Corient Private Wealth LP acquired a new position in shares of American Tower Corporation (NYSE:AMT – Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 761,891 shares of the real estate investment trust’s stock, valued at approximately $83,982,000.
Other hedge funds have also modified their holdings of the company. Brighton Jones LLC increased its position in American Tower by 113.0% during the fourth quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust’s stock worth $727,000 after purchasing an additional 2,104 shares during the last quarter. Sivia Capital Partners LLC raised its stake in American Tower by 34.3% during the second quarter. Sivia Capital Partners LLC now owns 1,442 shares of the real estate investment trust’s stock worth $319,000 after purchasing an additional 368 shares during the period. United Bank boosted its holdings in shares of American Tower by 12.7% in the 2nd quarter. United Bank now owns 6,488 shares of the real estate investment trust’s stock valued at $1,434,000 after purchasing an additional 733 shares during the last quarter. Treasurer of the State of North Carolina grew its stake in shares of American Tower by 2.2% during the 2nd quarter. Treasurer of the State of North Carolina now owns 218,511 shares of the real estate investment trust’s stock valued at $48,295,000 after buying an additional 4,778 shares during the period. Finally, Ieq Capital LLC grew its stake in shares of American Tower by 52.2% during the 2nd quarter. Ieq Capital LLC now owns 34,248 shares of the real estate investment trust’s stock valued at $7,570,000 after buying an additional 11,751 shares during the period. 92.69% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
AMT has been the topic of several research reports. Jefferies Financial Group cut their target price on American Tower from $210.00 to $201.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. Truist Financial reissued a “buy” rating and set a $207.00 price target (down from $208.00) on shares of American Tower in a research report on Wednesday, August 12th. TD Cowen upped their price target on American Tower from $225.00 to $227.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. BMO Capital Markets raised their price objective on American Tower from $190.00 to $195.00 and gave the stock a “market perform” rating in a report on Wednesday, July 29th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of American Tower in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $215.29.
Insiders Place Their Bets
In other news, EVP Ruth T. Dowling sold 1,106 shares of the company’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $174.96, for a total value of $193,505.76. Following the completion of the sale, the executive vice president owned 27,711 shares of the company’s stock, valued at $4,848,316.56. This represents a 3.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 stock in a transaction dated Wednesday, July 29th. The shares were 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 owned 21,428 shares of the company’s stock, valued at approximately $3,833,254.92. This trade represents a 18.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 6,791 shares of company stock worth $1,204,091 over the last quarter. 0.08% of the stock is owned by corporate insiders.
American Tower Stock Performance
Shares of AMT stock opened at $175.78 on Thursday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 3.12. The company has a market cap of $81.91 billion, a PE ratio of 24.18, a P/E/G ratio of 2.83 and a beta of 0.90. The company’s fifty day simple moving average is $170.89 and its 200-day simple moving average is $177.86. American Tower Corporation has a 52 week low of $160.06 and a 52 week high of $208.03.
American Tower (NYSE:AMT – Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $2.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $1.14. American Tower had a net margin of 31.08% and a return on equity of 32.76%. The firm had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.70 billion. During the same period in the prior year, the company earned $2.60 EPS. The firm’s revenue was up 4.6% on a year-over-year basis. American Tower has set its FY 2026 guidance at 11.000-11.170 EPS. As a group, equities research analysts anticipate 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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