Magellan Asset Management Ltd Sells 97,033 Shares of American Tower Corporation $AMT

Magellan Asset Management Ltd cut its holdings in shares of American Tower Corporation (NYSE:AMT) by 6.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,406,263 shares of the real estate investment trust’s stock after selling 97,033 shares during the quarter. American Tower accounts for 5.1% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 2nd largest position. Magellan Asset Management Ltd owned approximately 0.30% of American Tower worth $230,022,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Riverwater Partners LLC lifted its stake in American Tower by 3.8% in the fourth quarter. Riverwater Partners LLC now owns 1,536 shares of the real estate investment trust’s stock worth $270,000 after acquiring an additional 56 shares during the last quarter. Triumph Capital Management boosted its position in shares of American Tower by 37.3% during the 4th quarter. Triumph Capital Management now owns 206 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 56 shares in the last quarter. Twin City Private Wealth LLC raised its position in shares of American Tower by 0.7% during the 4th quarter. Twin City Private Wealth LLC now owns 7,799 shares of the real estate investment trust’s stock worth $1,382,000 after acquiring an additional 58 shares in the last quarter. Asset Advisory Group Inc. increased its stake in American Tower by 3.0% in the first quarter. Asset Advisory Group Inc. now owns 2,072 shares of the real estate investment trust’s stock valued at $358,000 after purchasing an additional 60 shares during the last quarter. Finally, Argent Advisors Inc. raised its holdings in American Tower by 0.9% during the fourth quarter. Argent Advisors Inc. now owns 6,625 shares of the real estate investment trust’s stock worth $1,163,000 after purchasing an additional 61 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Price Performance

Shares of NYSE AMT opened at $176.36 on Monday. 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’s 50-day moving average price is $171.26 and its 200 day moving average price is $177.78. American Tower Corporation has a 52 week low of $160.06 and a 52 week high of $214.79. The stock has a market cap of $82.18 billion, a price-to-earnings ratio of 24.26, a PEG ratio of 2.78 and a beta of 0.90.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, July 28th. The real estate investment trust reported $2.71 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $1.14. The firm had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.70 billion. American Tower had a return on equity of 32.76% and a net margin of 31.08%.The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.60 EPS. American Tower has set its FY 2026 guidance at 11.000-11.170 EPS. As a group, research analysts forecast that American Tower Corporation will post 10.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other American Tower 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 transaction of $193,505.76. Following the completion of the sale, the executive vice president directly owned 27,711 shares in the company, valued at $4,848,316.56. This represents a 3.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through 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 firm’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $178.89, for a total transaction of $894,450.00. Following the completion of the transaction, the chief financial officer owned 21,428 shares in the company, valued at $3,833,254.92. The trade was a 18.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 6,791 shares of company stock valued at $1,204,091. Insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

AMT has been the topic of several research reports. TD Cowen raised their price objective on American Tower from $225.00 to $227.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. BMO Capital Markets raised their target price on shares of American Tower from $190.00 to $195.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 29th. Weiss Ratings upgraded shares of American Tower from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, July 14th. The Goldman Sachs Group set a $210.00 target price on shares of American Tower in a report on Tuesday, July 28th. Finally, Mizuho set a $208.00 price objective on American Tower in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and an average target price of $215.29.

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.