First Hawaiian Bank Sells 2,322 Shares of American Tower Co. (NYSE:AMT)

First Hawaiian Bank cut its position in shares of American Tower Co. (NYSE:AMT) by 18.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,092 shares of the real estate investment trust’s stock after selling 2,322 shares during the period. First Hawaiian Bank’s holdings in American Tower were worth $1,994,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Gold Investment Management Ltd. bought a new position in American Tower during the fourth quarter valued at approximately $28,000. Thompson Investment Management Inc. bought a new stake in shares of American Tower in the 4th quarter valued at approximately $29,000. Private Wealth Management Group LLC bought a new stake in shares of American Tower in the 4th quarter valued at approximately $31,000. Valley National Advisers Inc. lifted its stake in shares of American Tower by 200.0% in the 4th quarter. Valley National Advisers Inc. now owns 177 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 118 shares during the last quarter. Finally, Security National Bank bought a new stake in shares of American Tower in the 4th quarter valued at approximately $41,000. 92.69% of the stock is owned by institutional investors.

Insider Activity

In other American Tower news, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the sale, the director now owns 7,332 shares of the company’s stock, valued at approximately $1,345,422. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other American Tower news, EVP Sanjay Goel sold 3,504 shares of the stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction of $702,061.44. Following the sale, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at approximately $5,692,828.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert D. Hormats sold 700 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the transaction, the director now owns 7,332 shares of the company’s stock, valued at $1,345,422. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company’s stock.

American Tower Stock Up 0.3 %

AMT traded up $0.50 during trading on Wednesday, hitting $192.78. The stock had a trading volume of 2,407,868 shares, compared to its average volume of 2,288,610. The stock has a 50 day simple moving average of $185.24 and a two-hundred day simple moving average of $195.77. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.85 and a current ratio of 0.85. American Tower Co. has a twelve month low of $154.58 and a twelve month high of $219.10. The company has a market capitalization of $90.02 billion, a PE ratio of 43.62, a PEG ratio of 1.37 and a beta of 0.79.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47). The business had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.79 billion. American Tower had a return on equity of 18.45% and a net margin of 18.42%. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.54 earnings per share. On average, research analysts predict that American Tower Co. will post 10.03 earnings per share for the current year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 14th will be issued a $1.62 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.36%. American Tower’s dividend payout ratio is currently 146.61%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on AMT shares. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. Scotiabank reduced their price target on American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a report on Wednesday, May 1st. Barclays reduced their price target on American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Morgan Stanley increased their price target on American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Finally, Raymond James upgraded American Tower from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $226.00 to $248.00 in a report on Wednesday, May 1st. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and a consensus price target of $220.91.

American Tower Company 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.