Northern Trust Corp Boosts Position in American Tower Corporation $AMT

Key Points

• Northern Trust Corp increased its stake in American Tower Corporation by 2.1%, purchasing an additional 118,219 shares, bringing its total holdings to 5,643,399 shares valued at approximately $1.23 billion.
• Institutional investors now own over 92.69% of American Tower's stock, indicating strong support from major financial institutions.
• American Tower's recent earnings report showed a 9.4% decline in revenue year-over-year, though it surpassed EPS expectations, reporting $2.60 compared to the anticipated $2.59.

Northern Trust Corp increased its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 2.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,643,399 shares of the real estate investment trust's stock after buying an additional 118,219 shares during the period. Northern Trust Corp owned about 1.21% of American Tower worth $1,228,004,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in AMT. Vanguard Group Inc. boosted its position in shares of American Tower by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 62,809,486 shares of the real estate investment trust's stock worth $13,667,344,000 after acquiring an additional 434,118 shares in the last quarter. Deutsche Bank AG boosted its stake in shares of American Tower by 4.0% during the first quarter. Deutsche Bank AG now owns 7,383,368 shares of the real estate investment trust's stock worth $1,606,621,000 after buying an additional 285,195 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of American Tower by 1.4% in the 1st 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 last quarter. Principal Financial Group Inc. increased its stake in American Tower by 3.7% in the 1st 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 buying an additional 220,565 shares during the period. Finally, Invesco Ltd. raised its holdings in American Tower by 0.5% during the first quarter. Invesco Ltd. now owns 5,971,716 shares of the real estate investment trust's stock worth $1,299,445,000 after purchasing an additional 30,130 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

Insider Buying and Selling at American Tower

In other news, CEO Juan Font sold 720 shares of the business's stock in a transaction 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 of the company's stock, valued at $4,880,130.25. The trade was a 2.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.17% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

AMT has been the topic of a number of recent analyst reports. BMO Capital Markets reaffirmed an "outperform" rating and set a $245.00 price objective (down previously from $250.00) on shares of American Tower in a report on Wednesday, July 30th. UBS Group increased their price target on shares of American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Scotiabank raised their price objective on shares of American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a research note on Wednesday, April 30th. Bank of America began coverage on shares of American Tower in a research report on Monday, May 19th. They set a "buy" rating and a $255.00 target price on the stock. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of American Tower in a report on Tuesday, July 29th. Two 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. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $244.73.

American Tower Price Performance

Shares of AMT stock traded up $2.5840 during trading hours on Wednesday, hitting $209.2340. The company's stock had a trading volume of 2,217,515 shares, compared to its average volume of 2,376,061. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36. The business has a fifty day moving average of $216.98 and a 200-day moving average of $212.11. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56. The stock has a market cap of $97.97 billion, a price-to-earnings ratio of 76.09, a P/E/G ratio of 1.18 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, topping analysts' consensus estimates of $2.59 by $0.01. The firm had revenue of $2.63 billion during the quarter, compared to analysts' expectations of $2.58 billion. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The firm's quarterly revenue was down 9.4% compared to the same quarter last year. During the same quarter last year, the business posted $2.79 EPS. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. As a group, equities research analysts anticipate 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.