First Hawaiian Bank Lowers Stock Position in American Tower Co. (NYSE:AMT)

First Hawaiian Bank trimmed its holdings in American Tower Co. (NYSE:AMT) by 12.7% in the 2nd quarter, Holdings Channel reports. The fund owned 8,814 shares of the real estate investment trust’s stock after selling 1,278 shares during the quarter. First Hawaiian Bank’s holdings in American Tower were worth $1,713,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Cross Staff Investments Inc grew its stake in shares of American Tower by 5.1% in the 4th quarter. Cross Staff Investments Inc now owns 5,027 shares of the real estate investment trust’s stock worth $1,085,000 after buying an additional 244 shares during the last quarter. Anchor Capital Advisors LLC increased its holdings in shares of American Tower by 38.1% during the fourth quarter. Anchor Capital Advisors LLC now owns 76,625 shares of the real estate investment trust’s stock valued at $16,542,000 after acquiring an additional 21,139 shares in the last quarter. Meyer Handelman Co. bought a new position in American Tower in the 1st quarter worth about $801,000. TD Asset Management Inc grew its position in American Tower by 23.2% during the 4th quarter. TD Asset Management Inc now owns 275,428 shares of the real estate investment trust’s stock valued at $59,459,000 after purchasing an additional 51,882 shares during the last quarter. Finally, Kingsview Wealth Management LLC increased its stake in American Tower by 13.8% during the 1st quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust’s stock valued at $7,613,000 after purchasing an additional 4,660 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total transaction of $702,061.44. Following the transaction, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.18% of the company’s stock.

American Tower Price Performance

Shares of AMT stock traded down $8.45 on Monday, reaching $226.19. The company’s stock had a trading volume of 4,328,910 shares, compared to its average volume of 2,350,435. The stock’s fifty day simple moving average is $201.02 and its 200-day simple moving average is $194.12. American Tower Co. has a 1 year low of $154.58 and a 1 year high of $236.13. The company has a market capitalization of $105.63 billion, a price-to-earnings ratio of 53.11, a price-to-earnings-growth ratio of 1.65 and a beta of 0.81. The company has a current ratio of 0.81, a quick ratio of 0.85 and a debt-to-equity ratio of 3.42.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). The business had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. The business’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the firm earned $2.46 earnings per share. Analysts forecast that American Tower Co. will post 10.04 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 14th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date of this dividend was Friday, June 14th. American Tower’s payout ratio is currently 146.61%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on AMT shares. BMO Capital Markets reissued an “outperform” rating and set a $246.00 price target (up previously from $225.00) on shares of American Tower in a research report on Wednesday, July 31st. Morgan Stanley lifted their target price on shares of American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Wells Fargo & Company raised their price objective on shares of American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. The Goldman Sachs Group began coverage on American Tower in a research note on Monday, July 1st. They issued a “buy” rating and a $230.00 price objective on the stock. Finally, Scotiabank increased their price target on American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 31st. Two analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $230.42.

American Tower Profile

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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.