Erste Asset Management GmbH Raises Stock Position in American Tower Corporation $AMT

Key Points

• Erste Asset Management GmbH increased its stake in American Tower Corporation by 349.5%, now owning 55,244 shares worth approximately $11.91 million.
• Other hedge funds have also invested, with Banco Bilbao Vizcaya Argentaria S.A. boosting its stake by 62.5% during the same period.
• American Tower's latest earnings report showed earnings per share of $2.60, beating estimates, although quarterly revenue was down 9.4% year-over-year.

Erste Asset Management GmbH raised its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 349.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 55,244 shares of the real estate investment trust's stock after acquiring an additional 42,955 shares during the period. Erste Asset Management GmbH's holdings in American Tower were worth $11,908,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in 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. increased its position in shares of American Tower by 100.0% during the first quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust's stock valued at $26,000 after acquiring an additional 60 shares during the last quarter. Minot DeBlois Advisors LLC acquired a new stake in shares of American Tower during the fourth quarter valued at about $29,000. E Fund Management Hong Kong Co. Ltd. purchased a new position in shares of American Tower in the first quarter valued at approximately $31,000. Finally, Lowe Wealth Advisors LLC boosted its stake in shares of American Tower by 218.0% in the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 109 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at American Tower

In related news, CEO Juan Font sold 720 shares of American Tower 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 completion of the transaction, the chief executive officer owned 23,425 shares in the company, valued at $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 Securities & Exchange Commission, which is available through this hyperlink. 0.17% of the stock is owned by corporate insiders.

American Tower Stock Up 1.0%

American Tower stock traded up $2.04 during trading on Friday, reaching $211.77. The stock had a trading volume of 2,343,037 shares, compared to its average volume of 2,367,385. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $243.56. The business has a 50 day moving average price of $216.76 and a 200 day moving average price of $212.64. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36. The stock has a market cap of $99.16 billion, a PE ratio of 77.01, a P/E/G ratio of 1.21 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, topping 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 company 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 firm earned $2.79 earnings per share. The firm's quarterly 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. On average, analysts predict that American Tower Corporation will post 10.14 EPS for the current year.

Analysts Set New Price Targets

AMT has been the subject of several recent research reports. Raymond James Financial set a $250.00 price objective on shares of American Tower and gave the company a "strong-buy" rating in a research note on Wednesday, July 30th. Scotiabank raised their price objective on shares of American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a research note on Wednesday, April 30th. Hsbc Global Res lowered shares of American Tower from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. BMO Capital Markets reissued an "outperform" rating and issued a $245.00 price objective (down previously from $250.00) on shares of American Tower in a research note on Wednesday, July 30th. Finally, JMP Securities raised their price objective on shares of American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a research note on Wednesday, April 30th. Two investment 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $244.73.

American Tower Company 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.