First Manhattan CO. LLC. Increases Stake in American Tower Corporation $AMT

Key Points

• First Manhattan CO. LLC. increased its stake in American Tower Corporation by 4.4% in the first quarter, holding 219,514 shares valued at approximately $47.77 million as of the latest disclosure.
• American Tower reported a quarterly earnings per share (EPS) of $2.60, slightly exceeding analyst expectations, despite a revenue decline of 9.4% compared to the previous year.
• Analysts generally maintain a consensus rating of "Moderate Buy" for American Tower, with a consensus target price of $244.73, reflecting confidence in the company's potential.

First Manhattan CO. LLC. raised its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 4.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 219,514 shares of the real estate investment trust's stock after acquiring an additional 9,246 shares during the period. First Manhattan CO. LLC.'s holdings in American Tower were worth $47,766,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. North Capital Inc. bought a new position in American Tower during the first quarter valued at $25,000. Hopwood Financial Services Inc. increased its position in American Tower by 100.0% during the first quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust's stock valued at $26,000 after acquiring an additional 60 shares during the last quarter. Minot DeBlois Advisors LLC bought a new position in American Tower during the fourth quarter valued at $29,000. E Fund Management Hong Kong Co. Ltd. bought a new position in shares of American Tower in the first quarter worth about $31,000. Finally, Lowe Wealth Advisors LLC grew 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 worth $35,000 after purchasing an additional 109 shares during the last quarter. Institutional investors own 92.69% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on AMT. Raymond James Financial set a $250.00 price target on shares of American Tower and gave the stock a "strong-buy" rating in a report on Wednesday, July 30th. Wells Fargo & Company lowered their price objective on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Hsbc Global Res cut shares of American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Royal Bank Of Canada increased their target price on shares of American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Finally, UBS Group increased their target price on shares of American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. 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 company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $244.73.

American Tower Stock Up 1.7%

Shares of AMT stock traded up $3.27 during mid-day trading on Friday, hitting $198.36. 4,126,139 shares of the stock traded hands, compared to its average volume of 2,398,712. The stock has a market cap of $92.88 billion, a P/E ratio of 72.13, a P/E/G ratio of 1.20 and a beta of 0.86. The stock's fifty day moving average is $213.60 and its two-hundred day moving average is $213.33. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $243.56. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95.

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 EPS for the quarter, beating the consensus estimate of $2.59 by $0.01. The business had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.58 billion. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The company's quarterly revenue was down 9.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.79 earnings per share. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Equities analysts predict that American Tower Corporation will post 10.14 EPS for the current year.

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 shares were sold at an average price of $208.33, for a total value of $149,997.60. Following the completion of the transaction, the chief executive officer directly owned 23,425 shares of the company's stock, valued at $4,880,130.25. This trade represents a 2.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.17% of the company's stock.

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.