American Tower Corporation $AMT Shares Sold by Haverford Trust Co

Key Points

• Haverford Trust Co. cut its American Tower stake by 65.9% in the second quarter, selling 105,049 shares and retaining 54,307 shares valued at approximately $8.9 million. Institutional investors collectively own 92.69% of the company.
• Analysts maintain a generally positive outlook, with American Tower receiving a consensus “Moderate Buy” rating and an average price target of $215.29, above its reported share price of $176.36.
• American Tower exceeded quarterly earnings expectations, reporting $2.71 in EPS versus the $1.57 consensus and $2.75 billion in revenue, up 4.6% year over year. Insiders sold 6,791 shares worth about $1.2 million over the past 90 days.

Haverford Trust Co reduced its stake in American Tower Corporation (NYSE:AMT - Free Report) by 65.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,307 shares of the real estate investment trust's stock after selling 105,049 shares during the quarter. Haverford Trust Co's holdings in American Tower were worth $8,883,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Compass Financial Management LLC purchased a new stake in American Tower during the 2nd quarter worth about $49,000. Alta Advisers Ltd lifted its holdings in 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 boosted its stake 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 holdings 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 buying an additional 2,491 shares in the last quarter. Finally, Gabelli Funds LLC raised its position in shares of American Tower by 2.0% in the second quarter. Gabelli Funds LLC now owns 116,640 shares of the real estate investment trust's stock valued at $19,079,000 after buying an additional 2,250 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on AMT. The Goldman Sachs Group set a $210.00 price objective on shares of American Tower in a research note on Tuesday, July 28th. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $214.00 target price on shares of American Tower in a research note on Wednesday, July 29th. Truist Financial reiterated a "buy" rating and issued a $207.00 price target (down from $208.00) on shares of American Tower in a report on Wednesday, August 12th. JPMorgan Chase & Co. decreased their price objective on American Tower from $245.00 to $240.00 and set an "overweight" rating on the stock in a report on Wednesday, April 29th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and issued a $240.00 price objective on shares of American Tower in a research report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $215.29.

Insider Transactions at American Tower

In other news, EVP Ruth T. Dowling sold 1,106 shares of the business's stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $174.96, for a total value of $193,505.76. Following the completion of the sale, the executive vice president owned 27,711 shares of the company's stock, valued at approximately $4,848,316.56. The trade was a 3.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Robert Joseph Meyer sold 5,000 shares of the company's stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $178.89, for a total value of $894,450.00. Following the sale, the chief financial officer owned 21,428 shares in the company, valued at $3,833,254.92. The trade was a 18.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 6,791 shares of company stock worth $1,204,091. Corporate insiders own 0.08% of the company's stock.

American Tower Price Performance

AMT opened at $176.36 on Friday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 3.12. American Tower Corporation has a 52-week low of $160.06 and a 52-week high of $214.79. The company has a 50 day moving average of $171.26 and a two-hundred day moving average of $177.76. The company has a market cap of $82.18 billion, a P/E ratio of 24.26, a P/E/G ratio of 2.79 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, topping 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 prior year, the company earned $2.60 EPS. The firm's revenue was up 4.6% on a year-over-year basis. American Tower has set its FY 2026 guidance at 11.000-11.170 EPS. On average, analysts expect that American Tower Corporation will post 10.8 earnings per share for the current 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.

Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corporation (NYSE:AMT - Free Report).

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