AlphaQuest LLC Reduces Stake in American Tower Corporation $AMT

Key Points

• AlphaQuest LLC reduced its stake in American Tower Corporation by 62%, holding 2,841 shares valued at approximately $618,000 after selling 4,635 shares in the first quarter.
• Several other institutional investors have increased their positions in American Tower, with Brighton Jones LLC boosting its stake by 113% in the fourth quarter.
• American Tower reported $2.60 earnings per share for the last quarter, exceeding estimates, while its revenue declined by 9.4% year-over-year.

AlphaQuest LLC cut its stake in American Tower Corporation (NYSE:AMT - Free Report) by 62.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,841 shares of the real estate investment trust's stock after selling 4,635 shares during the quarter. AlphaQuest LLC's holdings in American Tower were worth $618,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AMT. Nuveen LLC purchased a new position in shares of American Tower in the first quarter valued at approximately $991,525,000. Price T Rowe Associates Inc. MD lifted its holdings in American Tower by 39.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,144,040 shares of the real estate investment trust's stock valued at $1,772,144,000 after purchasing an additional 2,309,627 shares in the last quarter. GAMMA Investing LLC lifted its holdings in American Tower by 23,627.3% in the 1st quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust's stock valued at $370,346,000 after purchasing an additional 1,694,784 shares in the last quarter. Bessemer Group Inc. lifted its holdings in American Tower by 272.0% in the 1st quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust's stock valued at $247,390,000 after purchasing an additional 831,247 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. lifted its stake in shares of American Tower by 490.9% in the first quarter. T. Rowe Price Investment Management Inc. now owns 650,789 shares of the real estate investment trust's stock worth $141,612,000 after buying an additional 540,648 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Trading Up 0.6%

Shares of AMT stock traded up $1.14 on Friday, hitting $203.70. The stock had a trading volume of 2,618,098 shares, compared to its average volume of 2,357,579. 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 capitalization of $95.38 billion, a P/E ratio of 74.07, a P/E/G ratio of 1.25 and a beta of 0.82. American Tower Corporation has a 1 year low of $172.51 and a 1 year high of $243.56. The company's 50 day moving average price is $215.77 and its 200-day moving average price is $213.02.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings data 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. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The firm had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the previous year, the business earned $2.79 EPS. The company's quarterly revenue was down 9.4% compared to the same quarter last year. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current year.

Insider Buying and Selling at American Tower

In other news, CEO Juan Font sold 720 shares of the company's stock in a transaction on 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 owned 23,425 shares of the company's stock, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.17% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on AMT shares. Royal Bank Of Canada raised their price target on shares of American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Raymond James Financial set a $250.00 price target on American Tower and gave the stock a "strong-buy" rating in a report on Wednesday, July 30th. BMO Capital Markets reiterated an "outperform" rating and set a $245.00 price target (down previously from $250.00) on shares of American Tower in a report on Wednesday, July 30th. HSBC downgraded shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 target price on the stock. in a research note on Wednesday, July 30th. Finally, JPMorgan Chase & Co. lifted their price target on shares of American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $244.73.

American Tower 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.