Magellan Asset Management Ltd Has $230.02 Million Position in American Tower Corporation $AMT

Magellan Asset Management Ltd trimmed its holdings in shares of American Tower Corporation (NYSE:AMT) by 6.5% during the second quarter, Holdings Channel.com reports. The firm 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 approximately 5.1% of Magellan Asset Management Ltd’s portfolio, making the stock its 2nd biggest position. Magellan Asset Management Ltd’s holdings in American Tower were worth $230,022,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Raleigh Capital Management Inc. boosted its stake in shares of American Tower by 489.1% during the 1st quarter. Raleigh Capital Management Inc. now owns 13,703 shares of the real estate investment trust’s stock worth $2,365,000 after acquiring an additional 11,377 shares in the last quarter. Canal Capital Management LLC grew its position in shares of American Tower by 81.9% in the first quarter. Canal Capital Management LLC now owns 34,471 shares of the real estate investment trust’s stock valued at $5,949,000 after purchasing an additional 15,520 shares during the last quarter. Bernzott Capital Advisors increased its position in American Tower by 29.3% in the 1st quarter. Bernzott Capital Advisors now owns 42,161 shares of the real estate investment trust’s stock worth $7,276,000 after buying an additional 9,556 shares during the period. Legal & General Group Plc increased its position in American Tower by 4.7% during the fourth quarter. Legal & General Group Plc now owns 4,873,695 shares of the real estate investment trust’s stock worth $855,675,000 after acquiring an additional 220,447 shares during the period. Finally, Swiss Life Asset Management Ltd grew its position in American Tower by 13.9% in the 4th quarter. Swiss Life Asset Management Ltd now owns 101,993 shares of the real estate investment trust’s stock worth $17,907,000 after purchasing an additional 12,464 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on AMT. The Goldman Sachs Group set a $210.00 price target on American Tower in a report on Tuesday, July 28th. Scotiabank reiterated an “outperform” rating on shares of American Tower in a research report on Wednesday, July 29th. Jefferies Financial Group reduced their price target on shares of American Tower from $210.00 to $201.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. BMO Capital Markets lifted their price objective on American Tower from $190.00 to $195.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. Finally, Wolfe Research upgraded shares of American Tower from a “peer perform” rating to an “outperform” rating and set a $188.00 price target on the stock in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $215.29.

Insiders Place Their Bets

In other American Tower news, CFO Robert Joseph Meyer sold 5,000 shares of the stock in a transaction dated Wednesday, July 29th. The stock was 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 directly owned 21,428 shares in the company, valued at $3,833,254.92. This represents a 18.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ruth T. Dowling sold 1,106 shares of American Tower stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $174.96, for a total value of $193,505.76. Following the transaction, the executive vice president owned 27,711 shares in the company, valued at $4,848,316.56. This trade represents a 3.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 6,791 shares of company stock valued at $1,204,091. 0.08% of the stock is owned by corporate insiders.

American Tower Stock Performance

Shares of AMT stock opened at $176.36 on Monday. The stock has a 50-day moving average of $171.26 and a 200-day moving average of $177.78. American Tower Corporation has a one year low of $160.06 and a one year high of $214.79. The stock has a market cap of $82.18 billion, a PE ratio of 24.26, a price-to-earnings-growth ratio of 2.78 and a beta of 0.90. The company has a debt-to-equity ratio of 3.12, a current ratio of 0.52 and a quick ratio of 0.52.

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

American Tower Company 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.