Korea Investment CORP Decreases Stock Holdings in American Tower Corporation $AMT

Key Points

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Korea Investment CORP trimmed its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 30.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 256,348 shares of the real estate investment trust's stock after selling 110,453 shares during the quarter. Korea Investment CORP owned 0.05% of American Tower worth $55,781,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Aptus Capital Advisors LLC lifted its position in shares of American Tower by 12.0% during the first quarter. Aptus Capital Advisors LLC now owns 69,231 shares of the real estate investment trust's stock worth $15,065,000 after purchasing an additional 7,422 shares during the last quarter. Northern Trust Corp lifted its position in shares of American Tower by 2.1% during the first quarter. Northern Trust Corp now owns 5,643,399 shares of the real estate investment trust's stock worth $1,228,004,000 after purchasing an additional 118,219 shares during the last quarter. Brooklyn Investment Group lifted its position in shares of American Tower by 19.2% during the first quarter. Brooklyn Investment Group now owns 4,746 shares of the real estate investment trust's stock worth $1,033,000 after purchasing an additional 764 shares during the last quarter. Corient IA LLC bought a new stake in shares of American Tower during the first quarter worth $218,000. Finally, Knuff & Co LLC lifted its position in shares of American Tower by 6.1% during the first quarter. Knuff & Co LLC now owns 24,213 shares of the real estate investment trust's stock worth $5,269,000 after purchasing an additional 1,390 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

Insider Activity at American Tower

In other American Tower news, CEO Juan Font sold 720 shares of the company'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 sale, the chief executive officer owned 23,425 shares in the company, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.18% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. JPMorgan Chase & Co. lifted their price objective on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Wells Fargo & Company decreased their price objective on American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. Barclays lifted their price objective on American Tower from $246.00 to $250.00 and gave the company an "overweight" rating in a report on Monday, August 18th. JMP Securities lifted their price objective on American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a report on Wednesday, April 30th. Finally, Bank of America assumed coverage on American Tower in a report on Monday, May 19th. They issued a "buy" rating and a $255.00 price objective for the company. Two 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 company. According to MarketBeat, American Tower currently has a consensus rating of "Moderate Buy" and a consensus price target of $244.73.

American Tower Stock Up 1.0%

American Tower stock traded up $2.04 during trading hours on Friday, reaching $211.77. The stock had a trading volume of 2,343,037 shares, compared to its average volume of 2,432,978. The company has a market cap of $99.16 billion, a price-to-earnings ratio of 77.01, a PEG ratio of 1.21 and a beta of 0.82. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95. The business's 50 day moving average price is $216.76 and its 200-day moving average price is $212.80. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings results 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 return on equity of 24.85% and a net margin of 12.60%.The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.58 billion. During the same quarter in the previous year, the firm earned $2.79 earnings per share. The company'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. Sell-side analysts anticipate that American Tower Corporation will post 10.14 EPS for the current year.

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.