APG Asset Management N.V. Increases Stock Position in American Tower Corporation $AMT

Key Points

• APG Asset Management N.V. increased its stake in American Tower Corporation by 2.9%, acquiring an additional 8,409 shares, bringing its total ownership to about 300,896 shares valued at $60.6 million.
• The CEO of American Tower, Juan Font, sold 720 shares of the company at $208.33 each, reducing his ownership by 2.98%.
• Analysts are optimistic about American Tower, with several brokerages increasing their price targets, including UBS raising theirs from $250 to $260 and maintaining a "buy" rating.

APG Asset Management N.V. increased its stake in American Tower Corporation (NYSE:AMT - Free Report) by 2.9% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 300,896 shares of the real estate investment trust's stock after acquiring an additional 8,409 shares during the period. APG Asset Management N.V. owned about 0.06% of American Tower worth $60,614,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AMT. North Capital Inc. bought a new stake in American Tower in the first quarter worth $25,000. Hopwood Financial Services Inc. boosted its holdings in shares of American Tower by 100.0% during the first 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 purchased a new stake in shares of American Tower during the fourth quarter worth about $29,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in shares of American Tower during the first quarter worth about $31,000. Finally, Lowe Wealth Advisors LLC lifted its holdings in American Tower by 218.0% in the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after buying an additional 109 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on AMT shares. 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 price objective for the company. BMO Capital Markets restated an "outperform" rating and issued a $245.00 price objective (down from $250.00) on shares of American Tower in a report on Wednesday, July 30th. Royal Bank Of Canada raised their price objective on shares of American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Raymond James Financial set a $250.00 target price on shares of American Tower and gave the company a "strong-buy" rating in a research note on Wednesday, July 30th. Finally, HSBC lowered shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 target price for the company. in a report on Wednesday, July 30th. Two 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. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $244.73.

American Tower Stock Performance

Shares of AMT stock traded down $0.65 during mid-day trading on Monday, reaching $211.23. 1,238,945 shares of the company's stock traded hands, compared to its average volume of 2,432,978. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $243.56. The firm has a 50 day moving average price of $216.69 and a two-hundred day moving average price of $212.96. 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 firm has a market capitalization of $98.91 billion, a PE ratio of 76.81, a price-to-earnings-growth ratio of 1.21 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings data 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 net margin of 12.60% and a return on equity of 24.85%. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the previous year, the firm posted $2.79 EPS. The company's revenue for the quarter 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, research analysts forecast that American Tower Corporation will post 10.14 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Juan Font sold 720 shares of the company's stock in a transaction 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 transaction, the chief executive officer 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.18% of the company's stock.

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.