Alliancebernstein L.P. Trims Stake in American Tower Corporation $AMT

Key Points

• Alliancebernstein L.P. has reduced its stake in American Tower Corporation by 19.8%, now holding approximately $383.58 million in shares.
• A variety of hedge funds are actively trading American Tower shares, with institutional investors collectively owning 92.69% of the company's stock.
• Analysts have mixed ratings for American Tower, with target prices ranging from $235.00 to $260.00, and an average rating of "Moderate Buy".

Alliancebernstein L.P. decreased its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 19.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,762,792 shares of the real estate investment trust's stock after selling 434,760 shares during the period. Alliancebernstein L.P. owned approximately 0.38% of American Tower worth $383,584,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. North Capital Inc. bought a new stake in American Tower in the 1st quarter valued at about $25,000. Hopwood Financial Services Inc. boosted its stake in shares of American Tower by 100.0% in the first quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust's stock valued at $26,000 after buying an additional 60 shares during the period. E Fund Management Hong Kong Co. Ltd. acquired a new stake in American Tower during the first quarter worth approximately $31,000. Lowe Wealth Advisors LLC increased its stake in American Tower by 218.0% during the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after acquiring an additional 109 shares during the period. Finally, Minot DeBlois Advisors LLC acquired a new position in American Tower in the 4th quarter valued at $29,000. Institutional investors own 92.69% of the company's stock.

Insider Transactions at American Tower

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

American Tower Stock Performance

AMT traded down $4.83 during trading on Monday, hitting $193.49. 5,294,429 shares of the company traded hands, compared to its average volume of 2,633,104. American Tower Corporation has a one year low of $172.51 and a one year high of $243.56. The stock's fifty day moving average is $213.60 and its 200 day moving average is $213.65. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36. The firm has a market cap of $90.60 billion, a P/E ratio of 70.36, a price-to-earnings-growth ratio of 1.22 and a beta of 0.86.

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

Wall Street Analyst Weigh In

AMT has been the subject of a number of analyst reports. HSBC downgraded American Tower from a "buy" rating to a "hold" rating and set a $235.00 price target for the company. in a research note on Wednesday, July 30th. The Goldman Sachs Group reissued a "buy" rating on shares of American Tower in a research note on Tuesday, July 29th. Bank of America initiated coverage on American Tower in a report on Monday, May 19th. They set a "buy" rating and a $255.00 target price on the stock. Wells Fargo & Company decreased their price target on American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Finally, UBS Group upped their target price on American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $244.73.

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.