American Tower Corporation $AMT Shares Acquired by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. boosted its holdings in American Tower Corporation (NYSE:AMT) by 1,376.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 62,853 shares of the real estate investment trust’s stock after purchasing an additional 58,597 shares during the period. Pinnacle Associates Ltd.’s holdings in American Tower were worth $10,288,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in American Tower during the 2nd quarter worth approximately $7,490,943,000. Deutsche Bank AG acquired a new position in shares of American Tower in the 2nd quarter valued at approximately $1,096,186,000. Bank of America Corp DE acquired a new position in shares of American Tower in the 2nd quarter valued at approximately $638,829,000. Bank of New York Mellon Corp purchased a new position in shares of American Tower during the 2nd quarter valued at approximately $500,016,000. Finally, Ontario Teachers Pension Plan Board purchased a new position in shares of American Tower during the 2nd quarter valued at approximately $291,867,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Stock Down 3.3%

NYSE:AMT opened at $177.45 on Thursday. The company has a debt-to-equity ratio of 3.12, a quick ratio of 0.52 and a current ratio of 0.52. The company has a market capitalization of $82.69 billion, a price-to-earnings ratio of 24.41, a price-to-earnings-growth ratio of 2.95 and a beta of 0.88. American Tower Corporation has a one year low of $160.06 and a one year high of $196.08. The stock has a 50-day simple moving average of $174.27 and a 200 day simple moving average of $175.58.

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

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 20th. Stockholders of record on Wednesday, September 30th were given a $1.79 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $7.16 annualized dividend and a dividend yield of 4.0%. American Tower’s dividend payout ratio (DPR) is presently 98.49%.

Insider Activity

In related news, CFO Robert Joseph Meyer sold 5,000 shares of the firm’s stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $178.89, for a total transaction of $894,450.00. Following the transaction, the chief financial officer directly owned 21,428 shares in the company, valued at $3,833,254.92. This trade represents a 18.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Rajesh Kalathur acquired 2,829 shares of American Tower stock in a transaction that occurred on Friday, August 21st. The shares were purchased at an average price 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 $1,374,405. The trade was a 57.31% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders sold 6,791 shares of company stock worth $1,204,091. 0.08% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on AMT shares. Royal Bank Of Canada raised shares of American Tower from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $195.00 to $205.00 in a research report on Friday, June 26th. Barclays upped their price target on shares of American Tower from $198.00 to $199.00 and gave the company an “overweight” rating in a report on Wednesday, September 30th. Sanford C. Bernstein reduced their price objective on shares of American Tower from $214.00 to $212.00 and set an “outperform” rating on the stock in a research note on Tuesday. Wolfe Research upgraded shares of American Tower from a “peer perform” rating to an “outperform” rating and set a $188.00 price objective on the stock in a research note on Wednesday, July 8th. Finally, Mizuho set a $208.00 price objective on shares of American Tower in a report on Thursday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, American Tower presently has an average rating of “Moderate Buy” and a consensus target price of $214.90.

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.