14,453 Shares in American Tower Corporation (NYSE:AMT) Purchased by Annandale Capital LLC

Key Points

• Annandale Capital LLC acquired 14,453 shares of American Tower Corporation, valued at approximately $3,145,000, marking a significant investment in the real estate investment trust.
• A number of other institutional investors also increased their stakes in AMT, with up to 92.69% of the stock currently owned by institutional investors and hedge funds.
• American Tower reported a Q2 EPS of $2.60, exceeding estimates, despite a 9.4% year-over-year revenue decline.

Annandale Capital LLC purchased a new stake in American Tower Corporation (NYSE:AMT - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 14,453 shares of the real estate investment trust's stock, valued at approximately $3,145,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Elmwood Wealth Management Inc. increased its position in American Tower by 2.5% during the 1st quarter. Elmwood Wealth Management Inc. now owns 2,087 shares of the real estate investment trust's stock worth $454,000 after purchasing an additional 50 shares during the period. 4J Wealth Management LLC increased its position in American Tower by 4.0% during the 1st quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust's stock worth $283,000 after purchasing an additional 50 shares during the period. TCTC Holdings LLC increased its position in American Tower by 15.8% during the 1st quarter. TCTC Holdings LLC now owns 374 shares of the real estate investment trust's stock worth $81,000 after purchasing an additional 51 shares during the period. Coyle Financial Counsel LLC increased its position in American Tower by 2.4% during the 1st quarter. Coyle Financial Counsel LLC now owns 2,238 shares of the real estate investment trust's stock worth $487,000 after purchasing an additional 53 shares during the period. Finally, CreativeOne Wealth LLC increased its position in American Tower by 2.1% during the 4th quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust's stock worth $477,000 after purchasing an additional 54 shares during the period. 92.69% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Juan Font sold 720 shares of the stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $208.33, for a total transaction of $149,997.60. Following the transaction, the chief executive officer directly owned 23,425 shares in the company, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.17% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have issued reports on AMT. Scotiabank boosted their target price on American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, April 30th. The Goldman Sachs Group reiterated a "buy" rating on shares of American Tower in a research report on Tuesday, July 29th. BMO Capital Markets reissued an "outperform" rating and set a $245.00 price target (down previously from $250.00) on shares of American Tower in a research note on Wednesday, July 30th. Royal Bank Of Canada boosted their price target on American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Finally, Barclays boosted their price target on American Tower from $223.00 to $246.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $243.88.

American Tower Price Performance

AMT stock traded down $0.33 on Thursday, reaching $203.82. The company had a trading volume of 2,636,869 shares, compared to its average volume of 2,606,967. American Tower Corporation has a 1 year low of $172.51 and a 1 year high of $243.56. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95. The company's fifty day moving average is $217.81 and its 200 day moving average is $211.46. The company has a market cap of $95.44 billion, a P/E ratio of 74.12, a PEG ratio of 1.17 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last posted its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.59 by $0.01. American Tower had a return on equity of 24.85% and a net margin of 12.60%. The firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.58 billion. During the same quarter in the prior year, the company earned $2.79 EPS. American Tower's revenue was down 9.4% on a year-over-year basis. On average, research analysts forecast that American Tower Corporation will post 10.14 earnings per share for the current year.

About American Tower

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.