Price T Rowe Associates Inc. MD Purchases 2,309,627 Shares of American Tower Corporation $AMT

Key Points

• Price T Rowe Associates Inc. MD increased its stake in American Tower Corporation by 39.6% in the first quarter, now owning over 8 million shares valued at approximately $1.77 billion.
• American Tower reported an EPS of $2.60 for the last quarter, slightly exceeding analysts' expectations, but experienced a 9.4% decline in revenue year-over-year.
• Analysts have set new price targets for American Tower, with JPMorgan Chase & Co. raising its target from $250 to $255, while UBS Group now targets $260.

Price T Rowe Associates Inc. MD raised its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 39.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,144,040 shares of the real estate investment trust's stock after purchasing an additional 2,309,627 shares during the period. Price T Rowe Associates Inc. MD owned approximately 1.74% of American Tower worth $1,772,144,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Golden State Wealth Management LLC raised its position in American Tower by 23.0% during the first quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust's stock valued at $80,000 after purchasing an additional 69 shares in the last quarter. Shum Financial Group Inc. increased its holdings in shares of American Tower by 3.5% in the first quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust's stock worth $913,000 after buying an additional 141 shares during the period. Kovitz Investment Group Partners LLC increased its holdings in shares of American Tower by 126.0% in the first quarter. Kovitz Investment Group Partners LLC now owns 97,495 shares of the real estate investment trust's stock worth $21,215,000 after buying an additional 54,360 shares during the period. AEGON ASSET MANAGEMENT UK Plc increased its holdings in shares of American Tower by 13.3% in the first quarter. AEGON ASSET MANAGEMENT UK Plc now owns 231,913 shares of the real estate investment trust's stock worth $50,487,000 after buying an additional 27,194 shares during the period. Finally, Georgetown University increased its holdings in shares of American Tower by 128.2% in the fourth quarter. Georgetown University now owns 45,654 shares of the real estate investment trust's stock worth $8,373,000 after buying an additional 25,651 shares during the period. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Trading Up 1.0%

NYSE:AMT traded up $2.04 during mid-day trading on Friday, reaching $211.77. 2,343,037 shares of the company's stock traded hands, compared to its average volume of 2,367,385. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $243.56. The firm has a market capitalization of $99.16 billion, a price-to-earnings ratio of 77.01, a PEG ratio of 1.21 and a beta of 0.82. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95. The company has a 50 day moving average price of $216.76 and a 200-day moving average price of $212.64.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly 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. 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 was down 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.79 EPS. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. On average, sell-side analysts predict that American Tower Corporation will post 10.14 earnings per share for the current year.

Wall Street Analyst Weigh In

AMT has been the topic of several analyst reports. Barclays lifted their price objective on American Tower from $246.00 to $250.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Wells Fargo & Company decreased their price objective on American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. Royal Bank Of Canada lifted their price objective on American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. UBS Group lifted their price objective on American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Finally, The Goldman Sachs Group restated a "buy" rating on shares of American Tower in a report on Tuesday, July 29th. 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's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $244.73.

Insiders Place Their Bets

In other American Tower news, CEO Juan Font sold 720 shares of American Tower 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 sale, the chief executive officer directly owned 23,425 shares of the company's stock, valued at approximately $4,880,130.25. The trade was a 2.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.17% of the company's stock.

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.