MAI Capital Management Boosts Stock Holdings in American Tower Corporation $AMT

Key Points

• MAI Capital Management increased its stake in American Tower Corporation by 8.9% during the first quarter, now holding 113,278 shares valued at approximately $24.6 million.
• Equities analysts remain positive on American Tower, with target price increases by firms like Barclays and UBS, indicating a consensus target price of around $244.73.
• American Tower recently reported quarterly earnings of $2.60 EPS, slightly exceeding analyst expectations, while projecting FY 2025 guiding at 10.460-10.650 EPS.

MAI Capital Management grew its stake in American Tower Corporation (NYSE:AMT - Free Report) by 8.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 113,278 shares of the real estate investment trust's stock after acquiring an additional 9,218 shares during the quarter. MAI Capital Management's holdings in American Tower were worth $24,649,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in AMT. Nuveen LLC purchased a new position in shares of American Tower in the 1st quarter valued at $991,525,000. Price T Rowe Associates Inc. MD boosted its position in shares of American Tower by 39.6% in 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 in the last quarter. GAMMA Investing LLC boosted its position in shares of 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 worth $370,346,000 after purchasing an additional 1,694,784 shares in the last quarter. Bessemer Group Inc. boosted its position in shares of 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 worth $247,390,000 after purchasing an additional 831,247 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its position in shares of 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 worth $141,612,000 after purchasing an additional 540,648 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Stock Performance

Shares of AMT stock traded down $1.32 during mid-day trading on Thursday, reaching $194.94. The stock had a trading volume of 2,414,772 shares, compared to its average volume of 2,599,672. The business's fifty day moving average is $214.45 and its 200-day moving average is $213.23. 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 firm has a market cap of $91.28 billion, a price-to-earnings ratio of 70.89, a PEG ratio of 1.26 and a beta of 0.86. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $243.56.

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 (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.01. The business 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 company's revenue for the quarter was down 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.79 EPS. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. On average, research analysts forecast that American Tower Corporation will post 10.14 earnings per share for the current year.

Insider Activity

In other news, CEO Juan Font sold 720 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer owned 23,425 shares of the company's stock, valued at $4,880,130.25. The trade was a 2.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.17% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on AMT. Bank of America began coverage on American Tower in a research report on Monday, May 19th. They issued a "buy" rating and a $255.00 price objective for the company. Royal Bank Of Canada raised their price objective on American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. UBS Group raised their price objective on American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Raymond James Financial set a $250.00 price objective on American Tower and gave the stock a "strong-buy" rating in a research report on Wednesday, July 30th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of American Tower in a research report on Tuesday, July 29th. Two 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 price target of $244.73.

About American Tower

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.