Panagora Asset Management Inc. Has $17.34 Million Holdings in American Tower Corporation $AMT

Key Points

• Panagora Asset Management Inc. increased its stock holdings in American Tower Corporation (NYSE:AMT) by 217.3% during Q1, bringing their total to 79,706 shares valued at approximately $17.34 million.
• American Tower reported quarterly earnings of $2.60 EPS, surpassing analysts' expectations, but experienced a 9.4% decline in revenue year-over-year, totaling $2.63 billion.
• Several analysts have raised their price targets for AMT, with Royal Bank of Canada and UBS Group now targeting $260, indicating a positive outlook on the stock.

Panagora Asset Management Inc. raised its position in American Tower Corporation (NYSE:AMT - Free Report) by 217.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 79,706 shares of the real estate investment trust's stock after purchasing an additional 54,586 shares during the quarter. Panagora Asset Management Inc.'s holdings in American Tower were worth $17,344,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in AMT. Nuveen LLC purchased a new stake in American Tower during the 1st quarter worth approximately $991,525,000. Price T Rowe Associates Inc. MD increased its holdings in shares of American Tower by 39.6% in the 1st 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 in the last quarter. GAMMA Investing LLC increased its holdings in shares of American Tower by 23,627.3% in the 1st quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust's stock valued at $370,346,000 after purchasing an additional 1,694,784 shares in the last quarter. Bessemer Group Inc. increased its holdings in American Tower by 272.0% during the 1st quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust's stock valued at $247,390,000 after acquiring an additional 831,247 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its stake in shares of American Tower by 490.9% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 650,789 shares of the real estate investment trust's stock worth $141,612,000 after purchasing an additional 540,648 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at American Tower

In other American Tower news, CEO Juan Font sold 720 shares of the company'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 of the company's stock, valued at $4,880,130.25. This represents a 2.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.18% of the company's stock.

American Tower Trading Down 2.3%

NYSE:AMT traded down $4.59 on Wednesday, hitting $195.90. 3,615,229 shares of the stock were exchanged, compared to its average volume of 2,603,165. 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 stock has a market capitalization of $91.73 billion, a price-to-earnings ratio of 71.24, a P/E/G ratio of 1.26 and a beta of 0.86. The company's 50-day moving average price is $214.93 and its 200 day moving average price is $213.35. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, beating analysts' consensus estimates of $2.59 by $0.01. The company 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%.American Tower's revenue was down 9.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.79 EPS. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. On average, equities research analysts forecast that American Tower Corporation will post 10.14 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently commented on AMT shares. Hsbc Global Res lowered shares of American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. The Goldman Sachs Group restated a "buy" rating on shares of American Tower in a research report on Tuesday, July 29th. HSBC downgraded shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 price target for the company. in a report on Wednesday, July 30th. Barclays upped their price objective on shares of American Tower from $246.00 to $250.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Finally, Bank of America began coverage on shares of American Tower in a research report on Monday, May 19th. They issued a "buy" rating and a $255.00 price target for the company. Two equities research 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 company's stock. According to data from MarketBeat.com, American Tower currently has an average rating of "Moderate Buy" and a consensus price target of $244.73.

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.