SSgA Funds Management, Inc. has recently announced that it has increased stake in American Tower Corp. (NYSE:AMT) by 0.38%. After grabbing 20.4 million shares, the institutional investor is now in possession of 77155.0 shares of the Real Estate Company. The new investment brought the stake of investor firm to 4.38% having worth around $3.35 billion. Moreover, Geode Capital Management LLC increased its share by 0.25 million to have a control over 9.99 million shares. And Cohen & Steers Capital Management raised its holdings to 3.02 million shares by acquiring 9.84 million shares or 2.11% of the stake.
American Tower Corp. (AMT) concluded trading on 11/15/23 at a closing price of $195.88, with 3.78 million shares of worth about $741.35 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 0.58% during that period and on Wednesday the price saw a gain of about 0.87%. Currently the company’s common shares owned by public are about 465.62M shares, out of which, 463.13M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 22 analysts are covering the AMT stock and their offered price forecasts bring an average price target of $208.65. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $259.00 and could fall to a lowest price of $169.00. The stock’s current price level is 6.12% above of average price target set by the analysts, while a rise to estimated low would result in loss of -15.91% for the stock. However, touching the estimated high of $259.00 would mean a gain of 24.37% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 71 times over the past 12 months. They bought 181,265 shares in 34 of the transactions. In 37 selling transactions, insiders dumped 92,021 shares.
Vanguard Real Estate Index Fund, Vanguard Total Stock Market ETF, and Vanguard 500 Index Fund are the top 3 mutual funds which are holding stakes in American Tower Corp. Vanguard Real Estate Index Fund is currently holding 19.35 million shares of worth totaling $3.18 billion. The company recently came selling -0.14 million shares which brought its stake up to 4.15% of the company’s outstanding shares. Vanguard Total Stock Market ETF bought 8835.0 shares, after which its hold over company’s outstanding shares expand to 3.12%, leaving 14.52 million shares with the mutual fund that have a worth of about $2.39 billion. Vanguard 500 Index Fund, after selling 11.2 million shares, have now control over 2.40% of the stake in the company. It holds 20224.0 shares of worth $1.84 billion.
American Tower Corp. (NYSE: AMT) started trading at $193.11, below -$1.09 from concluding price of the previous day. However, the stock later moved at a day high price of 198.75, or with a gain of 0.87%. Stock saw a price change of 6.21% in past 5 days and over the past one month there was a price change of 17.36%. Year-to-date (YTD), AMT shares are showing a performance of -7.54% which decreased to -9.05% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $154.58 but also hit the highest price of $235.57 during that period. The average intraday trading volume for American Tower Corp. shares is 2.13 million. The stock is currently trading 11.37% above its 20-day simple moving average (SMA20), while that difference is up 14.00% for SMA50 and it goes to 3.38% higher than SMA200.
SSgA Funds Management, Inc. acquired 20.4 million shares of American Tower Corp. having value of about $3.35 billion. Data submitted at the U.S SEC by SSgA Funds Management, Inc. revealed that the firm now holds 77155.0 shares in the company valued at close to $15113121.4, or have control over 0.38% stake in the company. American Tower Corp. (NYSE: AMT) currently have 465.62M outstanding shares and institutions hold larger chunk of about 92.82% of that. Holding of mutual funds in the company is about 38.84% while other institutional holders and individual stake holders have control over 52.86% and 0.41% of the stake respectively.
The stock has a current market capitalization of $91.31B and its 3Y-monthly beta is at 0.65. PE ratio of stock for trailing 12 months is 128.39, while it has posted earnings per share of $1.53 in the same period. Its PEG reads 24.13 while making debt-to-equity ratio of 10.33. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for AMT, volatility over the week remained 2.69% while standing at 2.83% over the month.
Analysts are in expectations that American Tower Corp. (AMT) stock would likely to be making an EPS of $0.9 in the current quarter, while forecast for next quarter EPS is $1.18 and it is $4.8 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.77 which is $1.14 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$1.47 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 3.01% while it is estimated to increase by 22.82% in next year. EPS is likely to shrink at an annualized rate of 5.32% for next 5-years, compared to annual growth of 7.40% made by the stock over the past 5-years.
Analysts at 22 brokerage firms have issued recommendations for the American Tower Corp. (AMT)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.45. Out of those 22 Wall Street analysts, 15 recommended a “Buy” rating, while 3 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Scotiabank on October 13, 2023 offering a Sector outperform rating for the stock and assigned a target price of $208 to it.
