American Tower Corporation $AMT Shares Acquired by Harbor Investment Advisory LLC

Key Points

• Harbor Investment Advisory LLC increased its stake in American Tower Corporation by 18.7% during Q2, owning a total of 21,327 shares valued at $4.71 million.
• American Tower's recent quarterly earnings report revealed $2.60 EPS and revenue of $2.63 billion, exceeding analyst expectations, although revenue declined 9.4% year-over-year.
• Analysts maintain a Moderate Buy consensus rating on American Tower, with target prices averaging around $244.73, despite a recent downgrade from some firms.

Harbor Investment Advisory LLC grew its position in American Tower Corporation (NYSE:AMT - Free Report) by 18.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 21,327 shares of the real estate investment trust's stock after purchasing an additional 3,364 shares during the period. Harbor Investment Advisory LLC's holdings in American Tower were worth $4,714,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of AMT. Nuveen LLC acquired a new position in shares of American Tower in the first quarter valued at about $991,525,000. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 during the period. GAMMA Investing LLC increased its holdings 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 purchasing an additional 1,694,784 shares during the period. Bessemer Group Inc. increased its holdings 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 purchasing an additional 831,247 shares during the period. Finally, Alyeska Investment Group L.P. acquired a new position in shares of American Tower in the first quarter valued at about $162,127,000. 92.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on AMT shares. The Goldman Sachs Group reissued a "buy" rating on shares of American Tower in a report on Tuesday, July 29th. Bank of America started coverage on American Tower in a report on Monday, May 19th. They set a "buy" rating and a $255.00 target price on the stock. Hsbc Global Res lowered American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Raymond James Financial set a $250.00 target price on American Tower and gave the stock a "strong-buy" rating in a report on Wednesday, July 30th. Finally, HSBC lowered American Tower from a "buy" rating to a "hold" rating and set a $235.00 target price on the stock. in a 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 stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $244.73.

American Tower Stock Performance

Shares of AMT stock opened at $195.27 on Friday. The company has a market capitalization of $91.43 billion, a P/E ratio of 71.01, a P/E/G ratio of 1.21 and a beta of 0.86. The business's 50 day moving average is $210.83 and its two-hundred day moving average is $213.37. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $241.97.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) 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 return on equity of 24.85% and a net margin of 12.60%.American Tower's revenue for the quarter was down 9.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.79 earnings per share. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Analysts expect that American Tower Corporation will post 10.14 EPS for the current fiscal year.

Insider Transactions at American Tower

In other American Tower 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 transaction of $149,997.60. Following the transaction, the chief executive officer owned 23,425 shares in the company, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.17% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.