1832 Asset Management L.P. Boosts Stock Holdings in American Tower Corporation $AMT

Key Points

• 1832 Asset Management L.P. increased its holdings in American Tower Corporation by 4.7% during the first quarter, now owning 989,175 shares valued at approximately $215 million.
• Other institutional investors, such as Vanguard Group and Price T Rowe Associates, also expanded their stakes in American Tower, indicating strong institutional interest.
• American Tower reported a quarterly earnings per share (EPS) of $2.60, beating expectations, but experienced a revenue decrease of 9.4% year-over-year.

1832 Asset Management L.P. raised its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 4.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 989,175 shares of the real estate investment trust's stock after acquiring an additional 44,160 shares during the quarter. 1832 Asset Management L.P. owned approximately 0.21% of American Tower worth $215,244,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of AMT. Brighton Jones LLC boosted its position in American Tower by 113.0% during the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock valued at $727,000 after acquiring an additional 2,104 shares in the last quarter. XTX Topco Ltd bought a new stake in American Tower during the 4th quarter valued at $336,000. First Trust Advisors LP lifted its holdings in shares of American Tower by 127.4% during the 4th quarter. First Trust Advisors LP now owns 126,558 shares of the real estate investment trust's stock valued at $23,212,000 after purchasing an additional 70,895 shares during the last quarter. MML Investors Services LLC lifted its holdings in shares of American Tower by 4.8% during the 4th quarter. MML Investors Services LLC now owns 44,293 shares of the real estate investment trust's stock valued at $8,124,000 after purchasing an additional 2,046 shares during the last quarter. Finally, MGO One Seven LLC lifted its holdings in shares of American Tower by 6.4% during the 4th quarter. MGO One Seven LLC now owns 23,316 shares of the real estate investment trust's stock valued at $4,276,000 after purchasing an additional 1,401 shares during the last quarter. Institutional investors own 92.69% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Raymond James Financial set a $250.00 price objective on American Tower and gave the company a "strong-buy" rating in a report on Wednesday, July 30th. Hsbc Global Res lowered American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. JPMorgan Chase & Co. increased their price objective on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. BMO Capital Markets reiterated an "outperform" rating and set a $245.00 price objective (down previously from $250.00) on shares of American Tower in a report on Wednesday, July 30th. Finally, Barclays raised their target price on American Tower from $246.00 to $250.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $244.73.

Insider Activity

In other news, CEO Juan Font sold 720 shares of the business's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $208.33, for a total transaction of $149,997.60. Following the transaction, the chief executive officer directly owned 23,425 shares in the company, valued at $4,880,130.25. The trade was a 2.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.18% of the stock is currently owned by company insiders.

American Tower Stock Up 1.0%

Shares of NYSE:AMT traded up $2.04 during trading on Friday, hitting $211.77. The company's stock had a trading volume of 2,343,037 shares, compared to its average volume of 2,432,978. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95. The business has a 50 day moving average price of $216.76 and a two-hundred day moving average price of $212.80. The company has a market capitalization of $99.16 billion, a PE ratio of 77.01, a P/E/G ratio of 1.21 and a beta of 0.82. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share for the quarter, beating analysts' consensus estimates of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The firm had revenue of $2.63 billion during the quarter, compared to analysts' expectations of $2.58 billion. During the same period in the previous year, the company earned $2.79 earnings per share. American Tower's quarterly revenue was down 9.4% compared to the same quarter last year. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. As a group, research analysts expect that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Profile

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.