American Tower Corporation $AMT Shares Bought by Royal Bank of Canada

Key Points

• The Royal Bank of Canada increased its stake in American Tower Corporation by 0.3%, owning approximately 2.3 million shares valued at about $503.8 million as of the last reporting period.
• American Tower recently reported a quarterly earnings per share of $2.60, slightly exceeding analysts' expectations, though revenues decreased by 9.4% year-over-year.
• Wall Street analysts have varying ratings on American Tower, with target prices ranging from $230.00 to $260.00, and an overall average rating of "Moderate Buy".

Royal Bank of Canada increased its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 0.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,315,327 shares of the real estate investment trust's stock after purchasing an additional 6,031 shares during the quarter. Royal Bank of Canada owned approximately 0.49% of American Tower worth $503,814,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Elmwood Wealth Management Inc. boosted its holdings in shares of American Tower by 2.5% in the 1st quarter. Elmwood Wealth Management Inc. now owns 2,087 shares of the real estate investment trust's stock worth $454,000 after purchasing an additional 50 shares during the period. 4J Wealth Management LLC boosted its holdings in American Tower by 4.0% during the 1st quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust's stock valued at $283,000 after acquiring an additional 50 shares during the period. TCTC Holdings LLC boosted its holdings in American Tower by 15.8% during the 1st quarter. TCTC Holdings LLC now owns 374 shares of the real estate investment trust's stock valued at $81,000 after acquiring an additional 51 shares during the period. Coyle Financial Counsel LLC boosted its holdings in American Tower by 2.4% during the 1st quarter. Coyle Financial Counsel LLC now owns 2,238 shares of the real estate investment trust's stock valued at $487,000 after acquiring an additional 53 shares during the period. Finally, Fortitude Advisory Group L.L.C. boosted its holdings in American Tower by 2.9% during the 1st quarter. Fortitude Advisory Group L.L.C. now owns 1,907 shares of the real estate investment trust's stock valued at $416,000 after acquiring an additional 54 shares during the period. Institutional investors own 92.69% of the company's stock.

Insider Activity at American Tower

In related news, CEO Juan Font sold 720 shares of the business's stock in a transaction 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 transaction, the chief executive officer directly owned 23,425 shares in the company, 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 through this link. Corporate insiders own 0.17% of the company's stock.

Analyst Upgrades and Downgrades

AMT has been the subject of a number of recent analyst reports. Bank of America initiated coverage on American Tower in a report on Monday, May 19th. They set a "buy" rating and a $255.00 price objective for the company. Barclays boosted their price objective on American Tower from $246.00 to $250.00 and gave the company an "overweight" rating in a report on Monday, August 18th. JPMorgan Chase & Co. boosted their price objective on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. BMO Capital Markets restated 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. Finally, Wells Fargo & Company dropped their price objective on American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a report 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. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $244.73.

American Tower Stock Down 0.7%

American Tower stock traded down $1.32 during trading hours on Thursday, reaching $194.94. The stock had a trading volume of 3,277,679 shares, compared to its average volume of 2,607,272. The company has a market cap of $91.28 billion, a price-to-earnings ratio of 70.89, a PEG ratio of 1.26 and a beta of 0.86. The business's 50 day moving average price is $214.45 and its 200-day moving average price is $213.23. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $243.56. 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 (NYSE:AMT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The firm had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the previous year, the firm earned $2.79 EPS. The company's quarterly 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. Sell-side 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.