American Tower Corporation $AMT Shares Sold by Thurston Springer Miller Herd & Titak Inc.

Key Points

• Thurston Springer Miller Herd & Titak Inc. has reduced its stake in American Tower Corporation by 43.3%, selling over 8,500 shares, leaving it with a holding valued at approximately $2.46 million.
• American Tower's CEO, Juan Font, sold 720 shares at an average price of $208.33, resulting in a 2.98% reduction of his position, which is now valued at around $4.88 million.
• The company's latest earnings report showed a decline in revenue by 9.4% year-over-year, despite beating analysts' expectations on earnings per share with $2.60.

Thurston Springer Miller Herd & Titak Inc. trimmed its position in American Tower Corporation (NYSE:AMT - Free Report) by 43.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,144 shares of the real estate investment trust's stock after selling 8,506 shares during the period. Thurston Springer Miller Herd & Titak Inc.'s holdings in American Tower were worth $2,463,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. North Capital Inc. acquired a new position in shares of American Tower in the 1st quarter valued at $25,000. Hopwood Financial Services Inc. grew its position in American Tower by 100.0% during the 1st quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 60 shares during the period. E Fund Management Hong Kong Co. Ltd. purchased a new stake in shares of American Tower during the 1st quarter worth about $31,000. Lowe Wealth Advisors LLC lifted its stake in American Tower by 218.0% in the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock valued at $35,000 after buying an additional 109 shares in the last quarter. Finally, City Holding Co. purchased a new position in American Tower in the 1st quarter valued at about $39,000. 92.69% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Juan Font sold 720 shares of American Tower stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total value of $149,997.60. Following the completion of the sale, the chief executive officer owned 23,425 shares in the company, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.17% of the company's stock.

American Tower Stock Down 0.7%

Shares of NYSE AMT opened at $195.27 on Friday. The company has a 50 day simple moving average of $210.83 and a 200-day simple moving average of $213.45. The company has a market capitalization of $91.43 billion, a P/E ratio of 71.01, a P/E/G ratio of 1.21 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 Corporation has a 1 year low of $172.51 and a 1 year high of $241.97.

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 business had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter last year, the firm earned $2.79 EPS. The business's revenue was down 9.4% compared to the same quarter last year. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. On average, equities research analysts predict that American Tower Corporation will post 10.14 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AMT. UBS Group raised their target price on shares of American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. The Goldman Sachs Group reissued a "buy" rating on shares of American Tower in a research note on Tuesday, July 29th. BMO Capital Markets reissued an "outperform" rating and issued a $245.00 target price (down from $250.00) on shares of American Tower in a research note on Wednesday, July 30th. Wells Fargo & Company decreased their target price on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. Finally, HSBC downgraded shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 price target for the company. in a report on Wednesday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $244.73.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.