Brookfield Corp ON Lowers Position in American Tower Co. (NYSE:AMT)

Posted by Defense World Staff on Sep 12th, 2023

Brookfield Corp ON lessened its stake in American Tower Co. (NYSE:AMT – Free Report) by 5.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 453,955 shares of the real estate investment trust’s stock after selling 25,676 shares during the quarter. Brookfield Corp ON owned approximately 0.10% of American Tower worth $92,761,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of AMT. Moneta Group Investment Advisors LLC lifted its holdings in shares of American Tower by 101,474.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 10,474,342 shares of the real estate investment trust’s stock worth $2,219,094,000 after buying an additional 10,464,030 shares in the last quarter. Norges Bank purchased a new position in shares of American Tower in the fourth quarter worth $1,008,567,000. Morgan Stanley lifted its holdings in shares of American Tower by 15.4% in the fourth quarter. Morgan Stanley now owns 7,231,486 shares of the real estate investment trust’s stock worth $1,532,063,000 after buying an additional 962,800 shares in the last quarter. ClearBridge Investments Ltd lifted its holdings in shares of American Tower by 171.3% in the first quarter. ClearBridge Investments Ltd now owns 1,508,758 shares of the real estate investment trust’s stock worth $308,300,000 after buying an additional 952,633 shares in the last quarter. Finally, Amundi raised its stake in American Tower by 53.3% during the fourth quarter. Amundi now owns 2,347,688 shares of the real estate investment trust’s stock valued at $535,555,000 after purchasing an additional 816,302 shares in the last quarter. Hedge funds and other institutional investors own 89.29% of the company’s stock.

American Tower Trading Down 0.3 %

AMT stock opened at $180.28 on Tuesday. The company has a market capitalization of $84.04 billion, a PE ratio of 87.09, a P/E/G ratio of 1.37 and a beta of 0.58. American Tower Co. has a 12 month low of $172.55 and a 12 month high of $265.56. The firm’s 50-day moving average is $185.71 and its 200 day moving average is $192.36. The company has a debt-to-equity ratio of 2.96, a current ratio of 0.73 and a quick ratio of 0.73.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on AMT shares. Barclays decreased their price target on shares of American Tower from $233.00 to $228.00 and set an “overweight” rating on the stock in a research note on Monday, August 7th. BMO Capital Markets started coverage on shares of American Tower in a research note on Thursday, July 13th. They set an “outperform” rating and a $230.00 price target on the stock. Wells Fargo & Company decreased their price target on shares of American Tower from $245.00 to $215.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 18th. Raymond James decreased their price target on shares of American Tower from $211.00 to $205.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 22nd. Finally, Royal Bank of Canada decreased their price target on shares of American Tower from $233.00 to $230.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 1st. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $240.50.

Get Our Latest Stock Report on American Tower

Insider Buying and Selling at American Tower

In other American Tower news, CFO Rodney M. Smith sold 3,524 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $188.91, for a total transaction of $665,718.84. Following the transaction, the chief financial officer now owns 53,389 shares of the company’s stock, valued at approximately $10,085,715.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other American Tower news, CFO Rodney M. Smith sold 2,727 shares of the firm’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $187.17, for a total transaction of $510,412.59. Following the transaction, the chief financial officer now owns 50,662 shares of the company’s stock, valued at approximately $9,482,406.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Rodney M. Smith sold 3,524 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $188.91, for a total transaction of $665,718.84. Following the transaction, the chief financial officer now directly owns 53,389 shares in the company, valued at approximately $10,085,715.99. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,251 shares of company stock valued at $2,957,531. Company insiders own 0.24% of the company’s stock.

About American Tower

(Free Report)

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 nearly 226,000 communications sites and a highly interconnected footprint of U.S. data center facilities.