Adelante Capital Management LLC Has $13.74 Million Position in American Tower Corporation $AMT

Key Points

• Adelante Capital Management LLC increased its stake in American Tower Corporation by 58.5% during the first quarter, holding 63,158 shares valued at $13.74 million.
• American Tower's stock experienced a 1.7% increase, with current trading around $198.36, while its market capitalization stands at $92.88 billion.
• The company reported a quarterly earnings per share of $2.60, slightly surpassing analysts' expectations, but its revenue decreased by 9.4% compared to the previous year.

Adelante Capital Management LLC grew its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 58.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 63,158 shares of the real estate investment trust's stock after purchasing an additional 23,314 shares during the period. American Tower comprises about 1.0% of Adelante Capital Management LLC's holdings, making the stock its 26th biggest holding. Adelante Capital Management LLC's holdings in American Tower were worth $13,743,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of AMT. Brighton Jones LLC increased its position in shares of American Tower by 113.0% in the fourth quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock worth $727,000 after acquiring an additional 2,104 shares in the last quarter. Algert Global LLC purchased a new position in American Tower during the 4th quarter worth approximately $1,640,000. Cresset Asset Management LLC lifted its holdings in shares of American Tower by 29.2% in the fourth quarter. Cresset Asset Management LLC now owns 6,587 shares of the real estate investment trust's stock valued at $1,213,000 after purchasing an additional 1,488 shares in the last quarter. Ethic Inc. boosted its position in shares of American Tower by 4.7% in the fourth quarter. Ethic Inc. now owns 47,294 shares of the real estate investment trust's stock worth $8,674,000 after buying an additional 2,123 shares during the period. Finally, Focus Partners Wealth grew its holdings in shares of American Tower by 4.2% during the fourth quarter. Focus Partners Wealth now owns 272,811 shares of the real estate investment trust's stock valued at $52,720,000 after buying an additional 10,998 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

Insider Activity

In other American Tower news, CEO Juan Font sold 720 shares of the stock in a transaction on 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 of the company's stock, valued at $4,880,130.25. This represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.18% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AMT. Bank of America assumed coverage on American Tower in a research note on Monday, May 19th. They issued a "buy" rating and a $255.00 price objective for the company. Wells Fargo & Company dropped their target price on American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. Barclays raised their price target on shares of American Tower from $246.00 to $250.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. HSBC downgraded shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 price objective on the stock. in a research report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. increased their target price on shares of American Tower from $250.00 to $255.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $244.73.

American Tower Stock Up 0.5%

NYSE:AMT traded up $0.89 during mid-day trading on Tuesday, reaching $194.53. The stock had a trading volume of 3,383,691 shares, compared to its average volume of 2,670,523. The business's 50 day moving average is $212.45 and its 200 day moving average is $213.53. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $243.56. The stock has a market cap of $91.09 billion, a P/E ratio of 70.74, a PEG ratio of 1.20 and a beta of 0.86. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95.

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

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.