Boothbay Fund Management LLC Increases Stock Holdings in American Tower Corporation $AMT

Key Points

• Boothbay Fund Management LLC increased its holdings in American Tower Corporation by 1,446.2% during the first quarter, resulting in ownership of 36,381 shares valued at approximately $7.92 million.
• Analysts have set varying price targets for American Tower, with UBS Group raising its target from $250.00 to $260.00 while HSBC cut its target to $235.00, reflecting mixed market perspectives.
• American Tower reported strong quarterly earnings, with $2.60 EPS for the quarter, exceeding estimates, although revenue was down 9.4% compared to the previous year.

Boothbay Fund Management LLC lifted its position in American Tower Corporation (NYSE:AMT - Free Report) by 1,446.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 36,381 shares of the real estate investment trust's stock after buying an additional 34,028 shares during the period. Boothbay Fund Management LLC's holdings in American Tower were worth $7,917,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its stake in shares of American Tower by 113.0% in the fourth quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock worth $727,000 after buying an additional 2,104 shares during the last quarter. Algert Global LLC bought a new stake in American Tower during the fourth quarter worth about $1,640,000. Benjamin Edwards Inc. increased its holdings in American Tower by 1.5% during the 4th quarter. Benjamin Edwards Inc. now owns 10,164 shares of the real estate investment trust's stock valued at $1,864,000 after purchasing an additional 151 shares in the last quarter. Cary Street Partners Financial LLC acquired a new position in American Tower during the 4th quarter worth $3,027,000. Finally, Brevan Howard Capital Management LP grew its holdings in American Tower by 146.5% during the 4th quarter. Brevan Howard Capital Management LP now owns 12,966 shares of the real estate investment trust's stock worth $2,378,000 after acquiring an additional 7,706 shares during the period. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Stock Performance

Shares of NYSE AMT traded down $4.83 during midday trading on Monday, hitting $193.49. 5,294,429 shares of the stock traded hands, compared to its average volume of 2,633,104. The firm has a 50-day moving average of $213.60 and a two-hundred day moving average of $213.65. 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 $90.60 billion, a P/E ratio of 70.36, a PEG ratio of 1.22 and a beta of 0.86. American Tower Corporation has a one year low of $172.51 and a one year high of $243.56.

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 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 analyst estimates of $2.58 billion. During the same period last year, the firm posted $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. On average, equities analysts forecast that American Tower Corporation will post 10.14 EPS for the current fiscal year.

Insider Activity at American Tower

In other American Tower news, CEO Juan Font sold 720 shares of the firm's stock in a transaction 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 directly owned 23,425 shares of the company's stock, valued at $4,880,130.25. This trade represents a 2.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.18% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

AMT has been the subject of several research analyst reports. Royal Bank Of Canada upped their price target on shares of American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Wells Fargo & Company reduced their price target on American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. UBS Group increased their price objective on shares of American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Raymond James Financial set a $250.00 price target on shares of American Tower and gave the stock a "strong-buy" rating in a report on Wednesday, July 30th. Finally, Bank of America started coverage on American Tower in a report on Monday, May 19th. They set a "buy" rating and a $255.00 price objective for the company. 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 stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target 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.