Central Pacific Bank Trust Division Acquires 3,444 Shares of American Tower Corporation $AMT

Central Pacific Bank Trust Division raised its holdings in American Tower Corporation (NYSE:AMT) by 1,059.7% during the second quarter, Holdings Channel.com reports. The fund owned 3,769 shares of the real estate investment trust’s stock after purchasing an additional 3,444 shares during the period. Central Pacific Bank Trust Division’s holdings in American Tower were worth $833,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Harbor Investment Advisory LLC raised its holdings in American Tower by 18.7% in the second quarter. Harbor Investment Advisory LLC now owns 21,327 shares of the real estate investment trust’s stock worth $4,714,000 after purchasing an additional 3,364 shares during the period. AG2R LA Mondiale Gestion D Actifs acquired a new stake in American Tower in the first quarter worth $3,797,000. BROOKFIELD Corp ON raised its holdings in American Tower by 50.0% in the first quarter. BROOKFIELD Corp ON now owns 478,559 shares of the real estate investment trust’s stock worth $104,134,000 after purchasing an additional 159,449 shares during the period. 1248 Management LLC acquired a new stake in American Tower in the first quarter worth $58,000. Finally, eCIO Inc. acquired a new stake in American Tower in the first quarter worth $168,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Stock Down 0.7%

Shares of AMT stock opened at $195.27 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36. American Tower Corporation has a 1 year low of $172.51 and a 1 year high of $241.97. The firm’s fifty day moving average price is $210.83 and its two-hundred day moving average price is $213.45. The firm has a market capitalization of $91.43 billion, a P/E ratio of 71.01, a PEG ratio of 1.21 and a beta of 0.86.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.58 billion. During the same period in the previous year, the business earned $2.79 EPS. The company’s revenue was down 9.4% compared to the same quarter last year. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. On average, equities analysts predict that American Tower Corporation will post 10.14 EPS for the current fiscal year.

Insider Transactions at American Tower

In other American Tower news, CEO Juan Font sold 720 shares of American Tower stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total value of $149,997.60. Following the sale, the chief executive officer directly owned 23,425 shares in the company, valued at approximately $4,880,130.25. The trade was a 2.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

AMT has been the topic of several analyst reports. JPMorgan Chase & Co. increased their target price on shares of American Tower from $250.00 to $255.00 and gave the stock an “overweight” rating in a report on Wednesday, July 30th. Wells Fargo & Company dropped their price objective on shares of American Tower from $240.00 to $230.00 and set an “overweight” rating on the stock in a report on Wednesday, July 30th. UBS Group raised their price objective on shares of American Tower from $250.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, July 8th. Barclays raised their price objective on shares of American Tower from $246.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, August 18th. Finally, Hsbc Global Res lowered shares of American Tower from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $244.73.

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.