Benchstone Capital Management LP Buys 6,519 Shares of American Tower Corporation $AMT

Key Points

• Benchstone Capital Management LP increased its stake in American Tower Corporation by 3.0%, acquiring an additional 6,519 shares, bringing their total holdings to 226,603 shares valued at approximately $49.3 million.
• Multiple institutional investors showed significant investment activity in American Tower, including Nuveen LLC acquiring a new stake worth $991 million and T. Rowe Price Investment Management Inc. boosting its stake by 490.9% during the first quarter.
• American Tower reported a quarterly EPS of $2.60, slightly above analysts' expectations, but experienced a 9.4% year-over-year revenue decline, with a revenue figure of $2.63 billion compared to the consensus estimate of $2.58 billion.

Benchstone Capital Management LP raised its position in American Tower Corporation (NYSE:AMT - Free Report) by 3.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 226,603 shares of the real estate investment trust's stock after buying an additional 6,519 shares during the period. American Tower comprises about 5.2% of Benchstone Capital Management LP's portfolio, making the stock its 2nd largest holding. Benchstone Capital Management LP's holdings in American Tower were worth $49,309,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Nuveen LLC acquired a new position in shares of American Tower during the 1st quarter worth approximately $991,525,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of American Tower by 39.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,144,040 shares of the real estate investment trust's stock worth $1,772,144,000 after purchasing an additional 2,309,627 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of American Tower by 23,627.3% during the 1st quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust's stock worth $370,346,000 after purchasing an additional 1,694,784 shares during the last quarter. Bessemer Group Inc. boosted its holdings in shares of American Tower by 272.0% during the 1st quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust's stock worth $247,390,000 after purchasing an additional 831,247 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in shares of American Tower by 490.9% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 650,789 shares of the real estate investment trust's stock worth $141,612,000 after purchasing an additional 540,648 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Stock Performance

AMT traded down $1.32 on Thursday, reaching $194.94. The company had a trading volume of 3,239,790 shares, compared to its average volume of 2,600,419. The stock has a market capitalization of $91.28 billion, a PE ratio of 70.89, a P/E/G ratio of 1.26 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 stock has a 50-day moving average price of $214.45 and a 200-day moving average price of $213.23.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share for the quarter, beating 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 business had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same period in the prior year, the company earned $2.79 earnings per share. The company's revenue 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, research analysts forecast that American Tower Corporation will post 10.14 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. UBS Group boosted their target price on American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Royal Bank Of Canada upped their price objective on American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. 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. 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. Finally, Hsbc Global Res lowered shares of American Tower from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $244.73.

Insider Buying and Selling at American Tower

In related news, CEO Juan Font sold 720 shares of American Tower 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 transaction, the chief executive officer directly owned 23,425 shares in the company, valued at $4,880,130.25. This trade represents a 2.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.17% of the stock is currently owned by corporate insiders.

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.