Point72 Europe London LLP Raises Stock Position in American Tower Corporation $AMT

Key Points

• Point72 Europe London LLP has increased its stake in American Tower Corporation by 114.1%, now holding 157,270 shares valued at approximately $34.2 million, making it the firm's fifth largest holding.
• CEO Juan Font sold 720 shares of the company at $208.33 each, totaling nearly $150,000, which reduced his ownership by 2.98%.
• American Tower's quarterly earnings report showed an EPS of $2.60, exceeding estimates, but with a 9.4% decline in revenue year-over-year.

Point72 Europe London LLP increased its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 114.1% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 157,270 shares of the real estate investment trust's stock after acquiring an additional 83,799 shares during the period. American Tower makes up approximately 2.3% of Point72 Europe London LLP's holdings, making the stock its 5th largest holding. Point72 Europe London LLP's holdings in American Tower were worth $34,222,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in AMT. Nuveen LLC bought a new position in American Tower during the 1st quarter worth $991,525,000. Price T Rowe Associates Inc. MD increased its position 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 worth $1,772,144,000 after purchasing an additional 2,309,627 shares during the last quarter. GAMMA Investing LLC increased its position 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 worth $370,346,000 after purchasing an additional 1,694,784 shares during the last quarter. Bessemer Group Inc. increased its holdings in shares of American Tower by 272.0% during 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 acquiring an additional 831,247 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its holdings in shares of American Tower by 490.9% during the 1st 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 purchasing an additional 540,648 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Bank of America assumed 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. BMO Capital Markets reiterated an "outperform" rating and issued a $245.00 price objective (down previously from $250.00) on shares of American Tower in a report on Wednesday, July 30th. JPMorgan Chase & Co. upped their price objective on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Wells Fargo & Company reduced 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. Finally, UBS Group upped their price objective on American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Two investment 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 company presently has an average rating of "Moderate Buy" and a consensus price target of $244.73.

Insider Buying and Selling at American Tower

In other news, CEO Juan Font sold 720 shares of the stock in a transaction dated Thursday, July 31st. The shares were 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 in the company, 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 document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.18% of the company's stock.

American Tower Stock Performance

Shares of AMT stock traded down $4.59 during trading on Wednesday, hitting $195.90. The company's stock had a trading volume of 3,615,229 shares, compared to its average volume of 2,186,650. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $243.56. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36. The business has a fifty day moving average of $214.93 and a 200-day moving average of $213.35. The company has a market cap of $91.73 billion, a PE ratio of 71.24, a P/E/G ratio of 1.26 and a beta of 0.86.

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. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The firm had revenue of $2.63 billion for the quarter, compared to analysts' expectations of $2.58 billion. During the same quarter in the prior year, the firm posted $2.79 earnings per share. The business's quarterly revenue was down 9.4% on a year-over-year basis. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. As a group, research analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current year.

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.