California State Teachers Retirement System Purchases 116,330,867 Shares of American Tower Corporation $AMT

Key Points

• California State Teachers Retirement System increased its American Tower position by 17,056.3%, purchasing 116.3 million additional shares. It now owns approximately 117 million shares, or 25.11% of the REIT, valued at about $19.14 billion.
• Analysts maintain a generally positive outlook, with American Tower receiving a “Moderate Buy” consensus rating and an average price target of $215.29.
• American Tower exceeded quarterly earnings expectations, reporting $2.71 in EPS versus a $1.57 consensus estimate and $2.75 billion in revenue, up 4.6% year over year.

California State Teachers Retirement System lifted its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 17,056.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 117,012,907 shares of the real estate investment trust's stock after buying an additional 116,330,867 shares during the period. California State Teachers Retirement System owned about 25.11% of American Tower worth $19,139,801,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of AMT. Operose Advisors LLC purchased a new position in shares of American Tower during the second quarter worth approximately $25,000. Swiss RE Ltd. purchased a new stake in shares of American Tower in the 4th quarter valued at $25,000. Allied Private Wealth LLC bought a new position in shares of American Tower during the 2nd quarter valued at $29,000. Triumph Capital Management purchased a new position in American Tower in the 3rd quarter worth $29,000. Finally, Acumen Wealth Advisors LLC purchased a new position in American Tower in the 4th quarter worth $29,000. Institutional investors own 92.69% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on AMT. BMO Capital Markets upped their price target on shares of American Tower from $190.00 to $195.00 and gave the company a "market perform" rating in a research report on Wednesday, July 29th. Weiss Ratings raised American Tower from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, July 14th. Royal Bank Of Canada upgraded American Tower from a "sector perform" rating to an "outperform" rating and increased their target price for the company from $195.00 to $205.00 in a report on Friday, June 26th. The Goldman Sachs Group set a $210.00 price target on American Tower in a research note on Tuesday, July 28th. Finally, Jefferies Financial Group lowered their price objective on American Tower from $210.00 to $201.00 and set a "buy" rating for the company in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $215.29.

Insider Activity

In related news, EVP Ruth Dowling sold 1,106 shares of the business's stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $174.96, for a total transaction of $193,505.76. Following the transaction, the executive vice president owned 27,711 shares in the company, valued at $4,848,316.56. The trade was a 3.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Robert Joseph Meyer sold 5,000 shares of the firm's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $178.89, for a total transaction of $894,450.00. Following the completion of the sale, the chief financial officer owned 21,428 shares of the company's stock, valued at $3,833,254.92. This trade represents a 18.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 6,791 shares of company stock valued at $1,204,091. Corporate insiders own 0.08% of the company's stock.

American Tower Price Performance

Shares of American Tower stock opened at $175.83 on Tuesday. The business has a 50 day moving average of $171.09 and a 200 day moving average of $177.40. American Tower Corporation has a 52 week low of $160.06 and a 52 week high of $199.40. The company has a market cap of $81.93 billion, a PE ratio of 24.19, a P/E/G ratio of 2.82 and a beta of 0.89. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 3.12.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $2.71 earnings per share for the quarter, beating the consensus estimate of $1.57 by $1.14. American Tower had a net margin of 31.08% and a return on equity of 32.76%. The business had revenue of $2.75 billion for the quarter, compared to analysts' expectations of $2.70 billion. During the same quarter in the previous year, the business posted $2.60 earnings per share. The firm's revenue for the quarter was up 4.6% compared to the same quarter last year. American Tower has set its FY 2026 guidance at 11.000-11.170 EPS. As a group, equities research analysts forecast that American Tower Corporation will post 10.8 earnings per share for the current year.

American Tower Profile

American Tower NYSE: AMT is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.

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