American Tower Corporation $AMT Shares Purchased by Cibc World Market Inc.

Key Points

• Cibc World Market Inc. increased its American Tower position by 59.6% in the second quarter, acquiring 125,950 additional shares and bringing its holdings to 337,290 shares worth approximately $55.2 million. Institutional investors own 92.69% of the company.
• Analysts remain broadly positive on AMT, with one Strong Buy, 16 Buy and three Hold ratings. The stock carries a “Moderate Buy” consensus rating and an average price target of $215.29.
• American Tower reported quarterly EPS of $2.71, exceeding the $1.57 consensus estimate, while revenue rose 4.6% year over year to $2.75 billion. However, company insiders sold 6,791 shares worth about $1.2 million over the past 90 days.

Cibc World Market Inc. raised its position in American Tower Corporation (NYSE:AMT - Free Report) by 59.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 337,290 shares of the real estate investment trust's stock after purchasing an additional 125,950 shares during the quarter. Cibc World Market Inc. owned about 0.07% of American Tower worth $55,171,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Riverwater Partners LLC grew its holdings in American Tower by 3.8% in the 4th quarter. Riverwater Partners LLC now owns 1,536 shares of the real estate investment trust's stock worth $270,000 after buying an additional 56 shares in the last quarter. Triumph Capital Management raised its stake in American Tower by 37.3% during the 4th quarter. Triumph Capital Management now owns 206 shares of the real estate investment trust's stock valued at $36,000 after acquiring an additional 56 shares in the last quarter. Twin City Private Wealth LLC raised its stake in American Tower by 0.7% during the 4th quarter. Twin City Private Wealth LLC now owns 7,799 shares of the real estate investment trust's stock valued at $1,382,000 after acquiring an additional 58 shares in the last quarter. Asset Advisory Group Inc. boosted its position in American Tower by 3.0% during the 1st quarter. Asset Advisory Group Inc. now owns 2,072 shares of the real estate investment trust's stock worth $358,000 after acquiring an additional 60 shares during the period. Finally, Argent Advisors Inc. boosted its position in American Tower by 0.9% during the 4th quarter. Argent Advisors Inc. now owns 6,625 shares of the real estate investment trust's stock worth $1,163,000 after acquiring an additional 61 shares during the period. Institutional investors own 92.69% of the company's stock.

Wall Street Analysts Forecast Growth

AMT has been the topic of a number of research analyst reports. Royal Bank Of Canada raised American Tower from a "sector perform" rating to an "outperform" rating and raised their price target for the company from $195.00 to $205.00 in a report on Friday, June 26th. JPMorgan Chase & Co. reduced their price objective on shares of American Tower from $245.00 to $240.00 and set an "overweight" rating for the company in a report on Wednesday, April 29th. Weiss Ratings upgraded shares of American Tower from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, July 14th. Jefferies Financial Group lowered their target price on shares of American Tower from $210.00 to $201.00 and set a "buy" rating on the stock in a research note on Wednesday, July 15th. Finally, Citizens Jmp restated a "market outperform" rating and set a $260.00 price target on shares of American Tower in a research report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $215.29.

Insider Transactions at American Tower

In other news, EVP Ruth T. Dowling sold 1,106 shares of the firm's stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $174.96, for a total transaction of $193,505.76. Following the completion of the transaction, the executive vice president owned 27,711 shares in the company, valued at approximately $4,848,316.56. This trade represents a 3.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Robert Joseph Meyer sold 5,000 shares of American Tower stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $178.89, for a total transaction of $894,450.00. Following the completion of the transaction, the chief financial officer directly owned 21,428 shares in the company, valued at $3,833,254.92. This represents a 18.92% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 6,791 shares of company stock worth $1,204,091. 0.08% of the stock is owned by corporate insiders.

American Tower Stock Performance

Shares of NYSE AMT opened at $176.36 on Monday. American Tower Corporation has a 1 year low of $160.06 and a 1 year high of $214.79. The firm has a market cap of $82.18 billion, a P/E ratio of 24.26, a PEG ratio of 2.78 and a beta of 0.90. The stock has a fifty day moving average price of $171.26 and a two-hundred day moving average price of $177.78. The company has a debt-to-equity ratio of 3.12, a quick ratio of 0.52 and a current ratio of 0.52.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The real estate investment trust reported $2.71 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $1.14. The company had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.70 billion. American Tower had a return on equity of 32.76% and a net margin of 31.08%.The company's quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.60 EPS. American Tower has set its FY 2026 guidance at 11.000-11.170 EPS. Research analysts forecast that American Tower Corporation will post 10.8 EPS for the current fiscal year.

American Tower Company Profile

American Tower NYSE: AMT is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company's core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source