Cinctive Capital Management LP Invests $6.02 Million in American Tower Corporation $AMT

Key Points

• Cinctive Capital Management LP acquired a new position in American Tower Corporation, purchasing 27,671 shares valued at approximately $6.02 million.
• American Tower's stock recently saw a 2.3% decline, with shares opening at $195.90, while the company reported a 9.4% year-over-year revenue drop despite beating earnings estimates.
• Analysts have mixed views on American Tower, with price targets ranging from $230.00 to $260.00 and a consensus rating of "Moderate Buy."

Cinctive Capital Management LP bought a new stake in shares of American Tower Corporation (NYSE:AMT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 27,671 shares of the real estate investment trust's stock, valued at approximately $6,021,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. North Capital Inc. acquired a new stake in shares of American Tower during the first quarter valued at about $25,000. Hopwood Financial Services Inc. lifted its holdings in shares of American Tower by 100.0% in the 1st quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 60 shares during the last quarter. Minot DeBlois Advisors LLC bought a new position in American Tower in the 4th quarter worth about $29,000. E Fund Management Hong Kong Co. Ltd. bought a new position in shares of American Tower in the first quarter valued at approximately $31,000. Finally, Lowe Wealth Advisors LLC boosted its holdings in American Tower by 218.0% during the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after buying an additional 109 shares in the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Trading Up 0.4%

Shares of AMT traded up $0.83 during trading hours on Tuesday, hitting $194.47. 1,816,971 shares of the stock were exchanged, compared to its average volume of 2,628,716. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market capitalization of $91.06 billion, a P/E ratio of 70.62, a price-to-earnings-growth ratio of 1.22 and a beta of 0.86. The business has a 50-day moving average of $213.05 and a 200-day moving average of $213.66. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $243.56.

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

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 completion of the sale, the chief executive officer 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.18% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AMT. Bank of America initiated coverage on shares of American Tower in a research note on Monday, May 19th. They set a "buy" rating and a $255.00 target price for the company. The Goldman Sachs Group reiterated a "buy" rating on shares of American Tower in a research note on Tuesday, July 29th. Hsbc Global Res cut American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Raymond James Financial set a $250.00 price objective on American Tower and gave the stock a "strong-buy" rating in a research report on Wednesday, July 30th. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $245.00 target price (down from $250.00) on shares of American Tower 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 assigned a Hold rating to the stock. Based on 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.