Federation des caisses Desjardins du Quebec Buys 31,527 Shares of American Tower Corporation $AMT

Key Points

• The Federation des caisses Desjardins du Quebec increased its stake in American Tower Corporation by 27.1%, owning 147,856 shares valued at approximately $32.18 million.
• American Tower reported Q2 EPS of $2.60, beating expectations by $0.01, with revenue of $2.63 billion, a 9.4% decline year-over-year.
• Several analysts have increased their price targets for American Tower, with UBS Group setting it at $260 and Bank of America at $255, both maintaining "buy" ratings.

Federation des caisses Desjardins du Quebec grew its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 27.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 147,856 shares of the real estate investment trust's stock after purchasing an additional 31,527 shares during the quarter. Federation des caisses Desjardins du Quebec's holdings in American Tower were worth $32,175,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Golden State Wealth Management LLC boosted its holdings in American Tower by 23.0% in the 1st quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust's stock valued at $80,000 after purchasing an additional 69 shares during the period. Shum Financial Group Inc. boosted its holdings in American Tower by 3.5% in the 1st quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust's stock valued at $913,000 after purchasing an additional 141 shares during the period. Kovitz Investment Group Partners LLC boosted its holdings in American Tower by 126.0% in the 1st quarter. Kovitz Investment Group Partners LLC now owns 97,495 shares of the real estate investment trust's stock valued at $21,215,000 after purchasing an additional 54,360 shares during the period. AEGON ASSET MANAGEMENT UK Plc boosted its holdings in American Tower by 13.3% in the 1st quarter. AEGON ASSET MANAGEMENT UK Plc now owns 231,913 shares of the real estate investment trust's stock valued at $50,487,000 after purchasing an additional 27,194 shares during the period. Finally, Georgetown University boosted its holdings in American Tower by 128.2% in the 4th quarter. Georgetown University now owns 45,654 shares of the real estate investment trust's stock valued at $8,373,000 after purchasing an additional 25,651 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on AMT shares. Hsbc Global Res downgraded shares of American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Bank of America started coverage on shares of American Tower in a research note on Monday, May 19th. They issued a "buy" rating and a $255.00 target price on the stock. Barclays raised their target price on shares of American Tower from $246.00 to $250.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of American Tower in a research note on Tuesday, July 29th. Finally, JPMorgan Chase & Co. raised their target price on shares of American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Two 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 stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $244.73.

Insider Activity 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 transaction, the chief executive officer directly owned 23,425 shares of the company's stock, 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 filing with the Securities & Exchange Commission, which is available through this link. 0.18% of the stock is currently owned by insiders.

American Tower Price Performance

Shares of AMT stock traded down $8.52 during trading hours on Monday, hitting $189.80. 1,942,994 shares of the company's stock were exchanged, compared to its average volume of 2,612,091. 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 Corporation has a 12-month low of $172.51 and a 12-month high of $243.56. The business's 50 day simple moving average is $213.60 and its 200-day simple moving average is $213.65. The company has a market capitalization of $88.87 billion, a PE ratio of 69.02, a PEG ratio of 1.22 and a beta of 0.86.

American Tower (NYSE:AMT - Get Free Report) last issued its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $2.58 billion. During the same period in the previous year, the firm earned $2.79 earnings per share. The firm's revenue for the quarter 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, equities research analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current year.

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.