Vancity Investment Management Ltd Acquires Shares of 84,773 American Tower Corporation $AMT

Key Points

• Vancity Investment Management Ltd acquired 84,773 shares of American Tower Corporation, valued at approximately $18.4 million, representing about 2.5% of its investment portfolio.
• Several large investors have increased their stakes in American Tower, with notable increases including a **126% boost** by Kovitz Investment Group Partners LLC, bringing their total to **97,495 shares worth $21.2 million**.
• Wall Street analysts have a positive outlook on American Tower, with price targets ranging from **$245 to $260**, and an average rating classified as a "Moderate Buy."

Vancity Investment Management Ltd acquired a new stake in shares of American Tower Corporation (NYSE:AMT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 84,773 shares of the real estate investment trust's stock, valued at approximately $18,447,000. American Tower accounts for approximately 2.5% of Vancity Investment Management Ltd's investment portfolio, making the stock its 16th largest holding.

Other large investors have also recently made changes to their positions in the company. Golden State Wealth Management LLC boosted its holdings in shares of American Tower by 23.0% in the first quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust's stock worth $80,000 after acquiring an additional 69 shares during the period. Shum Financial Group Inc. boosted its stake in American Tower by 3.5% during the first quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust's stock valued at $913,000 after buying an additional 141 shares during the period. Kovitz Investment Group Partners LLC boosted its stake in American Tower by 126.0% during the first quarter. Kovitz Investment Group Partners LLC now owns 97,495 shares of the real estate investment trust's stock valued at $21,215,000 after buying an additional 54,360 shares during the period. AEGON ASSET MANAGEMENT UK Plc boosted its stake in American Tower by 13.3% during the first quarter. AEGON ASSET MANAGEMENT UK Plc now owns 231,913 shares of the real estate investment trust's stock valued at $50,487,000 after buying an additional 27,194 shares during the period. Finally, Adams Diversified Equity Fund Inc. boosted its stake in American Tower by 35.3% during the first quarter. Adams Diversified Equity Fund Inc. now owns 91,200 shares of the real estate investment trust's stock valued at $19,845,000 after buying an additional 23,800 shares during the period. 92.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Raymond James Financial set a $250.00 price objective on American Tower and gave the company a "strong-buy" rating in a research note on Wednesday, July 30th. Barclays lifted their price objective on American Tower from $246.00 to $250.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Bank of America started coverage on American Tower in a research note on Monday, May 19th. They set a "buy" rating and a $255.00 price target for the company. UBS Group lifted their price target on American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Finally, BMO Capital Markets reaffirmed an "outperform" rating and set a $245.00 price target (down previously from $250.00) on shares of American Tower in a research note on Wednesday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, American Tower has an average rating of "Moderate Buy" and an average price target of $244.73.

Insider Buying and Selling at American Tower

In other news, CEO Juan Font sold 720 shares of the business'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 value of $149,997.60. Following the sale, the chief executive officer directly owned 23,425 shares of the company's stock, valued at $4,880,130.25. The trade was a 2.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.18% of the company's stock.

American Tower Stock Up 1.7%

AMT opened at $198.36 on Monday. The company has a market cap of $92.88 billion, a P/E ratio of 72.13, a P/E/G ratio of 1.22 and a beta of 0.86. The business's 50-day moving average price is $213.60 and its 200-day moving average price is $213.65. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36. 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 announced its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, beating 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 company had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the previous year, the business earned $2.79 EPS. American Tower's revenue was down 9.4% compared to the same quarter last year. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. On average, equities analysts expect that American Tower Corporation will post 10.14 EPS for the current year.

About American Tower

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.

Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corporation (NYSE:AMT - Free Report).

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.