BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Grows Position in American Tower Corporation $AMT

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of American Tower Corporation (NYSE:AMT) by 93.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 173,203 shares of the real estate investment trust’s stock after buying an additional 83,760 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in American Tower were worth $37,689,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

AMT has been the subject of a number of recent analyst reports. Raymond James Financial set a $250.00 price objective on American Tower and gave the company a “strong-buy” rating in a research report on Wednesday, July 30th. UBS Group lifted their price objective on American Tower from $250.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, July 8th. JMP Securities lifted their price objective on American Tower from $248.00 to $260.00 and gave the company a “market outperform” rating in a research report on Wednesday, April 30th. Scotiabank lifted their price objective on American Tower from $234.00 to $248.00 and gave the company a “sector outperform” rating in a research report on Wednesday, April 30th. Finally, Royal Bank Of Canada lifted their target price on American Tower from $250.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, July 31st. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued 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 $244.73.

Insider Activity at American Tower

In other American Tower 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 transaction 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

American Tower Price Performance

Shares of American Tower stock opened at $211.77 on Friday. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56. The stock has a market capitalization of $99.16 billion, a P/E ratio of 77.01, a PEG ratio of 1.20 and a beta of 0.82. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36. The business’s fifty day moving average price is $216.76 and its 200 day moving average price is $212.47.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share 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 firm had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.58 billion. During the same quarter last year, the firm earned $2.79 earnings per share. The firm’s revenue for the quarter 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 anticipate that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Company 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.