Rafferty Asset Management LLC Sells 10,546 Shares of American Tower Corporation $AMT

Key Points

• Rafferty Asset Management LLC has reduced its stake in American Tower Corporation by 17.1%, owning 50,949 shares valued at approximately $11.09 million.
• CEO Juan Font sold 720 shares of American Tower stock for nearly $150,000, decreasing his ownership by 2.98%.
• American Tower's most recent quarterly earnings exceeded estimates, reporting $2.60 earnings per share, and its revenue was $2.63 billion, although down 9.4% year-over-year.

Rafferty Asset Management LLC trimmed its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 17.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 50,949 shares of the real estate investment trust's stock after selling 10,546 shares during the period. Rafferty Asset Management LLC's holdings in American Tower were worth $11,087,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of AMT. Nuveen LLC acquired a new position in shares of American Tower during the 1st quarter worth about $991,525,000. Price T Rowe Associates Inc. MD boosted its stake in shares of American Tower by 39.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,144,040 shares of the real estate investment trust's stock worth $1,772,144,000 after buying an additional 2,309,627 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of American Tower by 23,627.3% during the 1st quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust's stock worth $370,346,000 after buying an additional 1,694,784 shares during the last quarter. Bessemer Group Inc. boosted its stake in shares of 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 worth $247,390,000 after buying an additional 831,247 shares during 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 buying an additional 540,648 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other American Tower news, CEO Juan Font sold 720 shares of the stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $208.33, for a total value of $149,997.60. Following the transaction, the chief executive officer directly 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 Securities & Exchange Commission, which is available through this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of American Tower from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. BMO Capital Markets reiterated an "outperform" rating and issued a $245.00 target price (down from $250.00) on shares of American Tower in a research note on Wednesday, July 30th. HSBC downgraded shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 target price for the company. in a research note on Wednesday, July 30th. Royal Bank Of Canada raised their target price on shares of American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Finally, UBS Group raised their target price on shares of American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $244.73.

American Tower Stock Performance

American Tower stock traded up $1.14 during trading hours on Monday, hitting $203.70. The company had a trading volume of 2,618,098 shares, compared to its average volume of 2,326,875. The firm has a market cap of $95.38 billion, a PE ratio of 74.07, a PEG ratio of 1.26 and a beta of 0.86. 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 Corporation has a one year low of $172.51 and a one year high of $243.56. The firm has a 50-day moving average of $215.77 and a 200 day moving average of $213.34.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share for the quarter, beating the consensus estimate of $2.59 by $0.01. The firm had revenue of $2.63 billion for the quarter, compared to analysts' expectations of $2.58 billion. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The business's revenue was down 9.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.79 EPS. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. On average, sell-side analysts expect that American Tower Corporation will post 10.14 earnings per share for the current year.

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.