Franklin Resources Inc. Sells 33,362 Shares of American Tower Corporation $AMT

Franklin Resources Inc. cut its stake in shares of American Tower Corporation (NYSE:AMT) by 0.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,375,430 shares of the real estate investment trust’s stock after selling 33,362 shares during the period. Franklin Resources Inc. owned about 1.15% of American Tower worth $1,033,803,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in American Tower by 8.9% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 96,793 shares of the real estate investment trust’s stock valued at $18,615,000 after purchasing an additional 7,872 shares in the last quarter. Eastern Bank increased its stake in shares of American Tower by 69.6% in the third quarter. Eastern Bank now owns 139,091 shares of the real estate investment trust’s stock worth $26,750,000 after purchasing an additional 57,078 shares in the last quarter. Machina Capital S.A.S. purchased a new stake in shares of American Tower in the third quarter worth $2,871,000. Krilogy Financial LLC bought a new stake in shares of American Tower during the 3rd quarter valued at $1,044,000. Finally, Commerzbank Aktiengesellschaft FI lifted its stake in shares of American Tower by 92.4% during the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 61,397 shares of the real estate investment trust’s stock valued at $11,808,000 after buying an additional 29,486 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

American Tower Stock Down 0.4%

Shares of AMT stock opened at $185.93 on Wednesday. The stock has a market cap of $86.66 billion, a P/E ratio of 34.49, a PEG ratio of 0.78 and a beta of 0.92. American Tower Corporation has a 52 week low of $166.88 and a 52 week high of $234.33. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 3.27. The company’s fifty day simple moving average is $181.00 and its two-hundred day simple moving average is $184.48.

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

American Tower Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 28th. Investors of record on Tuesday, April 14th will be paid a dividend of $1.79 per share. The ex-dividend date of this dividend is Tuesday, April 14th. This is a boost 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%. American Tower’s dividend payout ratio is currently 126.16%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on AMT shares. Mizuho dropped their target price on shares of American Tower from $217.00 to $189.00 and set a “neutral” rating for the company in a report on Monday, January 12th. Barclays reissued an “equal weight” rating and set a $200.00 price target (down from $203.00) on shares of American Tower in a report on Monday, December 1st. Scotiabank dropped their price objective on American Tower from $220.00 to $214.00 and set a “sector outperform” rating for the company in a research note on Wednesday, February 25th. Weiss Ratings reiterated a “hold (c)” rating on shares of American Tower in a research report on Monday, December 29th. Finally, Royal Bank Of Canada decreased their target price on American Tower from $220.00 to $195.00 and set a “sector perform” rating on the stock in a research note on Monday, January 12th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $217.35.

Insiders Place Their Bets

In other American Tower news, COO Eugene M. Noel sold 41,209 shares of American Tower 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 of the company’s stock, valued at $5,653,551.60. The trade was a 58.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.18% of the stock is owned by corporate insiders.

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.