True North Advisors 13F: New $641K Stake in American Tower (AMT)
Key Points
- True North Advisors opened a new position in American Tower Corporation (NYSE: AMT) by purchasing 3,898 shares valued at $640,902, according to an October 22, 2026 filing.
- American Tower reported trailing twelve month revenue of $10.94 billion and earnings of $7.27 per share ahead of its upcoming earnings report on October 27, 2026.
- Other major funds adjusted their holdings during the period while wall street analysts maintain a consensus buy rating with a mean price target of $215.74.
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True North Advisors opened a new position in American Tower Corporation (NYSE: AMT) by acquiring 3,898 shares, according to a Form 13F filing with the SEC on October 22, 2026. The newly established stake carried a reported value of $640,902 at the time of the filing.
AMT
American Tower Corporation
What Changed in True North Advisors's American Tower Position
The firm established a brand-new holding in the real estate investment trust, picking up 3,898 shares. Because this was an initial stake, there was no prior quarter comparison or percentage change to report. The position was valued at $640,902 based on the reported filing data.
Other Institutional Activity in American Tower
Other major funds adjusted their portfolios around the same period. Robeco Institutional Asset Management B.V. grew its holdings by 487,107 shares, ending with 674,870 shares worth about $110,469,471. ASR Vermogensbeheer N.V. cut 167,091 shares, leaving it with 50,135 shares valued at $8,206,453. DAVENPORT grew its stake by 214,884 shares to finish with 1,264,519 shares worth $208,467,706. Intech Investment Management added 87,365 shares for a final count of 376,931 shares valued at $62,110,689.72. Verition Fund Management boosted its holdings by 156,628 shares to hold 185,666 shares worth $30,594,043.25.
American Tower Corporation Stock Down 2.9%
American Tower shares recently traded around $177.64 as of October 23, 2026, down about 2.2% from the stock's closing price of $181.57 on the filing date. The stock has traded between a 52-week low of $160.06 and a 52-week high of $196.08.
Recent Earnings
American Tower reported trailing twelve month revenue of $10.94 billion and earnings of $7.27 per share. The company generated a net profit margin of 31.1% and a return on equity of 33.9%. Investors are awaiting the company's next earnings report scheduled for October 27, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
3 target raises vs 2 cuts.
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EPS & revenue
EPS beat estimates by 13.6%. Revenue beat estimates by 2.0%.
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Profit surprise
EBITDA met by 2 percent. Operating income beat by 7 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
1 upgrade, 3 target raises, 2 target cuts.
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Earnings quality
Gross margin down 1.3 points. Operating margin down 6.5 points. Positive free cash flow.
Earnings Call Summary
American Tower had a strong first quarter with reported revenue of $2.74 billion, beating consensus by about $53 million, and earnings per share of $2.84 versus consensus of $2.50. Organic growth excluding DISH churn was 4 percent in towers and 17 percent in the CoreSite data center business, driven by growing mobile data demand, AI workload expansion and a major inflection in interconnection activity. Management emphasized that structural tailwinds including 5G densification, eventual 6G deployment, and AI-driven infrastructure needs position the company well for mid to upper single-digit annual growth going forward.
Guidance Management raised full year property revenue guidance by about $145 million to approximately $10.9 billion, driven by foreign exchange tailwinds and accelerated straight-line revenue. They expect organic tenant billings growth around 4 percent when excluding one-time DISH churn, plus data center growth of about 13 percent. They reaffirmed attributable AFFO per share growth expectations in the mid to upper single-digit range over the long term.
Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.
Dividend
American Tower pays an annual dividend rate of $7.16 per share, representing a dividend yield of 3.91%.
Insider Buying and Selling at American Tower Corporation
Company insiders executed several transactions prior to the filing. Ruth T. Dowling disposed of 972 shares on April 29, 2026, for a total value of $173,092. Robert Joseph Meyer Jr. sold 5,000 shares on July 29, 2026, at an average price of $178.89, totaling $894,450. Ruth T. Dowling also sold 1,791 shares on July 29, 2026, valued at $309,641. On the buying side, director Rajesh Kalathur purchased 2,829 shares on August 21, 2026, at $177.00 per share for a total value of $500,733.
Analysts Set New Price Targets
Wall street firms updated their views on the stock ahead of the filing. On July 29, 2026, TD Cowen maintained a buy rating and raised its target from $225 to $227. Truist Securities reiterated a buy rating on August 12, 2026, lowering its target slightly from $208 to $207. Barclays upgraded the stock to an overweight rating on August 20, 2026, with a target of $198, and later maintained that rating while nudging the target to $199 on September 30, 2026. Bernstein maintained an outperform rating on October 20, 2026, moving its target from $214 to $212. Across 23 analyst opinions, the stock carries a consensus buy recommendation and a mean price target of $215.74.
About American Tower
American Tower Corporation operates as a global real estate investment trust focused on communications infrastructure. The company owns, operates, and develops multitenant communications real estate, maintaining a large portfolio of communications sites alongside an interconnected network of data center facilities. This property portfolio supports wireless service providers and broadcasters as demand for mobile data and connectivity continues to grow.
Bottom Line
True North Advisors' new investment adds to institutional interest in the infrastructure real estate sector. Investors will look toward the upcoming earnings release on October 27, 2026, for further updates on financial performance.
Related Filing Alerts
Source: True North Advisors's 13F filing on $AMT (Oct 22, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts