Prudential PLC Acquires 14,183 Shares of American Tower Corporation $AMT

by · The Markets Daily

Prudential PLC increased its holdings in shares of American Tower Corporation (NYSE:AMT – Free Report) by 14.8% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 110,225 shares of the real estate investment trust’s stock after purchasing an additional 14,183 shares during the quarter. Prudential PLC’s holdings in American Tower were worth $21,198,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of AMT. Abound Wealth Management lifted its stake in American Tower by 137.3% in the third quarter. Abound Wealth Management now owns 140 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 81 shares in the last quarter. Root Financial Partners LLC bought a new stake in shares of American Tower during the third quarter worth $32,000. Physician Wealth Advisors Inc. raised its holdings in shares of American Tower by 85.9% during the third quarter. Physician Wealth Advisors Inc. now owns 171 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 79 shares during the period. Westside Investment Management Inc. raised its holdings in shares of 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. Finally, VSM Wealth Advisory LLC lifted its position in American Tower by 136.4% in the 2nd quarter. VSM Wealth Advisory LLC now owns 156 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 90 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Rajesh Kalathur purchased 2,671 shares of the stock in a transaction on Tuesday, March 10th. The shares were purchased at an average price of $185.30 per share, with a total value of $494,936.30. Following the transaction, the director directly owned 4,936 shares of the company’s stock, valued at $914,640.80. This trade represents a 117.92% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Eugene M. Noel sold 41,209 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $191.05, for a total value of $7,872,979.45. Following the sale, the chief operating officer owned 29,592 shares in the company, valued at approximately $5,653,551.60. This represents a 58.20% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.17% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on AMT. BMO Capital Markets upped their target price on shares of American Tower from $185.00 to $200.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 25th. New Street Research upgraded American Tower from a “neutral” rating to a “buy” rating and set a $203.00 price target on the stock in a report on Monday, January 5th. Mizuho reduced their price objective on American Tower from $217.00 to $189.00 and set a “neutral” rating for the company in a research report on Monday, January 12th. TD Cowen decreased their price objective on American Tower from $235.00 to $225.00 in a report on Wednesday, February 25th. Finally, Morgan Stanley cut their target price on American Tower from $225.00 to $220.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, American Tower has an average rating of “Moderate Buy” and a consensus target price of $217.35.

View Our Latest Research Report on American Tower

American Tower Stock Up 2.5%

Shares of AMT stock opened at $184.39 on Friday. The firm’s fifty day moving average price is $181.42 and its two-hundred day moving average price is $184.25. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 3.27. American Tower Corporation has a 1 year low of $166.88 and a 1 year high of $234.33. The firm has a market capitalization of $85.94 billion, a P/E ratio of 34.21, a PEG ratio of 0.76 and a beta of 0.92.

American Tower (NYSE:AMT – Get Free Report) last posted its quarterly earnings data on Tuesday, February 24th. The real estate investment trust reported $1.75 EPS for the quarter, missing analysts’ consensus estimates of $2.54 by ($0.79). The business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.69 billion. American Tower had a return on equity of 24.36% and a net margin of 23.76%.The company’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.62 earnings per share. American Tower has set its FY 2026 guidance at 10.780-10.950 EPS. On average, equities analysts predict that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 28th. Shareholders of record on Tuesday, April 14th will be paid a $1.79 dividend. This is a positive change from American Tower’s previous quarterly dividend of $1.70. This represents a $7.16 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Tuesday, April 14th. American Tower’s dividend payout ratio is 126.16%.

American Tower Company Profile

(Free Report)

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.

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