American Tower Corporation (NYSE:AMT) Shares Acquired by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. increased its stake in American Tower Corporation by 3.1% during the first quarter, now owning 78,551 shares valued at approximately $17.04 million.
• American Tower's recent quarterly earnings report showed a net revenue of $2.63 billion, surpassing analyst expectations of $2.58 billion, although earnings per share declined from the previous year.
• The stock has received mixed ratings from analysts, with a consensus rating of "Moderate Buy" and a price target of $243.88, despite some firms reducing their price objectives.

Resona Asset Management Co. Ltd. increased its position in American Tower Corporation (NYSE:AMT - Free Report) by 3.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,551 shares of the real estate investment trust's stock after purchasing an additional 2,385 shares during the period. Resona Asset Management Co. Ltd.'s holdings in American Tower were worth $17,044,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of AMT. North Capital Inc. bought a new position in shares of American Tower in the 1st quarter worth approximately $25,000. Hopwood Financial Services Inc. lifted its stake in shares of American Tower by 100.0% in 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. Minot DeBlois Advisors LLC bought a new position in shares of American Tower in the 4th quarter worth approximately $29,000. E Fund Management Hong Kong Co. Ltd. bought a new position in shares of American Tower in the 1st quarter worth approximately $31,000. Finally, Lowe Wealth Advisors LLC lifted its stake in shares of 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 worth $35,000 after purchasing an additional 109 shares during the period. Institutional investors own 92.69% of the company's stock.

Insider Buying and Selling

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 value of $149,997.60. Following the completion of the transaction, the chief executive officer directly owned 23,425 shares of the company's stock, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.17% of the company's stock.

American Tower Stock Performance

NYSE:AMT traded up $2.74 during trading hours on Friday, reaching $206.20. The company had a trading volume of 2,640,404 shares, compared to its average volume of 2,607,183. 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 firm has a market cap of $96.55 billion, a PE ratio of 74.98, a price-to-earnings-growth ratio of 1.16 and a beta of 0.82. The business's 50 day moving average price is $217.56 and its 200-day moving average price is $211.54. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last announced its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.01. The business had revenue of $2.63 billion during 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%. The business's quarterly revenue was down 9.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.79 EPS. Research analysts forecast that American Tower Corporation will post 10.14 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently weighed in on AMT. Royal Bank Of Canada increased their price objective on shares of American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. UBS Group increased their target price on shares of American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Scotiabank increased their target price on shares of American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a report on Wednesday, April 30th. Wells Fargo & Company reduced their target price on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. Finally, Bank of America started coverage on shares of American Tower in a report on Monday, May 19th. They issued a "buy" rating and a $255.00 target price for the company. Four equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $244.47.

American Tower Company 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.