Zurich Insurance Group Ltd FI Buys Shares of 205,347 American Tower Corporation $AMT

Key Points

• Zurich Insurance Group Ltd FI acquired 205,347 shares of American Tower Corporation, valued at approximately $44.7 million, reflecting strong institutional interest in the REIT.
• Several hedge funds have significantly increased their stakes in American Tower during the first quarter, with Nuveen LLC acquiring a new stake worth about $991.5 million.
• Despite reporting better-than-expected earnings per share of $2.60, American Tower's stock has declined by 2.4% recently, with analysts maintaining a "Moderate Buy" rating.

Zurich Insurance Group Ltd FI acquired a new stake in American Tower Corporation (NYSE:AMT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 205,347 shares of the real estate investment trust's stock, valued at approximately $44,684,000.

Several other large investors also recently made changes to their positions in AMT. North Capital Inc. acquired a new stake in shares of American Tower in the 1st quarter valued at approximately $25,000. Hopwood Financial Services Inc. boosted its holdings in shares of 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 buying an additional 60 shares during the last quarter. Minot DeBlois Advisors LLC acquired a new stake in shares of American Tower in the 4th quarter valued at approximately $29,000. E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of American Tower in the 1st quarter valued at approximately $31,000. Finally, Lowe Wealth Advisors LLC boosted its holdings in shares of American Tower by 218.0% in the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock valued at $35,000 after buying an additional 109 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

Insider Transactions at American Tower

In other American Tower news, CEO Juan Font sold 720 shares of American Tower stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $208.33, for a total value of $149,997.60. Following the transaction, the chief executive officer owned 23,425 shares in the company, valued at $4,880,130.25. The trade was a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.18% of the stock is currently owned by corporate insiders.

American Tower Price Performance

Shares of NYSE AMT traded down $1.28 during mid-day trading on Friday, reaching $195.27. The company had a trading volume of 3,096,397 shares, compared to its average volume of 2,747,762. 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 one year low of $172.51 and a one year high of $241.97. The firm has a market cap of $91.43 billion, a price-to-earnings ratio of 71.01, a PEG ratio of 1.20 and a beta of 0.86. The business's 50-day simple moving average is $210.83 and its 200 day simple moving average is $213.52.

American Tower (NYSE:AMT - Get Free Report) last issued 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 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 analysts' expectations of $2.58 billion. During the same quarter last year, the business earned $2.79 earnings per share. American Tower's 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. On average, research analysts predict that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently weighed in on AMT. Hsbc Global Res cut American Tower from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Raymond James Financial set a $250.00 price target on American Tower and gave the company a "strong-buy" rating in a research note on Wednesday, July 30th. Wells Fargo & Company dropped their target price on American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. Barclays lifted their target price on American Tower from $246.00 to $250.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Finally, The Goldman Sachs Group reissued a "buy" rating on shares of American Tower in a report on Tuesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, American Tower currently has a consensus rating of "Moderate Buy" and an average 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.