Ieq Capital LLC Has $4.90 Million Position in American Tower Corporation $AMT

Key Points

• Ieq Capital LLC increased its stake in American Tower Corporation by 18.3% during the first quarter, owning 22,497 shares valued at approximately $4.896 million.
• American Tower reported earnings of $2.60 per share for its last quarter, slightly beating expectations, despite a 9.4% decline in revenue year-over-year.
• Analysts have mixed ratings for the stock; with price targets recently adjusted, the average target price for American Tower is $244.73, indicating a prevailing sentiment of a Moderate Buy.

Ieq Capital LLC increased its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 18.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 22,497 shares of the real estate investment trust's stock after buying an additional 3,477 shares during the quarter. Ieq Capital LLC's holdings in American Tower were worth $4,896,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of AMT. North Capital Inc. bought a new position in shares of American Tower during the first quarter worth about $25,000. Hopwood Financial Services Inc. grew its holdings 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 worth $26,000 after buying an additional 60 shares in the last quarter. Minot DeBlois Advisors LLC bought a new position in shares of American Tower during the fourth quarter worth about $29,000. E Fund Management Hong Kong Co. Ltd. bought a new position in shares of American Tower during the first quarter worth about $31,000. Finally, Lowe Wealth Advisors LLC grew its holdings in shares of American Tower by 218.0% during the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after buying an additional 109 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. BMO Capital Markets reissued an "outperform" rating and set a $245.00 price target (down from $250.00) on shares of American Tower in a research report on Wednesday, July 30th. Barclays increased their price target on American Tower from $246.00 to $250.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Royal Bank Of Canada increased their price target on American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. UBS Group increased their price target on American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. increased their price target on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Wednesday, July 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 MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $244.73.

American Tower Stock Performance

Shares of AMT traded down $4.94 during mid-day trading on Wednesday, reaching $195.55. The company's stock had a trading volume of 2,061,292 shares, compared to its average volume of 2,592,943. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $243.56. The stock has a market cap of $91.56 billion, a P/E ratio of 71.17, a PEG ratio of 1.26 and a beta of 0.86. The business has a 50-day simple moving average of $214.93 and a two-hundred day simple moving average of $213.35. 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 released its quarterly earnings data 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. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The company had revenue of $2.63 billion during the quarter, compared to analysts' expectations of $2.58 billion. During the same period last year, the firm posted $2.79 earnings per share. 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. As a group, equities research analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Juan Font sold 720 shares of American Tower stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $208.33, for a total transaction of $149,997.60. Following the completion of the sale, the chief executive officer directly owned 23,425 shares of the company's stock, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.18% of the stock is currently owned by insiders.

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.