AQR Capital Management LLC Has $60.78 Million Stock Holdings in American Tower Corporation $AMT

Key Points

• AQR Capital Management LLC increased its holdings in American Tower Corporation by 60.1%, owning approximately $60.78 million worth of stock after acquiring additional shares in the first quarter.
• American Tower reported a net revenue decline of 9.4% year-over-year for the quarter, but exceeded earnings per share estimates by $0.01.
• Wall Street analysts have a consensus rating of "Moderate Buy" for American Tower, with an average price target of $244.73 and recent upgrades from multiple firms.

AQR Capital Management LLC increased its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 60.1% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 280,434 shares of the real estate investment trust's stock after purchasing an additional 105,261 shares during the quarter. AQR Capital Management LLC owned 0.06% of American Tower worth $60,784,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of AMT. Brighton Jones LLC increased its stake in American Tower by 113.0% during the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock worth $727,000 after purchasing an additional 2,104 shares in the last quarter. Algert Global LLC bought a new stake in American Tower during the 4th quarter worth approximately $1,640,000. Cresset Asset Management LLC increased its stake in American Tower by 29.2% during the 4th quarter. Cresset Asset Management LLC now owns 6,587 shares of the real estate investment trust's stock worth $1,213,000 after purchasing an additional 1,488 shares in the last quarter. First Manhattan CO. LLC. increased its stake in American Tower by 9.1% during the 4th quarter. First Manhattan CO. LLC. now owns 210,268 shares of the real estate investment trust's stock worth $41,875,000 after purchasing an additional 17,524 shares in the last quarter. Finally, Fiduciary Trust Co increased its stake in American Tower by 1.5% during the 4th quarter. Fiduciary Trust Co now owns 60,607 shares of the real estate investment trust's stock worth $11,116,000 after purchasing an additional 920 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

Insider Activity at American Tower

In other news, CEO Juan Font sold 720 shares of the stock in a transaction that occurred 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 sale, 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.18% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Raymond James Financial set a $250.00 target price on American Tower and gave the stock a "strong-buy" rating in a research note on Wednesday, July 30th. Hsbc Global Res cut shares of American Tower from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of American Tower in a research note on Tuesday, July 29th. Royal Bank Of Canada raised their price target 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. Finally, Barclays raised their price target on shares of American Tower from $246.00 to $250.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $244.73.

American Tower Stock Down 2.4%

Shares of NYSE AMT traded down $4.83 during trading hours on Monday, hitting $193.49. The company had a trading volume of 5,375,823 shares, compared to its average volume of 2,518,645. The stock has a market capitalization of $90.60 billion, a P/E ratio of 70.36, a price-to-earnings-growth ratio of 1.22 and a beta of 0.86. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $243.56. The firm's 50 day moving average is $213.05 and its 200-day moving average is $213.66.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, beating the consensus estimate of $2.59 by $0.01. The company 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 firm's revenue for the quarter was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.79 EPS. 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 earnings per share for the current fiscal year.

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.