Jones Financial Companies Lllp Sells 50,068 Shares of American Tower Corporation $AMT

Key Points

• Jones Financial Companies Lllp has reduced its stake in American Tower Corporation by 34.7%, selling 50,068 shares, leaving it with 94,413 shares valued at approximately $18.87 million.
• A recent earnings report shows American Tower beat analysts' expectations with an EPS of $2.60, despite a 9.4% revenue decline year-over-year, totaling $2.63 billion for the quarter.
• Several research firms have mixed ratings on American Tower, with Raymond James giving it a strong buy rating and a $250 price target, while HSBC downgraded it to a hold rating.

Jones Financial Companies Lllp trimmed its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 34.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 94,413 shares of the real estate investment trust's stock after selling 50,068 shares during the period. Jones Financial Companies Lllp's holdings in American Tower were worth $18,873,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Elmwood Wealth Management Inc. lifted its stake in American Tower by 2.5% during the first quarter. Elmwood Wealth Management Inc. now owns 2,087 shares of the real estate investment trust's stock valued at $454,000 after buying an additional 50 shares in the last quarter. 4J Wealth Management LLC lifted its stake in American Tower by 4.0% during the first quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust's stock valued at $283,000 after buying an additional 50 shares in the last quarter. TCTC Holdings LLC lifted its stake in American Tower by 15.8% during the first quarter. TCTC Holdings LLC now owns 374 shares of the real estate investment trust's stock valued at $81,000 after buying an additional 51 shares in the last quarter. Coyle Financial Counsel LLC lifted its stake in American Tower by 2.4% during the first quarter. Coyle Financial Counsel LLC now owns 2,238 shares of the real estate investment trust's stock valued at $487,000 after buying an additional 53 shares in the last quarter. Finally, Fortitude Advisory Group L.L.C. lifted its stake in American Tower by 2.9% during the first quarter. Fortitude Advisory Group L.L.C. now owns 1,907 shares of the real estate investment trust's stock valued at $416,000 after buying an additional 54 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at American Tower

In other news, CEO Juan Font sold 720 shares of the business's 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 completion of the sale, the chief executive officer directly 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. Insiders own 0.17% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on AMT shares. Royal Bank Of Canada upped their price objective on shares of American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Bank of America began coverage on shares of American Tower in a research report on Monday, May 19th. They set a "buy" rating and a $255.00 price objective on the stock. BMO Capital Markets reaffirmed an "outperform" rating and set a $245.00 price objective (down from $250.00) on shares of American Tower 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. Finally, Hsbc Global Res downgraded shares of American Tower from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $244.73.

American Tower Stock Performance

Shares of American Tower stock traded down $0.84 on Wednesday, reaching $193.77. The stock had a trading volume of 2,486,748 shares, compared to its average volume of 2,751,869. The business's 50-day moving average price is $211.86 and its two-hundred day moving average price is $213.39. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $241.97. The stock has a market cap of $90.73 billion, a P/E ratio of 70.46, a price-to-earnings-growth ratio of 1.20 and a beta of 0.86.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share for the quarter, topping analysts' consensus estimates of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The business had revenue of $2.63 billion during the quarter, compared to analysts' expectations of $2.58 billion. During the same period in the previous year, the company earned $2.79 earnings per share. American Tower'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, sell-side analysts forecast that American Tower Corporation will post 10.14 EPS 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.