Belpointe Asset Management LLC Decreases Stock Position in American Tower Corporation $AMT

Key Points

• Belpointe Asset Management LLC reduced its stake in American Tower Corporation by 44.1% during the first quarter, leaving it with a holding of 7,124 shares valued at approximately $1.55 million.
• In contrast, Intech Investment Management LLC significantly increased its stake by 661.6%, acquiring 56,893 shares worth $12.38 million.
• American Tower stock is currently undergoing various rating changes, with HSBC downgrading its rating to "hold" with a price target of $235, while JPMorgan Chase raised its price target to $255.

Belpointe Asset Management LLC cut its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 44.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,124 shares of the real estate investment trust's stock after selling 5,624 shares during the quarter. Belpointe Asset Management LLC's holdings in American Tower were worth $1,550,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Intech Investment Management LLC raised its stake in American Tower by 661.6% in the first quarter. Intech Investment Management LLC now owns 56,893 shares of the real estate investment trust's stock valued at $12,380,000 after buying an additional 49,423 shares during the last quarter. Focus Partners Wealth raised its stake in American Tower by 2.6% in the first quarter. Focus Partners Wealth now owns 279,977 shares of the real estate investment trust's stock valued at $60,923,000 after buying an additional 7,166 shares during the last quarter. Integrity Alliance LLC. purchased a new position in shares of American Tower in the first quarter worth about $997,000. Advisory Alpha LLC raised its stake in shares of American Tower by 4.6% in the first quarter. Advisory Alpha LLC now owns 1,970 shares of the real estate investment trust's stock worth $429,000 after purchasing an additional 87 shares during the last quarter. Finally, Bayforest Capital Ltd raised its stake in shares of American Tower by 418.8% in the first quarter. Bayforest Capital Ltd now owns 1,489 shares of the real estate investment trust's stock worth $324,000 after purchasing an additional 1,202 shares during the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Stock Up 1.4%

American Tower stock opened at $196.44 on Friday. The firm has a market cap of $91.98 billion, a price-to-earnings ratio of 71.43, a price-to-earnings-growth ratio of 1.20 and a beta of 0.86. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $241.97. The business's 50-day moving average price is $211.36 and its 200 day moving average price is $213.42. 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 (NYSE:AMT - Get Free Report) last posted its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, topping the consensus estimate 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 period last year, the company earned $2.79 earnings per share. American Tower'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. As a group, sell-side analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current year.

Insider Buying and Selling

In other American Tower news, CEO Juan Font sold 720 shares of the firm's 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 sale, the chief executive officer directly owned 23,425 shares of the company's stock, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.17% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. HSBC cut American Tower from a "buy" rating to a "hold" rating and set a $235.00 price objective for the company. in a research note on Wednesday, July 30th. 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 research note on Wednesday, July 30th. Wells Fargo & Company reduced their price objective on American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. The Goldman Sachs Group restated a "buy" rating on shares of American Tower in a research note on Tuesday, July 29th. Finally, JPMorgan Chase & Co. raised their price objective on American Tower from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average 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.

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