Russell Investments Group Ltd. Has $198.95 Million Holdings in American Tower Corporation (NYSE:AMT)

Key Points

• Russell Investments Group Ltd. increased its holdings in American Tower Corporation by 3.9%, acquiring an additional 34,420 shares, totaling 914,671 shares worth approximately $198.95 million.
• Several institutional investors, including Brighton Jones LLC and Renaissance Technologies LLC, significantly boosted their stakes in American Tower during the 4th quarter, reflecting increased interest in the company.
• American Tower recently reported a quarterly earnings per share (EPS) of $2.60, slightly exceeding analysts' expectations, but revenue decreased by 9.4% compared to the previous year.

Russell Investments Group Ltd. lifted its stake in American Tower Corporation (NYSE:AMT - Free Report) by 3.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 914,671 shares of the real estate investment trust's stock after purchasing an additional 34,420 shares during the quarter. Russell Investments Group Ltd. owned 0.20% of American Tower worth $198,953,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Elmwood Wealth Management Inc. raised its holdings in American Tower by 2.5% during 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 last quarter. 4J Wealth Management LLC raised 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 worth $283,000 after purchasing an additional 50 shares during the last quarter. TCTC Holdings LLC raised 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 worth $81,000 after purchasing an additional 51 shares during the last quarter. Coyle Financial Counsel LLC raised 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 worth $487,000 after purchasing an additional 53 shares during the last quarter. Finally, CreativeOne Wealth LLC raised its holdings in American Tower by 2.1% during the 4th quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust's stock worth $477,000 after purchasing an additional 54 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AMT has been the subject of several recent research reports. HSBC cut American Tower from a "buy" rating to a "hold" rating and set a $235.00 price objective for the company. in a report on Wednesday, July 30th. Barclays upped their price target on American Tower from $223.00 to $246.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. Royal Bank Of Canada upped their price target on American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Wells Fargo & Company lowered their price target on American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Finally, JPMorgan Chase & Co. upped their price target on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $243.88.

American Tower Stock Down 0.2%

NYSE AMT traded down $0.33 during trading hours on Thursday, reaching $203.82. 2,636,869 shares of the company's stock were exchanged, compared to its average volume of 2,606,967. The company's 50-day moving average is $217.81 and its two-hundred day moving average is $211.46. American Tower Corporation has a one year low of $172.51 and a one year high of $243.56. 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 company has a market capitalization of $95.44 billion, a price-to-earnings ratio of 74.12, a price-to-earnings-growth ratio of 1.17 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last posted its earnings results 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 return on equity of 24.85% and a net margin of 12.60%. The business had revenue of $2.63 billion during the quarter, compared to analysts' expectations of $2.58 billion. During the same period in the prior year, the business earned $2.79 EPS. American Tower's revenue for the quarter was down 9.4% compared to the same quarter last year. On average, analysts forecast that American Tower Corporation will post 10.14 EPS for the current fiscal year.

Insiders Place Their Bets

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. 0.17% of the stock is currently owned by company insiders.

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.