UniSuper Management Pty Ltd Buys 84,091 Shares of American Tower Corporation $AMT

Key Points

• UniSuper Management Pty Ltd increased its holdings in American Tower Corporation by 36.8%, reaching a total of $68 million after acquiring an additional 84,091 shares in the first quarter.
• Multiple analysts have raised their price targets for American Tower, with Royal Bank of Canada and UBS Group both setting new objectives at $260, reflecting optimistic outlooks for the company.
• American Tower reported a quarterly earnings per share (EPS) of $2.60, slightly above the consensus estimate, despite experiencing a 9.4% decline in quarterly revenue compared to the previous year.

UniSuper Management Pty Ltd boosted its stake in American Tower Corporation (NYSE:AMT - Free Report) by 36.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 312,509 shares of the real estate investment trust's stock after buying an additional 84,091 shares during the quarter. UniSuper Management Pty Ltd owned approximately 0.07% of American Tower worth $68,002,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AMT. North Capital Inc. purchased a new stake in American Tower in the 1st quarter worth approximately $25,000. Hopwood Financial Services Inc. boosted its holdings in American Tower by 100.0% in the 1st quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust's stock valued at $26,000 after purchasing an additional 60 shares during the period. Minot DeBlois Advisors LLC bought a new stake in American Tower in the 4th quarter valued at $29,000. E Fund Management Hong Kong Co. Ltd. bought a new position in shares of American Tower during the 1st quarter worth about $31,000. Finally, Lowe Wealth Advisors LLC lifted its holdings in American Tower by 218.0% during the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 109 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Trading Down 0.1%

NYSE:AMT traded down $0.15 on Friday, hitting $196.41. 1,018,879 shares of the stock were exchanged, compared to its average volume of 2,626,047. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $241.97. The stock has a market capitalization of $91.97 billion, a price-to-earnings ratio of 71.41, a P/E/G ratio of 1.20 and a beta of 0.86. The company's 50-day moving average price is $211.36 and its 200 day moving average price is $213.42.

American Tower (NYSE:AMT - Get Free Report) last issued its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The company had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.58 billion. During the same quarter last year, the firm earned $2.79 EPS. The company's revenue for the quarter was down 9.4% on a year-over-year basis. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. On average, equities research analysts forecast that American Tower Corporation will post 10.14 earnings per share for the current year.

Insider Buying and Selling

In other American Tower news, CEO Juan Font sold 720 shares of the company's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total transaction of $149,997.60. Following the completion of the sale, the chief executive officer owned 23,425 shares in the company, valued at approximately $4,880,130.25. The trade was a 2.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.17% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on AMT. HSBC cut shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 target price for the company. in a research note on Wednesday, July 30th. JPMorgan Chase & Co. boosted their price objective on American Tower from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Bank of America assumed coverage on American Tower in a research note on Monday, May 19th. They issued a "buy" rating and a $255.00 target price for the company. Royal Bank Of Canada upped their price target on shares of American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Finally, Hsbc Global Res cut shares of American Tower from a "strong-buy" rating to a "hold" rating in a research 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 given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $244.73.

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.