Avenir Corp Lowers Stake in American Tower Corporation $AMT

Key Points

• Avenir Corp has reduced its stake in American Tower Corporation by 0.6%, retaining approximately 9.9% of its investment portfolio in the company, making it Avenir's second largest position.
• Recent analyst ratings show a mix of outlooks for American Tower; JPMorgan raised its price target to $255, while HSBC downgraded it to a "hold" with a $235 target.
• CEO Juan Font sold 720 shares at an average price of $208.33, reducing his ownership by about 3%, while the company’s latest earnings report showed a net margin of 12.60% and revenue of $2.63 billion.

Avenir Corp trimmed its stake in American Tower Corporation (NYSE:AMT - Free Report) by 0.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 435,442 shares of the real estate investment trust's stock after selling 2,620 shares during the quarter. American Tower makes up about 9.9% of Avenir Corp's portfolio, making the stock its 2nd biggest holding. Avenir Corp owned 0.09% of American Tower worth $94,752,000 as of its most recent filing with the Securities & Exchange Commission.

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

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on AMT. Royal Bank Of Canada raised their price objective on American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Bank of America began coverage on American Tower in a research report on Monday, May 19th. They issued a "buy" rating and a $255.00 price objective for the company. HSBC cut American Tower from a "buy" rating to a "hold" rating and set a $235.00 price objective for the company. in a research report on Wednesday, July 30th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $245.00 price objective (down from $250.00) on shares of American Tower in a research report on Wednesday, July 30th. Finally, Wells Fargo & Company cut their price objective on American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $244.73.

American Tower Stock Performance

NYSE:AMT traded up $1.14 during mid-day trading on Friday, hitting $203.70. 2,618,098 shares of the stock were exchanged, compared to its average volume of 2,357,579. The stock has a market capitalization of $95.38 billion, a price-to-earnings ratio of 74.07, a price-to-earnings-growth ratio of 1.26 and a beta of 0.82. The firm's 50-day simple moving average is $215.77 and its 200 day simple moving average is $213.18. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $243.56.

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

Insiders Place Their Bets

In related news, CEO Juan Font sold 720 shares of American Tower stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 23,425 shares of the company's stock, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.17% of the company's stock.

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.