The Vanguard Group, Inc. recently announced the acquisition of new stake in American Tower Corporation (NYSE:AMT). The institutional investor has increased its shareholding in the Real Estate company by 1.13% to 59.27 million shares with purchase of 0.66 million shares. This fresh investment now brings its stake to 12.73% valued currently at $11.74 billion. In addition, BlackRock Fund Advisors raised its holdings by 94892.0 to 22.91 million shares. And SSgA Funds Management, Inc. has lifted its position by 0.19% or 39509.0 shares – to 21.32 million shares.
With over 2.46 million American Tower Corporation (AMT) shares trading Tuesday and a closing price of $199.83 on the day, the dollar volume was approximately $491.79 million. The shares have shown a negative half year performance of -24.62% and its price on 03/14/23 gained nearly 1.78%. Currently, there are 465.65M common shares owned by the public and among those 464.37M shares have been available to trade.
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The analysts have set the share’s price value over the next 12 months at a high of $271.00 and a low of $224.00. The average price target is 18.75% above its recent price level and an upside to the estimated low will see the stock gain 10.79% over that period. But an upside of 26.26% will see the stock hit the forecast high price target while median target price for the stock is $244.00.
Insiders at the company have transacted a total of 41 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 11 of these insider trades were purchases, accounting for 73,364 shares. Insider sales of the common stock occurred on 30 occasions, with total insider shares sold totaling 82,130 shares.
The top 3 mutual fund holders in American Tower Corporation are Vanguard Real Estate Index Fund, Vanguard Total Stock Market Index, and Vanguard 500 Index Fund. Vanguard Real Estate Index Fund owns 20.78 million shares of the company’s stock, all valued at over $4.11 billion. The company sold 6644.0 shares recently to bring their total holdings to about 4.46% of the shares outstanding. Vanguard Total Stock Market Index bought 0.11 million shares to see its total holdings expand to 14.27 million shares valued at over $2.83 billion and representing 3.07% of the shares outstanding. Vanguard 500 Index Fund bought 25507.0 shares to bring its total holdings to over 10.79 million shares at a value of $2.14 billion. Vanguard 500 Index Fund now owns shares totaling to 2.32% of the shares outstanding.
Shares of American Tower Corporation (NYSE: AMT) opened at $199.07, up $2.74 from a prior closing price of $196.33. However, the script later moved the day high at 200.01, up 1.78%. The company’s stock has a 5-day price change of 3.88% and -6.55% over the past three months. AMT shares are trading -5.68% year to date (YTD), with the 12-month market performance down to -14.91% lower. It has a 12-month low price of $178.17 and touched a high of $282.47 over the same period. AMT has an average intraday trading volume of 1.95 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -0.74%, -6.21%, and -13.36% respectively.
Institutional ownership of American Tower Corporation (NYSE: AMT) shares accounts for 93.20% of the company’s 465.65M shares outstanding. Mutual fund holders own 38.90%, while other institutional holders and individual stakeholders account for 54.13% and 0.40% respectively.
It has a market capitalization of $93.02B and a beta (3y monthly) value of 0.57. The stock’s trailing 12-month PE ratio is 52.04, while the earnings-per-share (ttm) stands at $3.84. The company has a PEG of 6.50 and a Quick Ratio of 0.40 with the debt-to-equity ratio at 6.94. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.47% over the week and 2.74% over the month.
Analysts forecast that American Tower Corporation (AMT) will achieve an EPS of $1.04 for the current quarter, $1.16 for the next quarter and $4.53 for 2023. The lowest estimate earnings-per-share for the quarter is $0.86 while analysts give the company a high EPS estimate of $1.18. Comparatively, EPS for the current quarter was $0.99 a year ago. Earnings per share for the fiscal year are expected to decrease by -32.60%, and 15.94% over the next financial year. EPS should grow at an annualized rate of 8.01% over the next five years, compared to 7.40% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 20 brokerage firm advisors rate American Tower Corporation (AMT) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 12 Wall Street analysts polled rate the stock as a buy, while 5 of the 20 advise that investors “hold,” and 0 rated it as a “Sell.”
Deutsche Bank coverage for the American Tower Corporation (AMT) stock in a research note released on January 12, 2023 offered a Buy rating with a price target of $254. Goldman was of a view on January 10, 2023 that the stock is Buy, while Credit Suisse gave the stock Outperform rating on June 23, 2022, issuing a price target of $313. JP Morgan on their part issued Overweight rating on June 21, 2022.
