research analyst reports. Jefferies Financial Group lifted their target price on American Tower from $209.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, April 14th. Royal Bank Of Canada upgraded American Tower from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $195.00 to $205.00 in a report on Friday, June 26th. Weiss Ratings raised shares of American Tower from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, July 14th. Raymond James Financial reiterated a “strong-buy” rating and set a $240.00 target price on shares of American Tower in a report on Wednesday, April 29th. Finally, JPMorgan Chase & Co. reduced their price target on shares of American Tower from $245.00 to $240.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $215.57.

About American Tower

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.