Norway Savings Bank Sells 1,446 Shares of American Tower Corporation $AMT

Key Points

• Norway Savings Bank reduced its stake in American Tower Corporation by 41.6%, selling 1,446 shares during the 2nd quarter, leaving it with a total of 2,034 shares valued at approximately $450,000.
• American Tower's recent quarterly earnings report showed an EPS of $2.60, exceeding estimates, though revenue declined by 9.4% year-over-year.
• Major investment firms have recently given American Tower a consensus rating of "Moderate Buy", with target prices ranging from $244.73 to $260.00.

Norway Savings Bank reduced its stake in American Tower Corporation (NYSE:AMT - Free Report) by 41.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,034 shares of the real estate investment trust's stock after selling 1,446 shares during the quarter. Norway Savings Bank's holdings in American Tower were worth $450,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of AMT. North Capital Inc. bought a new position in American Tower in the 1st quarter valued at about $25,000. Hopwood Financial Services Inc. raised its holdings in American Tower by 100.0% in the 1st quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust's stock valued at $26,000 after acquiring an additional 60 shares during the period. E Fund Management Hong Kong Co. Ltd. bought a new position in American Tower in the 1st quarter valued at about $31,000. Lowe Wealth Advisors LLC raised its holdings in American Tower by 218.0% in the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock valued at $35,000 after acquiring an additional 109 shares during the period. Finally, City Holding Co. bought a new position in American Tower in the 1st quarter valued at about $39,000. 92.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. UBS Group increased their target price on shares of American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Raymond James Financial set a $250.00 target price on shares of American Tower and gave the stock a "strong-buy" rating in a research report on Wednesday, July 30th. Royal Bank Of Canada increased their target price on shares of American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. The Goldman Sachs Group restated a "buy" rating on shares of American Tower in a research report on Tuesday, July 29th. Finally, Bank of America assumed 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. 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $244.73.

American Tower Stock Performance

NYSE AMT opened at $195.27 on Friday. 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 firm has a market capitalization of $91.43 billion, a price-to-earnings ratio of 71.01, a P/E/G ratio of 1.21 and a beta of 0.86. The firm's 50 day simple moving average is $210.83 and its 200 day simple moving average is $213.37. American Tower Corporation has a 1 year low of $172.51 and a 1 year high of $241.97.

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 (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 net margin of 12.60% and a return on equity of 24.85%. The firm's revenue for the quarter was down 9.4% on a year-over-year basis. 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, research analysts expect that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Juan Font sold 720 shares of the 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 transaction, the chief executive officer owned 23,425 shares of the company's stock, valued at $4,880,130.25. This represents a 2.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.17% of the stock is currently owned by insiders.

American Tower Company 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.

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