Douglas Lane & Associates LLC Reduces Holdings in American Tower Corporation $AMT

Key Points

• Douglas Lane & Associates LLC reduced its stake in American Tower Corporation by 5.7%, holding 413,913 shares worth approximately $91.5 million.
• American Tower reported a quarterly revenue of $2.63 billion, surpassing estimates, but experienced a 9.4% year-over-year decline in revenue.
• Analysts have mixed views on the stock, with price targets ranging from $230 to $255, and a consensus rating of "Moderate Buy".

Douglas Lane & Associates LLC decreased its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 5.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 413,913 shares of the real estate investment trust's stock after selling 25,231 shares during the quarter. American Tower accounts for approximately 1.3% of Douglas Lane & Associates LLC's investment portfolio, making the stock its 18th largest holding. Douglas Lane & Associates LLC owned 0.09% of American Tower worth $91,483,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Elmwood Wealth Management Inc. lifted its holdings in shares of American Tower by 2.5% during the first quarter. Elmwood Wealth Management Inc. now owns 2,087 shares of the real estate investment trust's stock worth $454,000 after purchasing an additional 50 shares during the period. 4J Wealth Management LLC lifted its holdings in shares of American Tower by 4.0% during the first quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust's stock worth $283,000 after purchasing an additional 50 shares during the period. TCTC Holdings LLC lifted its holdings in shares of American Tower by 15.8% during the first quarter. TCTC Holdings LLC now owns 374 shares of the real estate investment trust's stock worth $81,000 after purchasing an additional 51 shares during the period. Coyle Financial Counsel LLC lifted its holdings in shares of American Tower by 2.4% during the first quarter. Coyle Financial Counsel LLC now owns 2,238 shares of the real estate investment trust's stock worth $487,000 after purchasing an additional 53 shares during the period. Finally, Fortitude Advisory Group L.L.C. lifted its holdings in shares of American Tower by 2.9% during the first quarter. Fortitude Advisory Group L.L.C. now owns 1,907 shares of the real estate investment trust's stock worth $416,000 after purchasing an additional 54 shares during the period. Institutional investors and hedge funds own 92.69% of the company's stock.

American Tower Trading Down 0.7%

Shares of AMT stock opened at $195.27 on Friday. 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 company has a market cap of $91.43 billion, a price-to-earnings ratio of 71.01, a PEG ratio of 1.21 and a beta of 0.86. The stock has a 50 day simple moving average of $210.83 and a 200-day simple moving average of $213.45. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $241.97.

American Tower (NYSE:AMT - Get Free Report) last announced its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.01. The business had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.58 billion. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The business's quarterly revenue was down 9.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.79 EPS. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. On average, equities research analysts expect that American Tower Corporation will post 10.14 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently commented on AMT. Wells Fargo & Company decreased their target price on American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. The Goldman Sachs Group reissued a "buy" rating on shares of American Tower in a report on Tuesday, July 29th. Bank of America assumed coverage on American Tower in a report on Monday, May 19th. They issued a "buy" rating and a $255.00 price target for the company. JPMorgan Chase & Co. boosted their price target on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Finally, HSBC downgraded American Tower from a "buy" rating to a "hold" rating and set a $235.00 price target for the company. 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 given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $244.73.

Insider Buying and Selling at American Tower

In other news, CEO Juan Font sold 720 shares of the company'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 transaction 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 $4,880,130.25. This represents a 2.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.17% of the stock is currently owned by insiders.

About American Tower

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.

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