Canada Pension Plan Investment Board Cuts Stock Position in American Tower Corporation $AMT

Key Points

• Canada Pension Plan Investment Board significantly reduced its holdings in American Tower Corporation by 74.5%, owning 365,482 shares valued at approximately $79.53 million after selling over a million shares.
• Institutional investors collectively own 92.69% of American Tower's stock, with Vanguard Group and Price T Rowe Associates increasing their stakes during the first quarter of the year.
• American Tower reported earnings of $2.60 per share for the recent quarter, beating analyst estimates and projecting a FY 2025 EPS guidance of 10.460-10.650.

Canada Pension Plan Investment Board lowered its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 74.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 365,482 shares of the real estate investment trust's stock after selling 1,070,248 shares during the period. Canada Pension Plan Investment Board owned about 0.08% of American Tower worth $79,529,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in American Tower by 0.7% in the first quarter. Vanguard Group Inc. now owns 62,809,486 shares of the real estate investment trust's stock valued at $13,667,344,000 after purchasing an additional 434,118 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in American Tower by 39.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,144,040 shares of the real estate investment trust's stock valued at $1,772,144,000 after purchasing an additional 2,309,627 shares during the last quarter. Deutsche Bank AG grew its stake in American Tower by 4.0% in the first quarter. Deutsche Bank AG now owns 7,383,368 shares of the real estate investment trust's stock valued at $1,606,621,000 after purchasing an additional 285,195 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in American Tower by 1.4% in the first quarter. Dimensional Fund Advisors LP now owns 6,534,862 shares of the real estate investment trust's stock valued at $1,421,965,000 after purchasing an additional 88,120 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in American Tower by 3.7% in the first quarter. Principal Financial Group Inc. now owns 6,136,981 shares of the real estate investment trust's stock valued at $1,335,407,000 after purchasing an additional 220,565 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on AMT shares. Royal Bank Of Canada lifted their target price on American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. HSBC lowered American Tower from a "buy" rating to a "hold" rating and set a $235.00 target price on the stock. in a research note on Wednesday, July 30th. UBS Group raised their price target on American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. BMO Capital Markets reissued an "outperform" rating and issued a $245.00 price target (down previously from $250.00) on shares of American Tower in a report on Wednesday, July 30th. Finally, Raymond James Financial set a $250.00 price target on American Tower and gave the stock a "strong-buy" rating in a report on Wednesday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, American Tower currently has an average rating of "Moderate Buy" and an average price target of $244.73.

Insider Transactions at American Tower

In other American Tower news, CEO Juan Font sold 720 shares of the business'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 completion of the transaction, the chief executive officer directly owned 23,425 shares of the company's stock, valued at approximately $4,880,130.25. The trade was a 2.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.18% of the company's stock.

American Tower Stock Performance

Shares of American Tower stock traded down $4.59 on Wednesday, reaching $195.90. 2,349,994 shares of the stock were exchanged, compared to its average volume of 2,594,710. 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 twelve month low of $172.51 and a twelve month high of $243.56. The firm has a market capitalization of $91.73 billion, a price-to-earnings ratio of 71.24, a PEG ratio of 1.26 and a beta of 0.86. The business has a 50 day moving average price of $214.93 and a two-hundred day moving average price of $213.35.

American Tower (NYSE:AMT - Get Free Report) last released its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the previous year, the company posted $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. Analysts anticipate 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.