NewEdge Advisors LLC Sells 8,824 Shares of American Tower Corporation $AMT

Key Points

• NewEdge Advisors LLC reduced its stake in American Tower Corporation by 11.9%, now holding 65,252 shares worth approximately $14.20 million.
• Institutional investors control 92.69% of American Tower's stock, with notable increases in positions by firms like Price T Rowe Associates (39.6% increase) during the 1st quarter.
• American Tower's quarterly earnings showed $2.60 EPS, slightly beating estimates, though revenue declined by 9.4% year-over-year.

NewEdge Advisors LLC lessened its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 11.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 65,252 shares of the real estate investment trust's stock after selling 8,824 shares during the quarter. NewEdge Advisors LLC's holdings in American Tower were worth $14,199,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of American Tower by 0.7% in the first quarter. Vanguard Group Inc. now owns 62,809,486 shares of the real estate investment trust's stock valued at $13,667,344,000 after purchasing an additional 434,118 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of American Tower by 39.6% in the first 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 during the period. Deutsche Bank AG raised its position in shares of American Tower by 4.0% in the first quarter. Deutsche Bank AG now owns 7,383,368 shares of the real estate investment trust's stock valued at $1,606,621,000 after purchasing an additional 285,195 shares during the period. Dimensional Fund Advisors LP raised its position in shares of American Tower by 1.4% in the first quarter. Dimensional Fund Advisors LP now owns 6,534,862 shares of the real estate investment trust's stock valued at $1,421,965,000 after purchasing an additional 88,120 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of American Tower by 3.7% in the first quarter. Principal Financial Group Inc. now owns 6,136,981 shares of the real estate investment trust's stock valued at $1,335,407,000 after purchasing an additional 220,565 shares during the period. Institutional investors own 92.69% of the company's stock.

American Tower Stock Performance

AMT traded down $0.39 during trading on Friday, reaching $196.16. 866,001 shares of the company's stock were exchanged, compared to its average volume of 2,624,927. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $241.97. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36. The business has a 50 day moving average price of $211.36 and a 200 day moving average price of $213.42. The company has a market capitalization of $91.85 billion, a P/E ratio of 71.34, a PEG ratio of 1.20 and a beta of 0.86.

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 earnings per share for the quarter, topping 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 quarter in the previous year, the company earned $2.79 earnings per share. The business's revenue was down 9.4% compared to the same quarter last year. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. As a group, analysts predict that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on AMT shares. BMO Capital Markets reissued an "outperform" rating and issued a $245.00 price target (down previously from $250.00) on shares of American Tower in a research report on Wednesday, July 30th. Royal Bank Of Canada increased their target price on American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Bank of America initiated coverage on American Tower in a research note on Monday, May 19th. They set a "buy" rating and a $255.00 target price for the company. Hsbc Global Res downgraded American Tower from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Finally, Raymond James Financial set a $250.00 target price on American Tower and gave the company a "strong-buy" rating in a research note on Wednesday, July 30th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $244.73.

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 stock was sold at an average price of $208.33, for a total transaction of $149,997.60. Following the completion of the transaction, the chief executive officer owned 23,425 shares in the company, valued at $4,880,130.25. This trade represents a 2.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.17% of the stock is owned by company insiders.

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.