1248 Management LLC Takes $58,000 Position in American Tower Corporation $AMT

1248 Management LLC purchased a new stake in American Tower Corporation (NYSE:AMT) during the first quarter, according to its most recent filing with the SEC. The firm purchased 266 shares of the real estate investment trust’s stock, valued at approximately $58,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of American Tower by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 62,809,486 shares of the real estate investment trust’s stock valued at $13,667,344,000 after acquiring an additional 434,118 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of American Tower by 39.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,144,040 shares of the real estate investment trust’s stock worth $1,772,144,000 after purchasing an additional 2,309,627 shares in the last quarter. Deutsche Bank AG boosted its position in shares of American Tower by 4.0% in the 1st quarter. Deutsche Bank AG now owns 7,383,368 shares of the real estate investment trust’s stock worth $1,606,621,000 after purchasing an additional 285,195 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of American Tower by 1.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,534,862 shares of the real estate investment trust’s stock worth $1,421,965,000 after purchasing an additional 88,120 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of American Tower by 3.7% in the 1st quarter. Principal Financial Group Inc. now owns 6,136,981 shares of the real estate investment trust’s stock worth $1,335,407,000 after purchasing an additional 220,565 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. The Goldman Sachs Group reissued a “buy” rating on shares of American Tower in a research report on Tuesday, July 29th. BMO Capital Markets reissued an “outperform” rating and issued a $245.00 price objective (down previously from $250.00) on shares of American Tower in a research report on Wednesday, July 30th. HSBC cut American Tower from a “buy” rating to a “hold” rating and set a $235.00 price objective for the company. in a research report on Wednesday, July 30th. Royal Bank Of Canada raised their price objective on American Tower from $250.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, July 31st. Finally, Bank of America started coverage on American Tower in a research report on Monday, May 19th. They issued a “buy” rating and a $255.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $244.73.

American Tower Stock Performance

Shares of AMT opened at $196.44 on Friday. The stock has a 50-day moving average of $211.36 and a two-hundred day moving average of $213.42. American Tower Corporation has a one year low of $172.51 and a one year high of $241.97. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market cap of $91.98 billion, a P/E ratio of 71.43, a P/E/G ratio of 1.20 and a beta of 0.86.

American Tower (NYSE:AMT) 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 during the quarter, compared to analysts’ expectations of $2.58 billion. During the same quarter in the previous year, the firm posted $2.79 EPS. The firm’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. As a group, research analysts predict that American Tower Corporation will post 10.14 EPS for the current year.

Insider Activity

In other news, CEO Juan Font sold 720 shares of the business’s 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 completion of the transaction, the chief executive officer 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 filing with the SEC, which is available through the SEC website. 0.17% of the stock is currently owned by company insiders.

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.