Kayne Anderson Rudnick Investment Management LLC Increases Position in American Tower Corporation $AMT

Key Points

• Kayne Anderson Rudnick Investment Management LLC increased its stake in American Tower Corporation by 25.6%, bringing its total holdings to 13,194 shares valued at approximately $2.87 million.
• American Tower reported earnings per share of $2.60 for the last quarter, slightly exceeding analyst estimates, despite a 9.4% decline in revenue compared to the previous year.
• Analysts generally maintain a consensus rating of "Moderate Buy" for American Tower, with an average price target of $244.73.

Kayne Anderson Rudnick Investment Management LLC boosted its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 25.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,194 shares of the real estate investment trust's stock after purchasing an additional 2,686 shares during the period. Kayne Anderson Rudnick Investment Management LLC's holdings in American Tower were worth $2,871,000 at the end of the most recent reporting period.

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

Insider Activity

In related news, CEO Juan Font sold 720 shares of the company'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 transaction of $149,997.60. Following the sale, the chief executive officer directly owned 23,425 shares of the company's stock, valued at $4,880,130.25. This represents a 2.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.17% of the company's stock.

American Tower Stock Performance

AMT traded up $1.14 on Friday, reaching $203.70. The stock had a trading volume of 2,618,098 shares, compared to its average volume of 2,357,579. American Tower Corporation has a 12-month low of $172.51 and a 12-month 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. The business's 50-day moving average price is $215.77 and its two-hundred day moving average price is $213.02. The company has a market cap of $95.38 billion, a P/E ratio of 74.07, a price-to-earnings-growth ratio of 1.25 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last announced its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.01. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.58 billion. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The company's revenue for the quarter was down 9.4% compared to the same quarter last year. During the same quarter last year, the business earned $2.79 earnings per share. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Sell-side analysts forecast that American Tower Corporation will post 10.14 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Royal Bank Of Canada boosted their price objective on shares of American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Barclays boosted their price target on shares of American Tower from $246.00 to $250.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. HSBC downgraded shares of 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. JPMorgan Chase & Co. boosted their target price on shares of American Tower from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Finally, BMO Capital Markets reiterated an "outperform" rating and set a $245.00 price target (down from $250.00) on shares of American Tower in a report on Wednesday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $244.73.

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.