American Tower Corporation $AMT Shares Purchased by Acadian Asset Management LLC

Key Points

• Acadian Asset Management LLC significantly increased its stake in American Tower Corporation by 673.8%, holding shares valued at $1.11 million after acquiring over 4,400 shares in the first quarter.
• CEO Juan Font sold 720 shares at a transaction total of approximately $150,000, decreasing his ownership in the company by 2.98%.
• American Tower reported a quarterly earnings per share of $2.60, beating forecasts, although revenues were down 9.4% year-over-year, prompting analysts to adjust ratings and price targets for the stock.

Acadian Asset Management LLC lifted its stake in American Tower Corporation (NYSE:AMT - Free Report) by 673.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,107 shares of the real estate investment trust's stock after buying an additional 4,447 shares during the quarter. Acadian Asset Management LLC's holdings in American Tower were worth $1,111,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Resolution Capital Ltd purchased a new stake in shares of American Tower in the first quarter worth about $72,706,000. Golden State Wealth Management LLC raised its holdings in American Tower by 23.0% in the 1st quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust's stock worth $80,000 after purchasing an additional 69 shares during the period. Shum Financial Group Inc. raised its holdings in American Tower by 3.5% in the 1st quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust's stock worth $913,000 after purchasing an additional 141 shares during the period. Kovitz Investment Group Partners LLC raised its holdings in American Tower by 126.0% in the 1st quarter. Kovitz Investment Group Partners LLC now owns 97,495 shares of the real estate investment trust's stock worth $21,215,000 after purchasing an additional 54,360 shares during the period. Finally, AEGON ASSET MANAGEMENT UK Plc raised its holdings in American Tower by 13.3% in the 1st quarter. AEGON ASSET MANAGEMENT UK Plc now owns 231,913 shares of the real estate investment trust's stock worth $50,487,000 after purchasing an additional 27,194 shares during the period. Hedge funds and other institutional investors own 92.69% of the company's stock.

Insider Activity at American Tower

In related news, CEO Juan Font sold 720 shares of the stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $208.33, for a total value of $149,997.60. Following the completion of the sale, the chief executive officer 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.18% of the company's stock.

American Tower Price Performance

Shares of American Tower stock traded up $0.26 during mid-day trading on Friday, reaching $193.29. 5,329,524 shares of the stock traded hands, compared to its average volume of 3,094,599. The business has a 50-day moving average of $208.18 and a 200 day moving average of $213.04. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $238.34. The stock has a market capitalization of $90.51 billion, a PE ratio of 70.29, a PEG ratio of 1.19 and a beta of 0.86. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36.

American Tower (NYSE:AMT - Get Free Report) last announced its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, beating analysts' consensus estimates of $2.59 by $0.01. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The business had revenue of $2.63 billion during the quarter, compared to analysts' expectations of $2.58 billion. During the same quarter in the prior year, the firm earned $2.79 earnings per share. The business's 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. On average, analysts predict that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Tuesday, September 30th will be issued a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Tuesday, September 30th. American Tower's dividend payout ratio (DPR) is currently 247.27%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on AMT. UBS Group upped their price target on American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. 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. Wells Fargo & Company reduced their price target on American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $245.00 price target (down previously from $250.00) on shares of American Tower in a report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. upped their price target on American Tower from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. 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. Based on data from MarketBeat.com, American Tower presently has a consensus rating of "Moderate Buy" and a consensus target price of $244.73.

About American Tower

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.