Saudi Central Bank Buys 15,346 Shares of American Tower Corporation $AMT

Key Points

• Saudi Central Bank increased its American Tower stake by 9.3% in the second quarter, purchasing 15,346 shares and bringing its holdings to 180,106 shares valued at approximately $30.4 million.
• Institutional investors own 92.69% of American Tower, with BlackRock, State Street, Geode Capital Management and others among the largest shareholders.
• American Tower reported quarterly EPS of $2.71, surpassing the $1.57 analyst consensus, while revenue rose 4.6% year over year to $2.75 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $215.29, above the stock’s reported price of $175.83.

Saudi Central Bank raised its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 9.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 180,106 shares of the real estate investment trust's stock after acquiring an additional 15,346 shares during the period. Saudi Central Bank's holdings in American Tower were worth $30,417,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AMT. BlackRock Inc. purchased a new stake in American Tower during the 2nd quarter worth about $7,490,943,000. J. Stern & Co. LLP grew its holdings in American Tower by 28,121.1% during the 4th quarter. J. Stern & Co. LLP now owns 37,686,978 shares of the real estate investment trust's stock valued at $6,616,703,000 after buying an additional 37,553,436 shares in the last quarter. State Street Corp increased its position in shares of American Tower by 0.3% during the fourth quarter. State Street Corp now owns 20,987,534 shares of the real estate investment trust's stock valued at $3,719,634,000 after buying an additional 71,605 shares during the period. Geode Capital Management LLC increased its position in shares of American Tower by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 13,499,035 shares of the real estate investment trust's stock valued at $2,361,675,000 after buying an additional 227,361 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of American Tower by 20,721.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 9,712,672 shares of the real estate investment trust's stock worth $1,705,254,000 after buying an additional 9,666,025 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Price Performance

AMT opened at $175.83 on Friday. The stock has a 50-day moving average price of $170.94 and a 200-day moving average price of $177.62. American Tower Corporation has a 12-month low of $160.06 and a 12-month high of $199.40. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 3.12. The stock has a market capitalization of $81.93 billion, a P/E ratio of 24.19, a PEG ratio of 2.82 and a beta of 0.89.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The real estate investment trust reported $2.71 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $1.14. American Tower had a return on equity of 32.76% and a net margin of 31.08%.The company had revenue of $2.75 billion for the quarter, compared to analysts' expectations of $2.70 billion. During the same period last year, the firm posted $2.60 EPS. American Tower's revenue for the quarter was up 4.6% compared to the same quarter last year. American Tower has set its FY 2026 guidance at 11.000-11.170 EPS. Equities analysts predict that American Tower Corporation will post 10.8 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Ruth T. Dowling sold 1,106 shares of the business's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $174.96, for a total value of $193,505.76. Following the completion of the sale, the executive vice president owned 27,711 shares of the company's stock, valued at approximately $4,848,316.56. The trade was a 3.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur purchased 2,829 shares of American Tower stock in a transaction that occurred on Friday, August 21st. The shares were bought at an average price of $177.00 per share, for a total transaction of $500,733.00. Following the completion of the transaction, the director owned 7,765 shares in the company, valued at $1,374,405. The trade was a 57.31% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders sold 6,791 shares of company stock valued at $1,204,091. Corporate insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Weiss Ratings raised American Tower from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, July 14th. Truist Financial restated a "buy" rating and issued a $207.00 price objective (down from $208.00) on shares of American Tower in a research report on Wednesday, August 12th. Mizuho set a $208.00 target price on shares of American Tower in a research note on Thursday, August 20th. TD Cowen lifted their target price on shares of American Tower from $225.00 to $227.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Finally, Jefferies Financial Group cut their price target on shares of American Tower from $210.00 to $201.00 and set a "buy" rating for the company in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $215.29.

American Tower Profile

American Tower NYSE: AMT is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source