American Tower Corporation $AMT Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia reduced its American Tower stake by 10.9% in the second quarter, selling 15,449 shares and retaining 126,293 shares valued at approximately $20.7 million. Institutional investors and hedge funds collectively own 92.69% of AMT.
• Analysts maintain a positive outlook, with a consensus “Moderate Buy” rating and an average price target of $215.29. Recent targets range from $195 to $214.
• American Tower reported quarterly earnings of $2.71 per share, beating estimates of $1.57, while revenue rose 4.6% year over year to $2.75 billion. The stock opened at $176.36, and insiders have sold 6,791 shares worth about $1.2 million over the past 90 days.

Bank of Nova Scotia lessened its stake in American Tower Corporation (NYSE:AMT - Free Report) by 10.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 126,293 shares of the real estate investment trust's stock after selling 15,449 shares during the quarter. Bank of Nova Scotia's holdings in American Tower were worth $20,718,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in AMT. Compass Financial Management LLC purchased a new stake in shares of American Tower in the 2nd quarter valued at approximately $49,000. Alta Advisers Ltd raised its holdings in shares of American Tower by 28.0% in the 2nd quarter. Alta Advisers Ltd now owns 2,109 shares of the real estate investment trust's stock valued at $345,000 after purchasing an additional 461 shares in the last quarter. Stiles Financial Services Inc lifted its position in shares of American Tower by 3.9% during the 2nd quarter. Stiles Financial Services Inc now owns 13,062 shares of the real estate investment trust's stock worth $2,137,000 after purchasing an additional 485 shares during the last quarter. Commerce Bank grew its stake in shares of American Tower by 7.3% during the second quarter. Commerce Bank now owns 36,835 shares of the real estate investment trust's stock worth $6,025,000 after purchasing an additional 2,491 shares in the last quarter. Finally, Gabelli Funds LLC grew its stake in shares of American Tower by 2.0% during the second quarter. Gabelli Funds LLC now owns 116,640 shares of the real estate investment trust's stock worth $19,079,000 after purchasing an additional 2,250 shares in the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on AMT shares. BMO Capital Markets raised their price target on American Tower from $190.00 to $195.00 and gave the company a "market perform" rating in a research note on Wednesday, July 29th. Mizuho set a $208.00 price objective on American Tower in a research report on Thursday. Scotiabank reiterated an "outperform" rating on shares of American Tower in a report on Wednesday, July 29th. The Goldman Sachs Group set a $210.00 target price on American Tower in a research report on Tuesday, July 28th. Finally, Sanford C. Bernstein restated an "outperform" rating and set a $214.00 target price on shares of American Tower in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $215.29.

American Tower Trading Up 0.3%

NYSE AMT opened at $176.36 on Monday. The firm's fifty day moving average price is $171.26 and its 200 day moving average price is $177.78. American Tower Corporation has a 12 month low of $160.06 and a 12 month high of $214.79. The company has a debt-to-equity ratio of 3.12, a current ratio of 0.52 and a quick ratio of 0.52. The company has a market capitalization of $82.18 billion, a price-to-earnings ratio of 24.26, a price-to-earnings-growth ratio of 2.78 and a beta of 0.90.

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

Insider Buying and Selling

In other news, CFO Robert Joseph Meyer sold 5,000 shares of the stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $178.89, for a total value of $894,450.00. Following the completion of the sale, the chief financial officer directly owned 21,428 shares of the company's stock, valued at approximately $3,833,254.92. This represents a 18.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Ruth T. Dowling sold 1,106 shares of the firm's stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $174.96, for a total transaction of $193,505.76. Following 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 6,791 shares of company stock worth $1,204,091 in the last 90 days. 0.08% of the stock is currently owned by company insiders.

About American Tower

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.

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