Allstate Corp reduced its stake in American Tower Corporation (NYSE:AMT - Free Report) by 18.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 50,354 shares of the real estate investment trust's stock after selling 11,373 shares during the quarter. Allstate Corp's holdings in American Tower were worth $8,236,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of American Tower during the second quarter worth $7,490,943,000. J. Stern & Co. LLP increased its holdings in American Tower by 28,121.1% in the 4th quarter. J. Stern & Co. LLP now owns 37,686,978 shares of the real estate investment trust's stock valued at $6,616,703,000 after buying an additional 37,553,436 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in shares of American Tower by 20,721.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 9,712,672 shares of the real estate investment trust's stock valued at $1,705,254,000 after buying an additional 9,666,025 shares in the last quarter. Deutsche Bank AG acquired a new position in shares of American Tower in the 2nd quarter valued at approximately $1,096,186,000. Finally, Norges Bank bought a new stake in shares of American Tower during the 4th quarter worth approximately $1,171,180,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.
American Tower Price Performance
AMT stock opened at $176.36 on Monday. The company has a market capitalization of $82.18 billion, a P/E ratio of 24.26, a PEG ratio of 2.78 and a beta of 0.90. American Tower Corporation has a 52-week low of $160.06 and a 52-week high of $214.79. The company has a fifty day moving average price of $171.26 and a 200-day moving average price of $177.78. The company has a debt-to-equity ratio of 3.12, a quick ratio of 0.52 and a current ratio of 0.52.
American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $2.71 earnings per share for the quarter, beating the consensus estimate of $1.57 by $1.14. American Tower had a return on equity of 32.76% and a net margin of 31.08%.The company had revenue of $2.75 billion during the quarter, compared to analysts' expectations of $2.70 billion. During the same quarter in the prior year, the firm posted $2.60 earnings per share. The business's quarterly revenue was up 4.6% on a year-over-year basis. American Tower has set its FY 2026 guidance at 11.000-11.170 EPS. As a group, equities analysts expect that American Tower Corporation will post 10.8 EPS for the current year.
Analyst Ratings Changes
Several research analysts have commented on the stock. The Goldman Sachs Group set a $210.00 price objective on shares of American Tower in a research report on Tuesday, July 28th. Mizuho set a $208.00 target price on American Tower in a report on Thursday. Truist Financial reiterated a "buy" rating and issued a $207.00 price target (down from $208.00) on shares of American Tower in a research note on Wednesday, August 12th. BMO Capital Markets upped their price objective on shares of American Tower from $190.00 to $195.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 29th. Finally, Scotiabank reissued an "outperform" rating on shares of American Tower in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, American Tower presently has a consensus rating of "Moderate Buy" and an average target price of $215.29.
Check Out Our Latest Analysis on AMT
Insider Activity at American Tower
In related news, CFO Robert Joseph Meyer sold 5,000 shares of the business's stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $178.89, for a total transaction of $894,450.00. Following the transaction, the chief financial officer owned 21,428 shares in the company, valued at $3,833,254.92. The trade was a 18.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ruth T. Dowling sold 1,106 shares of the firm's stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $174.96, for a total transaction of $193,505.76. Following the completion of the sale, the executive vice president owned 27,711 shares of the company's stock, valued at $4,848,316.56. The trade was a 3.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 6,791 shares of company stock valued at $1,204,091. Insiders own 0.08% of the company's stock.
American Tower Company Profile
(
Free Report)
American Tower NYSE: AMT is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company's core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.
Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.
Further Reading
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Before you consider American Tower, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and American Tower wasn't on the list.
While American Tower currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
The AI wave will soon hit public markets with Anthropic and OpenAI set to go public later this year. However, you don't have to wait to invest. This report shows seven AI stocks that you can buy today while the big model providers get ready to go public.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
