NFJ Investment Group LLC Sells 2,927 Shares of American Tower Corporation $AMT

Key Points

• NFJ Investment Group LLC reduced its stake in American Tower Corporation by 3.1%, selling 2,927 shares to own 91,701 shares valued at approximately $19.95 million.
• Various institutional investors made significant adjustments to their holdings in American Tower, with MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increasing its stake by 79.2%, now owning 255,810 shares.
• Analysts have set a consensus price target of $244.73 for American Tower, with ratings ranging from "Strong Buy" to "Hold" from multiple investment firms, reflecting an overall positive outlook.

NFJ Investment Group LLC lowered its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 3.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 91,701 shares of the real estate investment trust's stock after selling 2,927 shares during the quarter. NFJ Investment Group LLC's holdings in American Tower were worth $19,954,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of AMT. Golden State Wealth Management LLC lifted its stake in American Tower by 23.0% in the 1st quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust's stock worth $80,000 after acquiring an additional 69 shares in the last quarter. Shum Financial Group Inc. grew its holdings in American Tower by 3.5% in the 1st quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust's stock valued at $913,000 after buying an additional 141 shares during the last quarter. Kovitz Investment Group Partners LLC grew its holdings in American Tower by 126.0% in the 1st quarter. Kovitz Investment Group Partners LLC now owns 97,495 shares of the real estate investment trust's stock valued at $21,215,000 after buying an additional 54,360 shares during the last quarter. AEGON ASSET MANAGEMENT UK Plc grew its holdings in shares of American Tower by 13.3% during the 1st quarter. AEGON ASSET MANAGEMENT UK Plc now owns 231,913 shares of the real estate investment trust's stock worth $50,487,000 after purchasing an additional 27,194 shares in the last quarter. Finally, Georgetown University grew its holdings in shares of American Tower by 128.2% during the 4th quarter. Georgetown University now owns 45,654 shares of the real estate investment trust's stock worth $8,373,000 after purchasing an additional 25,651 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

American Tower Stock Down 2.4%

Shares of AMT stock traded down $4.83 during trading hours on Monday, reaching $193.49. The company had a trading volume of 5,375,823 shares, compared to its average volume of 2,518,645. The business has a fifty day simple moving average of $213.05 and a 200-day simple moving average of $213.66. The company has a market cap of $90.60 billion, a price-to-earnings ratio of 70.36, a price-to-earnings-growth ratio of 1.22 and a beta of 0.86. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $243.56. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95.

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. The company 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 firm's revenue for the quarter was down 9.4% compared to the same quarter last year. During the same period in the previous year, the company posted $2.79 EPS. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. On average, research analysts expect that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

Insider Activity at American Tower

In other 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 value 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 document filed with the SEC, which is available through this hyperlink. 0.18% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

AMT has been the subject of a number of analyst reports. 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. JPMorgan Chase & Co. raised their target price on American Tower from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Wells Fargo & Company cut 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 restated a "buy" rating on shares of American Tower in a research note on Tuesday, July 29th. Finally, Bank of America began coverage on American Tower in a research report on Monday, May 19th. They set a "buy" rating and a $255.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $244.73.

American Tower 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.