MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Boosts Stake in American Tower Corporation $AMT

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in American Tower Corporation by 79.2%, owning a total of 255,810 shares worth approximately $55.67 million after acquiring an additional 113,046 shares.
• American Tower reported a quarterly earnings per share (EPS) of $2.60, surpassing the consensus estimate by $0.01, although year-over-year revenue declined by 9.4%.
• Wall Street analysts have set an average price target of $244.73 for the stock, with ratings ranging from two Strong Buy, twelve Buy, to three Hold.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 79.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 255,810 shares of the real estate investment trust's stock after buying an additional 113,046 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.05% of American Tower worth $55,664,000 as of its most recent filing with the Securities & Exchange Commission.

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

Insider Activity at American Tower

In related 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 of the company's stock, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.18% of the stock is owned by company insiders.

American Tower Price Performance

Shares of NYSE:AMT traded down $4.83 during trading on Monday, hitting $193.49. 5,375,823 shares of the stock were exchanged, compared to its average volume of 2,518,645. The company has a fifty day moving average price of $213.05 and a two-hundred day moving average price of $213.66. The company has a market cap of $90.60 billion, a PE ratio of 70.36, a P/E/G ratio of 1.22 and a beta of 0.86. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last announced 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 for the quarter, compared to analyst estimates of $2.58 billion. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The company's quarterly revenue was down 9.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.79 EPS. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. On average, analysts forecast that American Tower Corporation will post 10.14 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on AMT. Wells Fargo & Company lowered their price objective on American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of American Tower in a report on Tuesday, July 29th. UBS Group lifted their price objective on American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. 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. Finally, Hsbc Global Res lowered American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price 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.