MetLife Investment Management LLC Sells 2,568 Shares of American Tower Corporation $AMT

Key Points

• MetLife Investment Management LLC reduced its stake in American Tower Corporation by 1.8%, now holding 141,689 shares valued at approximately $30.8 million.
• American Tower's stock recorded a 1.0% increase, with shares opening at $211.77 and a market capitalization of $99.16 billion.
• Recent analyst reports show mixed recommendations, with target prices ranging from $235.00 to $260.00, reflecting a Moderate Buy consensus on the stock.

MetLife Investment Management LLC decreased its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 1.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 141,689 shares of the real estate investment trust's stock after selling 2,568 shares during the period. MetLife Investment Management LLC's holdings in American Tower were worth $30,832,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in AMT. Nuveen LLC bought a new position in shares of American Tower during the 1st quarter valued at about $991,525,000. Price T Rowe Associates Inc. MD boosted its position in shares of American Tower by 39.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,144,040 shares of the real estate investment trust's stock valued at $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% during the 1st quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust's stock valued at $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% during the 1st quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust's stock valued at $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% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 650,789 shares of the real estate investment trust's stock valued at $141,612,000 after purchasing an additional 540,648 shares in the last quarter. Institutional investors own 92.69% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. BMO Capital Markets restated an "outperform" rating and set a $245.00 price objective (down previously from $250.00) on shares of American Tower in a research report on Wednesday, July 30th. UBS Group lifted their target price on shares of American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Bank of America initiated coverage on shares of American Tower in a research report on Monday, May 19th. They issued a "buy" rating and a $255.00 target price on the stock. JPMorgan Chase & Co. increased their target price on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Finally, Hsbc Global Res lowered American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $244.73.

American Tower Stock Down 0.3%

Shares of AMT stock traded down $0.64 during trading on Thursday, hitting $202.63. 2,966,957 shares of the company were exchanged, compared to its average volume of 2,596,844. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market capitalization of $94.88 billion, a price-to-earnings ratio of 73.69, a P/E/G ratio of 1.18 and a beta of 0.82. The business's 50-day simple moving average is $216.30 and its 200 day simple moving average is $212.86. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, topping 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 net margin of 12.60% and a return on equity of 24.85%. The firm's quarterly revenue was down 9.4% compared to the same quarter last year. During the same period last year, the company posted $2.79 earnings per share. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. As a group, analysts forecast that American Tower Corporation will post 10.14 EPS for the current fiscal year.

Insider Activity at American Tower

In related news, CEO Juan Font sold 720 shares of the firm'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 completion of the sale, the chief executive officer directly owned 23,425 shares in the company, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.17% of the company's stock.

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.