American Tower Corporation $AMT is Harber Asset Management LLC's Largest Position

Key Points

• Harber Asset Management LLC increased its stake in American Tower Corporation by 40.6%, owning a total of 114,407 shares valued at approximately $24.9 million.
• American Tower Corporation reported $2.60 earnings per share (EPS) for the last quarter, slightly exceeding analysts' expectations, despite a 9.4% revenue decline year-over-year.
• The stock currently has an average rating of "Moderate Buy" from analysts, with a consensus price target of $244.73.

Harber Asset Management LLC increased its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 40.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 114,407 shares of the real estate investment trust's stock after purchasing an additional 33,016 shares during the quarter. American Tower accounts for approximately 8.9% of Harber Asset Management LLC's portfolio, making the stock its biggest position. Harber Asset Management LLC's holdings in American Tower were worth $24,895,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AMT. Nuveen LLC acquired a new stake in shares of American Tower during the 1st quarter worth about $991,525,000. Price T Rowe Associates Inc. MD increased its position in shares of American Tower by 39.6% during the 1st 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 purchasing an additional 2,309,627 shares during the last quarter. GAMMA Investing LLC grew its position in American Tower by 23,627.3% in the 1st quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust's stock valued at $370,346,000 after acquiring an additional 1,694,784 shares in the last quarter. Bessemer Group Inc. grew its position in American Tower by 272.0% in the 1st quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust's stock valued at $247,390,000 after acquiring an additional 831,247 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its position in American Tower by 490.9% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 650,789 shares of the real estate investment trust's stock valued at $141,612,000 after acquiring an additional 540,648 shares in the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Stock Down 2.3%

AMT stock traded down $4.59 during trading on Wednesday, hitting $195.90. 3,615,228 shares of the company's stock were exchanged, compared to its average volume of 2,603,086. The business has a 50-day moving average price of $214.93 and a two-hundred day moving average price of $213.35. The stock has a market capitalization of $91.73 billion, a price-to-earnings ratio of 71.24, a PEG ratio of 1.26 and a beta of 0.86. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $243.56. 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 (NYSE:AMT - Get Free Report) last posted 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 firm had revenue of $2.63 billion during the quarter, compared to analysts' expectations of $2.58 billion. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The firm's revenue was down 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.79 earnings per share. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. As a group, equities research analysts expect that American Tower Corporation will post 10.14 EPS for the current year.

Insiders Place Their Bets

In other American Tower news, CEO Juan Font sold 720 shares of the business'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 value of $149,997.60. Following the completion of the sale, the chief executive officer owned 23,425 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Corporate insiders own 0.18% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on AMT shares. JPMorgan Chase & Co. lifted their target price on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of American Tower in a research report on Tuesday, July 29th. UBS Group lifted their target price on American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Hsbc Global Res downgraded American Tower from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Finally, Wells Fargo & Company dropped their target price on American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Two 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. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $244.73.

American Tower 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.