Gradient Investments LLC Reduces Position in American Tower Corporation $AMT

Key Points

• Gradient Investments LLC reduced its stake in American Tower Corporation ($AMT) by 2.4% during Q2, now holding 62,551 shares valued at approximately $13.8 million.
• American Tower reported earnings per share (EPS) of $2.60 for the last quarter, slightly beating analysts' expectations, but showing a decline in revenue of 9.4% year over year.
• The stock's performance includes a market cap of $89.93 billion and a consensus rating of "Moderate Buy", with a target price averaging $244.73.

Gradient Investments LLC cut its position in American Tower Corporation (NYSE:AMT - Free Report) by 2.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 62,551 shares of the real estate investment trust's stock after selling 1,537 shares during the period. Gradient Investments LLC's holdings in American Tower were worth $13,825,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. Brighton Jones LLC boosted its holdings in shares of American Tower by 113.0% in the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock valued at $727,000 after buying an additional 2,104 shares in the last quarter. Tidal Investments LLC boosted its holdings in shares of American Tower by 1.7% in the 4th quarter. Tidal Investments LLC now owns 20,325 shares of the real estate investment trust's stock valued at $3,728,000 after buying an additional 335 shares in the last quarter. Texas Bank & Trust Co acquired a new position in shares of American Tower in the 4th quarter valued at $255,000. Two Sigma Investments LP boosted its holdings in shares of American Tower by 480.1% in the 4th quarter. Two Sigma Investments LP now owns 92,636 shares of the real estate investment trust's stock valued at $16,990,000 after buying an additional 76,668 shares in the last quarter. Finally, Two Sigma Advisers LP acquired a new position in shares of American Tower in the 4th quarter valued at $2,990,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Performance

Shares of AMT opened at $192.05 on Tuesday. The company has a 50-day simple moving average of $210.27 and a 200-day simple moving average of $213.42. 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 company has a market capitalization of $89.93 billion, a PE ratio of 69.84, a P/E/G ratio of 1.20 and a beta of 0.86. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $241.97.

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 (EPS) for the quarter, beating analysts' consensus estimates 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 net margin of 12.60% and a return on equity of 24.85%. The business's revenue was down 9.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.79 EPS. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Equities research analysts predict that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other American Tower news, CEO Juan Font sold 720 shares of the firm's stock in a transaction dated Thursday, July 31st. The shares were 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 in the company, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.18% of the company's stock.

Analyst Upgrades and Downgrades

AMT has been the subject of several research analyst reports. Bank of America initiated coverage on shares of American Tower in a report on Monday, May 19th. They issued a "buy" rating and a $255.00 target price for the company. Hsbc Global Res cut shares of American Tower from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. UBS Group raised their price objective on shares of American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada raised their price objective on shares of American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Finally, The Goldman Sachs Group reissued a "buy" rating on shares of American Tower in a research report on Tuesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, American Tower presently has a consensus rating of "Moderate Buy" and a consensus price target of $244.73.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.