The Manufacturers Life Insurance Company Lowers Stock Holdings in American Tower Corporation $AMT

Key Points

• The Manufacturers Life Insurance Company reduced its holdings in American Tower Corporation by 1.9% during the first quarter, bringing its ownership to approximately 0.18% (847,758 shares) worth about $184.5 million.
• Analyst ratings for American Tower show mixed feedback, with Wells Fargo lowering its price objective from $240 to $230, while UBS raised it from $250 to $260, maintaining a "buy" rating.
• American Tower reported earnings of $2.60 EPS for the last quarter, surpassing consensus estimates, but its revenue of $2.63 billion experienced a 9.4% year-over-year decline.

The Manufacturers Life Insurance Company reduced its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 1.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 847,758 shares of the real estate investment trust's stock after selling 16,531 shares during the quarter. The Manufacturers Life Insurance Company owned 0.18% of American Tower worth $184,472,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Nuveen LLC bought a new position in shares of American Tower during the first quarter worth about $991,525,000. Price T Rowe Associates Inc. MD boosted its holdings in American Tower by 39.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,144,040 shares of the real estate investment trust's stock worth $1,772,144,000 after buying an additional 2,309,627 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of American Tower by 23,627.3% in the 1st quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust's stock valued at $370,346,000 after purchasing an additional 1,694,784 shares during the period. Bessemer Group Inc. boosted its holdings in shares of American Tower by 272.0% in the first quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust's stock worth $247,390,000 after buying an additional 831,247 shares during the period. Finally, T. Rowe Price Investment Management Inc. boosted its position in shares of American Tower by 490.9% in the first quarter. T. Rowe Price Investment Management Inc. now owns 650,789 shares of the real estate investment trust's stock worth $141,612,000 after buying an additional 540,648 shares during the period. Institutional investors own 92.69% of the company's stock.

American Tower Stock Down 2.3%

Shares of NYSE AMT traded down $4.59 during mid-day trading on Wednesday, reaching $195.90. 3,596,758 shares of the company's stock traded hands, compared to its average volume of 2,594,710. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $243.56. The business has a 50-day simple moving average of $214.93 and a 200 day simple moving average of $213.35. The stock has a market cap of $91.73 billion, a P/E ratio of 71.24, a PEG ratio of 1.26 and a beta of 0.86. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95.

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, topping analysts' consensus estimates of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The firm had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same period in the prior year, the firm posted $2.79 earnings per share. The company's revenue for the quarter 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 expect that American Tower Corporation will post 10.14 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AMT. Hsbc Global Res lowered American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Royal Bank Of Canada upped their target price on shares of American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Barclays upped their target price on American Tower from $246.00 to $250.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of American Tower in a report on Tuesday, July 29th. Finally, Raymond James Financial set a $250.00 target price on American Tower and gave the company a "strong-buy" rating in a research note on Wednesday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, American Tower currently has an average rating of "Moderate Buy" and an average target price of $244.73.

Insider Transactions at American Tower

In related news, CEO Juan Font sold 720 shares of the 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 sale, the chief executive officer owned 23,425 shares in the company, valued at approximately $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 accessible through this hyperlink. 0.18% of the stock is currently owned by insiders.

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.