DoubleLine ETF Adviser LP Trims Stock Holdings in American Tower Corporation $AMT

Key Points

• DoubleLine ETF Adviser LP decreased its stake in American Tower Corporation by 19.9%, selling 6,637 shares and holding a total of 26,694 shares valued at approximately $5.81 million, making it the firm's 9th largest holding.
• American Tower recently reported quarterly earnings of $2.60 per share, slightly beating estimates, but its revenue decreased by 9.4% year-over-year, totaling $2.63 billion.
• Despite recent downgrades from some analysts, American Tower maintains a consensus rating of "Moderate Buy" with an average price target of $244.73.

DoubleLine ETF Adviser LP reduced its stake in American Tower Corporation (NYSE:AMT - Free Report) by 19.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,694 shares of the real estate investment trust's stock after selling 6,637 shares during the period. American Tower accounts for approximately 1.9% of DoubleLine ETF Adviser LP's holdings, making the stock its 9th biggest position. DoubleLine ETF Adviser LP's holdings in American Tower were worth $5,809,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in AMT. Elmwood Wealth Management Inc. increased its stake in shares of American Tower by 2.5% in the 1st quarter. Elmwood Wealth Management Inc. now owns 2,087 shares of the real estate investment trust's stock valued at $454,000 after acquiring an additional 50 shares in the last quarter. 4J Wealth Management LLC grew its position in American Tower by 4.0% in the 1st quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust's stock valued at $283,000 after purchasing an additional 50 shares during the period. TCTC Holdings LLC grew its position in American Tower by 15.8% in the 1st quarter. TCTC Holdings LLC now owns 374 shares of the real estate investment trust's stock valued at $81,000 after purchasing an additional 51 shares during the period. Coyle Financial Counsel LLC grew its position in American Tower by 2.4% in the 1st quarter. Coyle Financial Counsel LLC now owns 2,238 shares of the real estate investment trust's stock valued at $487,000 after purchasing an additional 53 shares during the period. Finally, Fortitude Advisory Group L.L.C. grew its position in American Tower by 2.9% in the 1st quarter. Fortitude Advisory Group L.L.C. now owns 1,907 shares of the real estate investment trust's stock valued at $416,000 after purchasing an additional 54 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, reaching $193.49. The company had a trading volume of 5,375,823 shares, compared to its average volume of 2,633,940. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $243.56. The company's 50 day moving average price is $213.60 and its 200 day moving average price is $213.65. The stock has a market cap of $90.60 billion, a P/E ratio of 70.36, a P/E/G ratio of 1.22 and a beta of 0.86. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36.

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 the consensus estimate 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 for the quarter, compared to analysts' expectations of $2.58 billion. During the same period in the prior year, the business posted $2.79 earnings per share. The company's revenue was down 9.4% on a year-over-year basis. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. As a group, sell-side analysts anticipate that American Tower Corporation will post 10.14 EPS for the current fiscal year.

Analysts Set New Price Targets

AMT has been the topic of a number of recent research reports. Hsbc Global Res lowered American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Barclays lifted their target price on American Tower from $246.00 to $250.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Bank of America began coverage on shares of American Tower in a report on Monday, May 19th. They set a "buy" rating and a $255.00 price objective on the stock. Wells Fargo & Company cut their price objective on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of American Tower from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. 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 company. Based on data from MarketBeat.com, American Tower has a consensus rating of "Moderate Buy" and a consensus target price of $244.73.

Insider Buying and Selling at American Tower

In related news, CEO Juan Font sold 720 shares of the company's stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 23,425 shares in the company, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.18% of the company's stock.

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.