Advisors Capital Management LLC Sells 721 Shares of American Tower Corporation $AMT

Advisors Capital Management LLC reduced its position in shares of American Tower Corporation (NYSE:AMT) by 27.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,950 shares of the real estate investment trust’s stock after selling 721 shares during the quarter. Advisors Capital Management LLC’s holdings in American Tower were worth $424,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. North Capital Inc. bought a new stake in American Tower during the 1st quarter worth about $25,000. Hopwood Financial Services Inc. grew its position in shares of American Tower by 100.0% during the 1st quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 60 shares during the period. E Fund Management Hong Kong Co. Ltd. acquired a new position in shares of American Tower during the 1st quarter worth about $31,000. Lowe Wealth Advisors LLC grew its position in shares of 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 worth $35,000 after buying an additional 109 shares during the period. Finally, City Holding Co. acquired a new position in shares of American Tower during the 1st quarter worth about $39,000. 92.69% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Juan Font sold 720 shares of the firm’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 sale, the chief executive officer directly owned 23,425 shares of the company’s stock, valued at $4,880,130.25. This trade represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.17% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on AMT. Hsbc Global Res lowered American Tower from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 30th. The Goldman Sachs Group restated a “buy” rating on shares of American Tower in a research report on Tuesday, July 29th. Royal Bank Of Canada boosted their target price on American Tower from $250.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, July 31st. Barclays increased their target price on American Tower from $246.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, August 18th. Finally, Wells Fargo & Company lowered their target price on American Tower from $240.00 to $230.00 and set an “overweight” rating for the company in a research note on Wednesday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $244.73.

American Tower Stock Down 0.7%

AMT stock opened at $195.27 on Friday. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market capitalization of $91.43 billion, a price-to-earnings ratio of 71.01, a PEG ratio of 1.21 and a beta of 0.86. The business’s fifty day moving average price is $210.83 and its two-hundred day moving average price is $213.45. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $241.97.

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 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, equities analysts anticipate that American Tower Corporation will post 10.14 earnings per share 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.