American Tower Corporation $AMT Shares Bought by Ally Financial Inc.

Key Points

• Ally Financial Inc. increased its stake in American Tower Corporation by 50% during the first quarter, owning a total of 27,000 shares valued at approximately $5.87 million.
• Several other hedge funds, including Kayne Anderson Rudnick and BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp, also raised their positions in American Tower, indicating growing institutional interest.
• American Tower reported $2.60 EPS for the last quarter, slightly exceeding expectations, while quarterly revenue fell 9.4% year-over-year to $2.63 billion.

Ally Financial Inc. boosted its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 50.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 27,000 shares of the real estate investment trust's stock after buying an additional 9,000 shares during the quarter. Ally Financial Inc.'s holdings in American Tower were worth $5,875,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of AMT. North Capital Inc. purchased a new stake in shares of American Tower in the first quarter valued at about $25,000. Hopwood Financial Services Inc. lifted its holdings 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 purchasing an additional 60 shares in the last quarter. Minot DeBlois Advisors LLC purchased a new stake in shares of American Tower in the fourth quarter valued at about $29,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in shares of American Tower in the first quarter valued at about $31,000. Finally, Lowe Wealth Advisors LLC lifted its holdings in shares of American Tower by 218.0% in the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 109 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

Insiders Place Their Bets

In other American Tower news, CEO Juan Font sold 720 shares of the 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 transaction, the chief executive officer owned 23,425 shares of the company's stock, valued at $4,880,130.25. This trade represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

AMT has been the topic of several recent research reports. Wells Fargo & Company reduced their price target on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. UBS Group upped their price objective on shares of American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. 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 note on Wednesday, July 30th. BMO Capital Markets reissued an "outperform" rating and set a $245.00 price objective (down previously from $250.00) on shares of American Tower in a research note on Wednesday, July 30th. Finally, Scotiabank upped their price objective on shares of American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a research note on Wednesday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued 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 Trading Down 1.8%

NYSE:AMT traded down $3.78 during trading hours on Wednesday, reaching $203.67. 3,083,494 shares of the company were exchanged, compared to its average volume of 2,377,857. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market cap of $95.37 billion, a price-to-earnings ratio of 74.06, a PEG ratio of 1.18 and a beta of 0.82. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $243.56. The stock has a 50 day simple moving average of $216.53 and a 200 day simple moving average of $212.92.

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