The Manufacturers Life Insurance Company Sells 443,852 Shares of American Tower Corporation $AMT

The Manufacturers Life Insurance Company reduced its position in American Tower Corporation (NYSE:AMT - Free Report) by 19.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,872,067 shares of the real estate investment trust's stock after selling 443,852 shares during the quarter. The Manufacturers Life Insurance Company owned 0.40% of American Tower worth $306,214,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Oakworth Capital Inc. boosted its stake in American Tower by 90.7% in the fourth quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust's stock worth $25,000 after buying an additional 68 shares in the last quarter. Swiss RE Ltd. bought a new position in American Tower during the fourth quarter valued at approximately $25,000. Allied Private Wealth LLC bought a new stake in shares of American Tower in the 2nd quarter worth approximately $29,000. Triumph Capital Management bought a new stake in shares of American Tower in the 3rd quarter worth approximately $29,000. Finally, Acumen Wealth Advisors LLC purchased a new stake in shares of American Tower in the 4th quarter valued at $29,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AMT has been the topic of several recent research reports. TD Cowen increased their target price on shares of American Tower from $225.00 to $227.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Wolfe Research upgraded shares of American Tower from a "peer perform" rating to an "outperform" rating and set a $188.00 price target for the company in a research report on Wednesday, July 8th. The Goldman Sachs Group set a $210.00 price objective on American Tower in a research note on Tuesday, July 28th. Mizuho set a $208.00 price objective on American Tower in a report on Thursday. Finally, BMO Capital Markets boosted their target price on American Tower from $190.00 to $195.00 and gave the company a "market perform" rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $215.29.

Insider Transactions at American Tower

In other news, EVP Ruth T. Dowling sold 1,106 shares of the stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $174.96, for a total transaction of $193,505.76. Following the completion of the sale, the executive vice president directly owned 27,711 shares in the company, valued at approximately $4,848,316.56. This represents a 3.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Robert Joseph Meyer sold 5,000 shares of the firm's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $178.89, for a total value of $894,450.00. Following the completion of the sale, the chief financial officer directly owned 21,428 shares in the company, valued at $3,833,254.92. The trade was a 18.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 6,791 shares of company stock worth $1,204,091 in the last 90 days. Corporate insiders own 0.08% of the company's stock.

American Tower Stock Up 1.5%

Shares of American Tower stock opened at $178.38 on Tuesday. The company has a debt-to-equity ratio of 3.12, a quick ratio of 0.52 and a current ratio of 0.52. American Tower Corporation has a 52-week low of $160.06 and a 52-week high of $211.91. The company's 50 day moving average price is $171.11 and its 200-day moving average price is $177.82. The stock has a market capitalization of $83.12 billion, a price-to-earnings ratio of 24.54, a P/E/G ratio of 2.78 and a beta of 0.90.

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

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.

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