American Tower Co. (NYSE:AMT) Shares Sold by Central Pacific Bank Trust Division

Central Pacific Bank Trust Division reduced its position in American Tower Co. (NYSE:AMT) by 27.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,775 shares of the real estate investment trust’s stock after selling 1,800 shares during the quarter. Central Pacific Bank Trust Division’s holdings in American Tower were worth $1,110,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its position in shares of American Tower by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 61,991,053 shares of the real estate investment trust’s stock worth $12,248,812,000 after purchasing an additional 965,938 shares during the last quarter. Cohen & Steers Inc. boosted its holdings in American Tower by 3.7% during the 4th quarter. Cohen & Steers Inc. now owns 16,440,715 shares of the real estate investment trust’s stock valued at $3,549,366,000 after acquiring an additional 583,892 shares during the period. Wellington Management Group LLP boosted its holdings in American Tower by 21.9% during the 4th quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust’s stock valued at $3,416,004,000 after acquiring an additional 2,839,570 shares during the period. Principal Financial Group Inc. boosted its holdings in American Tower by 36.2% during the 1st quarter. Principal Financial Group Inc. now owns 8,794,776 shares of the real estate investment trust’s stock valued at $1,737,760,000 after acquiring an additional 2,336,501 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in American Tower by 41.8% during the 2nd quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust’s stock valued at $1,243,333,000 after acquiring an additional 1,885,421 shares during the period. 92.69% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Olivier Puech sold 10,005 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the sale, the executive vice president now owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other American Tower news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the transaction, the executive vice president now owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the transaction, the chief executive officer now directly owns 61,843 shares in the company, valued at approximately $14,223,890. The disclosure for this sale can be found here. Insiders sold 33,723 shares of company stock worth $7,795,397 over the last three months. 0.18% of the stock is owned by insiders.

American Tower Stock Down 1.1 %

AMT opened at $229.43 on Friday. The business’s fifty day moving average is $228.68 and its two-hundred day moving average is $204.27. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market cap of $107.14 billion, a price-to-earnings ratio of 51.91, a PEG ratio of 1.05 and a beta of 0.83. American Tower Co. has a one year low of $154.58 and a one year high of $243.56.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.52). The company had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The firm’s revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.46 earnings per share. Analysts anticipate that American Tower Co. will post 10.13 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th will be paid a dividend of $1.62 per share. The ex-dividend date is Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 2.82%. American Tower’s dividend payout ratio is presently 146.61%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on AMT shares. Mizuho lifted their price objective on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. The Goldman Sachs Group started coverage on American Tower in a research note on Monday, July 1st. They issued a “buy” rating and a $230.00 price objective for the company. TD Cowen lifted their price objective on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft lifted their price objective on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Finally, Royal Bank of Canada raised their target price on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $234.00.

About American Tower

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.