T. Rowe Price Investment Management Inc. Has $141.61 Million Stock Position in American Tower Corporation $AMT

Key Points

• T. Rowe Price Investment Management Inc. significantly increased its stake in American Tower Corporation by 490.9%, acquiring 650,789 shares valued at approximately $141.61 million.
• American Tower reported a quarterly earnings per share (EPS) of $2.60, exceeding analysts' expectations and marking a 9.4% year-over-year decline in revenue.
• Several analysts have issued ratings for American Tower, with UBS Group raising its price target to $260.00 and maintaining a "buy" rating.

T. Rowe Price Investment Management Inc. boosted its stake in American Tower Corporation (NYSE:AMT - Free Report) by 490.9% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 650,789 shares of the real estate investment trust's stock after buying an additional 540,648 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 0.14% of American Tower worth $141,612,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Elmwood Wealth Management Inc. increased its position in shares of American Tower by 2.5% during the first quarter. Elmwood Wealth Management Inc. now owns 2,087 shares of the real estate investment trust's stock worth $454,000 after buying an additional 50 shares during the period. 4J Wealth Management LLC increased its position in shares of American Tower by 4.0% during the first quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust's stock worth $283,000 after buying an additional 50 shares during the period. TCTC Holdings LLC increased its position in shares of American Tower by 15.8% during the first quarter. TCTC Holdings LLC now owns 374 shares of the real estate investment trust's stock worth $81,000 after buying an additional 51 shares during the period. Coyle Financial Counsel LLC increased its position in shares of American Tower by 2.4% during the first quarter. Coyle Financial Counsel LLC now owns 2,238 shares of the real estate investment trust's stock worth $487,000 after buying an additional 53 shares during the period. Finally, Fortitude Advisory Group L.L.C. increased its position in shares of American Tower by 2.9% during the first quarter. Fortitude Advisory Group L.L.C. now owns 1,907 shares of the real estate investment trust's stock worth $416,000 after buying an additional 54 shares during the period. Institutional investors and hedge funds own 92.69% of the company's stock.

Insider Buying and Selling at American Tower

In other American Tower news, CEO Juan Font sold 720 shares of the firm's stock in a transaction on 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 approximately $4,880,130.25. This trade represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.17% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. UBS Group increased their price objective on shares of American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Bank of America initiated coverage on shares of American Tower in a research report on Monday, May 19th. They set a "buy" rating and a $255.00 price objective for the company. The Goldman Sachs Group restated a "buy" rating on shares of American Tower in a report on Tuesday, July 29th. Raymond James Financial set a $250.00 price target on shares of American Tower and gave the stock a "strong-buy" rating in a report on Wednesday, July 30th. Finally, BMO Capital Markets restated an "outperform" rating and issued a $245.00 price target (down from $250.00) on shares of American Tower in a report on Wednesday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, American Tower currently has an average rating of "Moderate Buy" and an average price target of $244.73.

American Tower Trading Up 0.1%

NYSE:AMT opened at $209.7830 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36. The stock has a market capitalization of $98.23 billion, a price-to-earnings ratio of 76.29, a PEG ratio of 1.19 and a beta of 0.82. The firm has a fifty day simple moving average of $216.82 and a two-hundred day simple moving average of $212.28. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 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 business had revenue of $2.63 billion during the quarter, compared to analysts' expectations of $2.58 billion. During the same period last year, the company posted $2.79 earnings per share. The business's quarterly revenue was down 9.4% on a year-over-year basis. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Analysts expect that American Tower Corporation will post 10.14 EPS for the current fiscal 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.