Westerkirk Capital Inc. Makes New Investment in American Tower Corporation $AMT

Westerkirk Capital Inc. bought a new stake in shares of American Tower Corporation (NYSE:AMT) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 13,900 shares of the real estate investment trust’s stock, valued at approximately $3,072,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in AMT. Norges Bank bought a new stake in American Tower in the second quarter worth $1,371,875,000. Nuveen LLC purchased a new position in shares of American Tower in the 1st quarter worth about $991,525,000. JPMorgan Chase & Co. boosted its stake in American Tower by 24.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 12,666,082 shares of the real estate investment trust’s stock worth $2,799,458,000 after purchasing an additional 2,474,328 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in American Tower by 39.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,144,040 shares of the real estate investment trust’s stock valued at $1,772,144,000 after purchasing an additional 2,309,627 shares during the last quarter. Finally, Alyeska Investment Group L.P. bought a new stake in American Tower during the 1st quarter valued at about $162,127,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Buying and Selling at American Tower

In other American Tower news, Director Eugene F. Reilly acquired 5,554 shares of the business’s stock in a transaction dated Friday, October 31st. The stock was purchased at an average price of $178.99 per share, with a total value of $994,110.46. Following the transaction, the director directly owned 5,689 shares in the company, valued at approximately $1,018,274.11. The trade was a 4,114.07% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.17% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on AMT. The Goldman Sachs Group dropped their target price on shares of American Tower from $250.00 to $230.00 and set a “buy” rating on the stock in a research note on Wednesday, October 29th. HSBC decreased their price objective on shares of American Tower from $235.00 to $205.00 in a report on Wednesday, October 29th. Wall Street Zen upgraded American Tower from a “sell” rating to a “hold” rating in a research note on Sunday, October 12th. Raymond James Financial restated a “strong-buy” rating and issued a $231.00 price target (down previously from $250.00) on shares of American Tower in a research note on Wednesday, October 29th. Finally, Wells Fargo & Company dropped their price objective on American Tower from $210.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 29th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, American Tower has an average rating of “Moderate Buy” and an average target price of $228.28.

American Tower Stock Down 2.8%

AMT stock opened at $176.18 on Tuesday. The company has a market cap of $82.48 billion, a price-to-earnings ratio of 28.14, a P/E/G ratio of 1.08 and a beta of 0.85. The company has a debt-to-equity ratio of 3.24, a quick ratio of 0.95 and a current ratio of 0.89. The business’s 50-day moving average is $185.25 and its two-hundred day moving average is $202.47. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $234.33.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.64 by $0.14. American Tower had a return on equity of 28.79% and a net margin of 28.11%.The business had revenue of $2.72 billion during the quarter, compared to the consensus estimate of $2.65 billion. During the same period in the previous year, the company posted $2.52 EPS. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. American Tower has set its FY 2025 guidance at 10.600-10.720 EPS. As a group, analysts forecast that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, October 20th. Shareholders of record on Tuesday, September 30th were given a $1.70 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $6.80 annualized dividend and a yield of 3.9%. American Tower’s dividend payout ratio (DPR) is presently 108.63%.

About American Tower

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.