Focus Partners Wealth Purchases 7,166 Shares of American Tower Corporation $AMT

Key Points

• Focus Partners Wealth increased its holdings in American Tower Corporation by 2.6%, acquiring a total of 279,977 shares worth approximately $60.9 million.
• Several institutional investors, including Nuveen LLC and Price T Rowe Associates, significantly modified their holdings, with Price T Rowe increasing their stake by 39.6% during the same quarter.
• Wall Street analysts have a positive outlook on AMT, with an average price target of $244.73 and ratings ranging from Strong Buy to Hold.

Focus Partners Wealth raised its stake in American Tower Corporation (NYSE:AMT - Free Report) by 2.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 279,977 shares of the real estate investment trust's stock after purchasing an additional 7,166 shares during the quarter. Focus Partners Wealth owned 0.06% of American Tower worth $60,923,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of AMT. Nuveen LLC acquired a new position in shares of American Tower in the first quarter worth $991,525,000. Price T Rowe Associates Inc. MD boosted its position in shares of American Tower by 39.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,144,040 shares of the real estate investment trust's stock worth $1,772,144,000 after buying an additional 2,309,627 shares during the period. GAMMA Investing LLC lifted its stake in shares of American Tower by 23,627.3% in the first quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust's stock worth $370,346,000 after acquiring an additional 1,694,784 shares in the last quarter. Bessemer Group Inc. raised its stake in American Tower by 272.0% during the first quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust's stock valued at $247,390,000 after buying an additional 831,247 shares in the last quarter. Finally, Alyeska Investment Group L.P. acquired a new stake in shares of American Tower during the 1st quarter worth approximately $162,127,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other American Tower news, CEO Juan Font sold 720 shares of the firm'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 sale, the chief executive officer owned 23,425 shares in the company, valued at $4,880,130.25. This trade represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.17% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AMT. Hsbc Global Res lowered American Tower from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. HSBC lowered American Tower from a "buy" rating to a "hold" rating and set a $235.00 target price on the stock. in a report on Wednesday, July 30th. Bank of America assumed coverage on American Tower in a research report on Monday, May 19th. They issued a "buy" rating and a $255.00 price target on the stock. JPMorgan Chase & Co. lifted their price objective on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Finally, Raymond James Financial set a $250.00 target price on shares of American Tower and gave the company a "strong-buy" rating in a research note 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. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $244.73.

American Tower Stock Down 0.7%

Shares of American Tower stock traded down $1.28 during trading hours on Friday, reaching $195.27. 3,096,397 shares of the company's stock were exchanged, compared to its average volume of 2,724,957. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36. The company has a 50 day moving average of $210.83 and a two-hundred day moving average of $213.37. The stock has a market cap of $91.43 billion, a P/E ratio of 71.01, a P/E/G ratio of 1.21 and a beta of 0.86. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $241.97.

American Tower (NYSE:AMT - Get Free Report) last released 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 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 prior year, the firm earned $2.79 EPS. The business'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. On average, sell-side analysts forecast that American Tower Corporation will post 10.14 EPS for the current fiscal 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.