American Tower Corporation $AMT Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. has reduced its stake in American Tower Corporation by 3.4%, holding 116,386 shares worth approximately $25.33 million.
• Multiple analysts have issued varying ratings for American Tower, with a consensus average price target of $244.73 and ratings ranging from "Strong Buy" to "Hold".
• In its latest earnings report, American Tower reported an EPS of $2.60, slightly beating expectations, while also projecting FY 2025 EPS guidance between 10.460 and 10.650.

Corebridge Financial Inc. trimmed its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 3.4% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 116,386 shares of the real estate investment trust's stock after selling 4,106 shares during the quarter. Corebridge Financial Inc.'s holdings in American Tower were worth $25,326,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of AMT. Nuveen LLC purchased a new position in shares of American Tower in the first quarter worth about $991,525,000. Price T Rowe Associates Inc. MD raised its stake in shares of American Tower by 39.6% in the 1st 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 acquiring an additional 2,309,627 shares during the period. GAMMA Investing LLC increased its holdings in American Tower by 23,627.3% in the 1st quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust's stock valued at $370,346,000 after purchasing an additional 1,694,784 shares during the last quarter. Bessemer Group Inc. increased its holdings in American Tower by 272.0% in the 1st quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust's stock valued at $247,390,000 after purchasing an additional 831,247 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. increased its stake in 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 buying an additional 540,648 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Trading Up 0.6%

Shares of AMT traded up $1.14 during trading hours on Friday, hitting $203.70. The stock had a trading volume of 2,618,098 shares, compared to its average volume of 2,597,037. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $243.56. The firm has a market cap of $95.38 billion, a P/E ratio of 74.07, a P/E/G ratio of 1.16 and a beta of 0.82. The company's fifty day simple moving average is $216.04 and its 200 day simple moving average is $212.95.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly 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 for the quarter, compared to analysts' expectations of $2.58 billion. During the same period in the previous year, the company posted $2.79 earnings per share. American Tower'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. Equities research analysts forecast that American Tower Corporation will post 10.14 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Juan Font sold 720 shares of the company's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total transaction 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 approximately $4,880,130.25. This represents a 2.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.17% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on AMT. UBS Group raised their target price on shares of American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. BMO Capital Markets restated an "outperform" rating and set a $245.00 target price (down from $250.00) on shares of American Tower in a research report on Wednesday, July 30th. Wells Fargo & Company dropped 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. The Goldman Sachs Group reissued a "buy" rating on shares of American Tower in a research note on Tuesday, July 29th. Finally, Bank of America initiated coverage on shares of American Tower in a research note on Monday, May 19th. They issued a "buy" rating and a $255.00 price objective on the stock. Two research 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's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price 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.