Allstate Corp Buys 8,427 Shares of American Tower Corporation $AMT

Key Points

• Allstate Corp increased its stake in American Tower Corporation by 30.9%, acquiring an additional 8,427 shares to reach a total of 35,672 shares valued at approximately $7.76 million.
• American Tower reported earnings of $2.60 per share for the most recent quarter, slightly exceeding analysts' expectations, despite a 9.4% decline in revenue year-over-year.
• Wall Street analysts have set a consensus rating of "Moderate Buy" for American Tower, with an average price target of $244.73.

Allstate Corp raised its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 30.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 35,672 shares of the real estate investment trust's stock after buying an additional 8,427 shares during the period. Allstate Corp's holdings in American Tower were worth $7,762,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. 1832 Asset Management L.P. raised its stake in American Tower by 4.7% in the first quarter. 1832 Asset Management L.P. now owns 989,175 shares of the real estate investment trust's stock valued at $215,244,000 after buying an additional 44,160 shares during the period. Compound Planning Inc. grew its position in shares of American Tower by 8.5% in the first quarter. Compound Planning Inc. now owns 6,693 shares of the real estate investment trust's stock valued at $1,456,000 after purchasing an additional 526 shares during the last quarter. Bragg Financial Advisors Inc grew its position in shares of American Tower by 4.1% in the first quarter. Bragg Financial Advisors Inc now owns 26,305 shares of the real estate investment trust's stock valued at $5,724,000 after purchasing an additional 1,028 shares during the last quarter. Norinchukin Bank The grew its position in shares of American Tower by 14.3% in the first quarter. Norinchukin Bank The now owns 22,831 shares of the real estate investment trust's stock valued at $4,968,000 after purchasing an additional 2,849 shares during the last quarter. Finally, CW Advisors LLC grew its position in shares of American Tower by 82.6% in the first quarter. CW Advisors LLC now owns 15,934 shares of the real estate investment trust's stock valued at $3,457,000 after purchasing an additional 7,208 shares during the last quarter. Institutional investors own 92.69% of the company's stock.

Insider Buying and Selling

In other American Tower news, CEO Juan Font sold 720 shares of the business's stock in a transaction that occurred 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 completion of 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 document filed with the Securities & Exchange Commission, which is available at this link. 0.18% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

AMT has been the topic of several research reports. JPMorgan Chase & Co. upped their target price on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Bank of America initiated coverage on American Tower in a research report on Monday, May 19th. They issued a "buy" rating and a $255.00 target price on the stock. Hsbc Global Res downgraded American Tower from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Scotiabank upped their target price on American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a research report on Wednesday, April 30th. Finally, UBS Group boosted their price target on American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, American Tower currently has an average rating of "Moderate Buy" and a consensus target price of $244.73.

American Tower Price Performance

Shares of AMT stock traded up $2.04 during trading on Friday, hitting $211.77. The company 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 firm has a market capitalization of $99.16 billion, a P/E ratio of 77.01, a price-to-earnings-growth ratio of 1.21 and a beta of 0.82. The stock's 50-day moving average price is $216.76 and its 200 day moving average price is $212.80. American Tower Corporation has a one year low of $172.51 and a one year high of $243.56.

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

American Tower Company 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.