31,068 Shares in American Tower Corporation $AMT Purchased by Polar Asset Management Partners Inc.

Key Points

• Polar Asset Management Partners Inc. purchased a new stake of 31,068 shares in American Tower Corporation, valued at approximately $6.76 million, indicating strong investor interest in the REIT.
• American Tower's stock has received mixed ratings from brokerages, with Royal Bank of Canada and UBS Group raising their target prices to $260, while HSBC downgraded its rating to "hold."
• In their latest earnings report, American Tower exceeded expectations with an EPS of $2.60, but revenue declined by 9.4% year-over-year, highlighting challenges faced by the company.

Polar Asset Management Partners Inc. bought a new position in shares of American Tower Corporation (NYSE:AMT - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 31,068 shares of the real estate investment trust's stock, valued at approximately $6,760,000.

A number of other institutional investors and hedge funds also recently modified their holdings of AMT. Vanguard Group Inc. lifted its holdings 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 in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings 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 in the last quarter. Deutsche Bank AG lifted its holdings 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 in the last quarter. Dimensional Fund Advisors LP lifted its holdings 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 in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings 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 in the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Juan Font sold 720 shares of the 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 sale, the chief executive officer owned 23,425 shares in the company, 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 through this link. 0.17% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on AMT. Barclays increased their target price on American Tower from $246.00 to $250.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Bank of America began coverage on shares of American Tower in a research note on Monday, May 19th. They issued a "buy" rating and a $255.00 price target on the stock. Hsbc Global Res downgraded shares of American Tower from a "strong-buy" rating to a "hold" rating in a research note 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, JPMorgan Chase & Co. boosted their target price on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Two research 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's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $244.73.

American Tower Stock Up 0.4%

American Tower stock traded up $0.86 during mid-day trading on Thursday, hitting $194.62. 697,639 shares of the company's stock were exchanged, compared to its average volume of 2,626,386. The stock has a market cap of $91.13 billion, a P/E ratio of 70.73, a P/E/G ratio of 1.20 and a beta of 0.86. The stock has a 50 day moving average of $211.86 and a two-hundred day moving average of $213.39. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $241.97. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.01. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The company had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same period last year, the business posted $2.79 earnings per share. The firm'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 anticipate that American Tower Corporation will post 10.14 EPS for the current fiscal 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.