Adage Capital Partners GP L.L.C. Boosts Stake in American Tower Corporation $AMT

Key Points

• Adage Capital Partners increased its stake in American Tower Corporation by 63.3%, owning approximately 321,105 shares, valued at about $69.9 million.
• Multiple hedge funds, including Vanguard Group Inc. and Price T Rowe Associates, have also increased their holdings in American Tower, with institutional investors now owning 92.69% of the company's stock.
• American Tower reported Q2 earnings of $2.60 per share, beating estimates slightly, but the revenue was down 9.4% year-over-year, highlighting potential pressures on growth.

Adage Capital Partners GP L.L.C. grew its position in American Tower Corporation (NYSE:AMT - Free Report) by 63.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 321,105 shares of the real estate investment trust's stock after acquiring an additional 124,500 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.07% of American Tower worth $69,872,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in AMT. North Capital Inc. purchased a new position in shares of American Tower in the first quarter valued at approximately $25,000. Hopwood Financial Services Inc. lifted its position in shares of American Tower by 100.0% in 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 in the last quarter. Minot DeBlois Advisors LLC purchased a new stake in shares of American Tower in the fourth quarter valued at approximately $29,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in shares of American Tower in the first quarter valued at approximately $31,000. Finally, Lowe Wealth Advisors LLC grew its position 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 valued at $35,000 after purchasing an additional 109 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

Insider Activity at American Tower

In other news, CEO Juan Font sold 720 shares of the company's stock in a transaction 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 in the company, valued at $4,880,130.25. This represents a 2.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.17% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on AMT. HSBC lowered American Tower from a "buy" rating to a "hold" rating and set a $235.00 price target for the company. in a research report on Wednesday, July 30th. Barclays raised their price target on American Tower from $246.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Raymond James Financial set a $250.00 target price on American Tower and gave the company a "strong-buy" rating in a report on Wednesday, July 30th. Royal Bank Of Canada raised their price target on American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Finally, Wells Fargo & Company cut their price target on American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $244.73.

American Tower Price Performance

Shares of NYSE:AMT traded up $3.27 during trading on Friday, hitting $198.36. 4,126,139 shares of the stock were exchanged, compared to its average volume of 2,398,712. The company has a fifty day moving average price of $213.60 and a two-hundred day moving average price of $213.50. The company has a market cap of $92.88 billion, a PE ratio of 72.13, a P/E/G ratio of 1.22 and a beta of 0.86. 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 $243.56.

American Tower (NYSE:AMT - Get Free Report) last posted its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (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 firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.58 billion. During the same quarter in the prior year, the company earned $2.79 EPS. American Tower's 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. On average, analysts forecast that American Tower Corporation will post 10.14 EPS for the current year.

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.