DAVENPORT & Co LLC Has $185.12 Million Stake in American Tower Corporation $AMT

DAVENPORT & Co LLC lifted its stake in shares of American Tower Corporation (NYSE:AMT) by 20.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,052,121 shares of the real estate investment trust’s stock after purchasing an additional 180,466 shares during the quarter. American Tower accounts for 1.0% of DAVENPORT & Co LLC’s holdings, making the stock its 20th biggest holding. DAVENPORT & Co LLC owned approximately 0.22% of American Tower worth $185,118,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of AMT. Norges Bank acquired a new stake in American Tower during the second quarter worth about $1,371,875,000. Lazard Asset Management LLC lifted its holdings in shares of American Tower by 1,984.8% during the 3rd quarter. Lazard Asset Management LLC now owns 4,464,382 shares of the real estate investment trust’s stock worth $858,552,000 after acquiring an additional 4,250,242 shares during the period. Viking Global Investors LP lifted its holdings in shares of American Tower by 233.5% during the 2nd quarter. Viking Global Investors LP now owns 2,797,125 shares of the real estate investment trust’s stock worth $618,221,000 after acquiring an additional 1,958,329 shares during the period. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of American Tower during the 3rd quarter worth approximately $305,872,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in American Tower by 35.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,796,007 shares of the real estate investment trust’s stock valued at $537,728,000 after acquiring an additional 724,504 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on AMT. Weiss Ratings restated a “hold (c)” rating on shares of American Tower in a research report on Monday, December 29th. Jefferies Financial Group boosted their target price on American Tower from $200.00 to $209.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Morgan Stanley dropped their target price on shares of American Tower from $225.00 to $220.00 and set an “overweight” rating for the company in a report on Wednesday, February 25th. The Goldman Sachs Group decreased their price target on shares of American Tower from $230.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, January 16th. Finally, Royal Bank Of Canada lowered their price objective on shares of American Tower from $220.00 to $195.00 and set a “sector perform” rating for the company in a research report 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 issued a Hold rating to the stock. Based on data from MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and a consensus target price of $217.35.

Insider Transactions at American Tower

In related news, Director Rajesh Kalathur bought 2,671 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were bought at an average price of $185.30 per share, for a total transaction of $494,936.30. Following the completion of the acquisition, 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 link. Also, COO Eugene M. Noel sold 41,209 shares of American Tower stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $191.05, for a total transaction of $7,872,979.45. Following the transaction, the chief operating officer directly owned 29,592 shares in the company, valued at $5,653,551.60. This represents a 58.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.18% of the stock is currently owned by insiders.

American Tower Price Performance

AMT stock opened at $170.25 on Wednesday. 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 firm has a market cap of $79.35 billion, a price-to-earnings ratio of 31.59, a PEG ratio of 0.74 and a beta of 0.92. The company’s fifty day simple moving average is $182.43 and its 200 day simple moving average is $182.94. American Tower Corporation has a 12-month low of $166.88 and a 12-month high of $234.33.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, February 24th. The real estate investment trust reported $1.75 earnings per share (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 the consensus estimate of $2.69 billion. American Tower had a return on equity of 24.36% and a net margin of 23.76%.American Tower’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.62 earnings per share. American Tower has set its FY 2026 guidance at 10.780-10.950 EPS. On average, analysts expect that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 28th. Investors of record on Tuesday, April 14th will be given a $1.79 dividend. This represents a $7.16 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Tuesday, April 14th. This is a positive change from American Tower’s previous quarterly dividend of $1.70. American Tower’s payout ratio is 126.16%.

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.