New England Research & Management Inc. Invests $696,000 in American Tower Corporation $AMT

Key Points

• New England Research & Management Inc. invested approximately $696,000 in American Tower Corporation by acquiring 3,150 shares during the 2nd quarter.
• A number of hedge funds have also increased their holdings in American Tower, with Emprise Bank and Czech National Bank boosting their positions by 7.0% and 6.6% respectively.
• Analysts have mixed ratings for American Tower, with HSBC downgrading it from "buy" to "hold," while UBS and Royal Bank of Canada have increased their price targets to $260.00.

New England Research & Management Inc. acquired a new position in American Tower Corporation (NYSE:AMT - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 3,150 shares of the real estate investment trust's stock, valued at approximately $696,000.

A number of other hedge funds also recently bought and sold shares of the business. Emprise Bank increased its holdings in American Tower by 7.0% during the 2nd quarter. Emprise Bank now owns 1,042 shares of the real estate investment trust's stock valued at $230,000 after purchasing an additional 68 shares during the period. Czech National Bank boosted its position in shares of American Tower by 6.6% in the 2nd quarter. Czech National Bank now owns 114,429 shares of the real estate investment trust's stock worth $25,291,000 after purchasing an additional 7,095 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in shares of American Tower by 2.1% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 20,408 shares of the real estate investment trust's stock worth $4,511,000 after purchasing an additional 410 shares in the last quarter. Canandaigua National Bank & Trust Co. raised its holdings in American Tower by 4.9% in the 2nd quarter. Canandaigua National Bank & Trust Co. now owns 11,606 shares of the real estate investment trust's stock worth $2,565,000 after acquiring an additional 541 shares during the last quarter. Finally, RMR Wealth Builders raised its holdings in American Tower by 4.5% in the 2nd quarter. RMR Wealth Builders now owns 10,721 shares of the real estate investment trust's stock worth $2,370,000 after acquiring an additional 465 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on AMT shares. HSBC lowered shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 price objective for the company. in a report on Wednesday, July 30th. UBS Group upped their price objective on American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Royal Bank Of Canada upped their target price on shares of American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Hsbc Global Res downgraded shares of American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Finally, Wells Fargo & Company dropped their price objective on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. Two investment 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's stock. According to MarketBeat, American Tower has an average rating of "Moderate Buy" and an average target price of $244.73.

Insiders Place Their Bets

In other American Tower 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 value of $149,997.60. Following the completion of the sale, the chief executive officer directly owned 23,425 shares in the company, valued at $4,880,130.25. This trade represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is currently owned by company insiders.

American Tower Stock Performance

Shares of NYSE:AMT opened at $192.05 on Tuesday. 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's 50 day simple moving average is $210.27 and its 200-day simple moving average is $213.42. American Tower Corporation has a one year low of $172.51 and a one year high of $241.97. The firm has a market cap of $89.93 billion, a PE ratio of 69.84, a price-to-earnings-growth ratio of 1.20 and a beta of 0.86.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The firm had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same period last year, the firm earned $2.79 earnings per share. The company's quarterly 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. As a group, equities analysts predict that American Tower Corporation will post 10.14 EPS for the current year.

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.

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