American Tower’s SVP sells shares worth $1.14 million

In recent transactions disclosed by American Tower Corp (NYSE:AMT), a $95.8 billion specialized REIT, Robert Joseph Meyer Jr., the company’s Senior Vice President and Chief Accounting Officer, sold a total of 5,663 shares of common stock. According to InvestingPro analysis, the stock is currently trading above its Fair Value, with technical indicators suggesting overbought conditions. The sales occurred over two consecutive days, February 26 and 27, 2025, fetching a total of approximately $1.14 million.

On February 26, Meyer sold 2,724 shares at an average price of $201.12 per share, while the following day, he sold an additional 2,939 shares at $202.18 per share. These transactions leave Meyer with direct ownership of 26,210 shares in the company.

In other recent news, American Tower Corporation reported its fourth-quarter 2024 financial results, surpassing analysts’ expectations. The company’s earnings per share (EPS) reached $2.32, exceeding the forecasted $1.77, while revenue was $2.55 billion, above the anticipated $2.52 billion. JMP Securities responded by raising its price target for American Tower to $248, citing strong international demand and consistent U.S. leasing growth. Similarly, BMO Capital Markets increased its price target to $220, maintaining an Outperform rating due to the company’s robust Q4 results and potential for growth in 2025.

American Tower’s data center revenue, particularly from its CoreSite acquisition, contributed significantly to its financial performance, surpassing initial projections. The company is focusing on 5G network deployments and AI-driven demand, with plans to deploy $1.7 billion in capital for further expansion. Despite challenges such as currency fluctuations and higher churn rates, analysts like JMP Securities remain optimistic about American Tower’s ability to achieve mid-single-digit growth in revenue and adjusted funds from operations (AFFO).

Investors have been closely monitoring American Tower’s strategic positioning within the telecommunications infrastructure sector, with positive market reactions following the earnings announcement. The company’s efforts to enhance its presence in developed regions and its focus on data center growth are seen as key drivers for future cash flows. As American Tower navigates the current market environment, its strong fundamentals and strategic initiatives provide a favorable outlook for continued growth.

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