Recent Insider Activity Suggests Potential Gains for American Tower Corporation (AMT)


American Tower Corporation’s recent filing unveils that its EVP, CFO & Treasurer Smith Rodney M unloaded Company’s shares for reported $1.78 million on Aug 17. In the deal valued at $178.14 per share,10,000 shares were sold. As a result of this transaction, Smith Rodney M now holds 50,662 shares worth roughly $ 9.14 million.

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Then, HORMATS ROBERT D sold 125 shares, generating $23,168 in total proceeds. Upon selling the shares at $185.34, the Director now owns 7,243 shares.

Before that, Smith Rodney M sold 2,727 shares. American Tower Corporation shares valued at $510,413 were divested by the EVP, CFO & Treasurer at a price of $187.17 per share. As a result of the transaction, Smith Rodney M now holds 50,662 shares, worth roughly $9.14 million.

BMO Capital Markets initiated its American Tower Corporation [AMT] rating to an Outperform in a research note published on Tuesday, July 13, 2023; the price target was $230. PT values the company’s stock at a premium of 21.56 to its Tuesday closing price.

Price Performance Review of AMT

On Tuesday, American Tower Corporation [NYSE:AMT] saw its stock fall -0.20% to $180.42. On the same session, the stock had its day’s lowest price of $179.50, but rose to a high of $182.44. Over the last five days, the stock has gained 1.26%. American Tower Corporation shares have fallen nearly -14.84% since the year began. Nevertheless, the stocks have fallen -29.97% over the past one year. While a 52-week high of $265.56 was reached on 01/17/23, a 52-week low of $172.55 was recorded on 08/21/23. SMA at 50 days reached $186.74, while 200 days put it at $200.95. A total of 1.72 million shares were traded, compared to the trading of 1.65 million shares in the previous session.

Levels Of Support And Resistance For AMT Stock

The 24-hour chart illustrates a support level at 179.13, which if violated will result in even more drops to 177.85. On the upside, there is a resistance level at 182.07. A further resistance level may holdings at 183.73. The Relative Strength Index (RSI) on the 14-day chart is 45.11, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 2.38, which suggests price will go up in the next trading period. Percent R suggests that price movement has been low at 42.22%. Stochastics %K at 56.89% indicates the stock is a holding.

How much short interest is there in American Tower Corporation?

A steep rise in short interest was recorded in American Tower Corporation stocks on Aug 14, 2023, growing by 0.46 million shares to a total of 4.94 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 4.48 million shares. There was a rise of 9.31%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 1.22% of the overall stock float, the days-to-cover ratio (short ratio) rose to 2.01.

American Tower Corporation [AMT] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 58,562,867 shares, or roughly 12.56% of the outstanding AMT shares. In other words, the investor’s shares have fallen by -895,572 from its previous 13-F filing of 59458439.0. Additionally, BlackRock Fund Advisors decreased -0.05% of its stake after which the total value it holdings stand at $4,252,660,980, while SSgA Funds Management, Inc. added 0.38% of its stake to hold $3.88 billion in the firm. Over the last quarter, Wellington Management Co. LLP sold -1,160,360 shares of American Tower Corporation, while Geode Capital Management LLC sold 251,834 shares. At present, Cohen & Steers Capital Management is holding 9,842,980 shares valued at $1.87 billion. Akre Capital Management LLC owned 6,744,947 shares of the company at the time of its most recent 13F filing, worth $1.28 billion.

According to FactSet, American Tower Corporation’s share price will average $231.73 in the next year, based on opinions of analysts polled by the firm. This is up nearly 26.67 percent from its previous closing price of $180.79. Analysts expect American Tower Corporation stock to reach the higher price of $271.00, while the lowest price estimate is $205.00. However, 20 analysts have rated AMT stock as an Overweight in their predictions for 2023.


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