Turtle Creek Wealth Advisors LLC Purchases Shares of 14,623 American Tower Corporation (NYSE:AMT)

Turtle Creek Wealth Advisors LLC acquired a new position in shares of American Tower Corporation (NYSE:AMT - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 14,623 shares of the real estate investment trust's stock, valued at approximately $3,182,000.

A number of other hedge funds have also modified their holdings of the stock. Brighton Jones LLC lifted its holdings in shares of American Tower by 113.0% during the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock valued at $727,000 after buying an additional 2,104 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of American Tower during the 4th quarter valued at about $235,000. Independent Advisor Alliance lifted its holdings in shares of American Tower by 26.1% during the 4th quarter. Independent Advisor Alliance now owns 4,583 shares of the real estate investment trust's stock valued at $841,000 after buying an additional 950 shares during the last quarter. HBK Sorce Advisory LLC lifted its holdings in shares of American Tower by 24.2% during the 4th quarter. HBK Sorce Advisory LLC now owns 1,783 shares of the real estate investment trust's stock valued at $327,000 after buying an additional 347 shares during the last quarter. Finally, Frank Rimerman Advisors LLC lifted its holdings in shares of American Tower by 6.2% during the 4th quarter. Frank Rimerman Advisors LLC now owns 4,352 shares of the real estate investment trust's stock valued at $798,000 after buying an additional 254 shares during the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AMT has been the subject of several analyst reports. Royal Bank Of Canada boosted their target price on American Tower from $240.00 to $250.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. UBS Group boosted their target price on American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. JMP Securities boosted their target price on American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a report on Wednesday, April 30th. Morgan Stanley initiated coverage on American Tower in a report on Tuesday, April 1st. They issued an "overweight" rating and a $250.00 target price for the company. Finally, Bank of America initiated coverage on American Tower in a report on Monday, May 19th. They issued a "buy" rating and a $255.00 target price for the company. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, American Tower presently has an average rating of "Buy" and a consensus target price of $240.88.

American Tower Stock Performance

Shares of AMT traded down $0.09 on Thursday, reaching $223.27. 1,522,420 shares of the stock traded hands, compared to its average volume of 2,504,863. The firm has a market cap of $104.52 billion, a price-to-earnings ratio of 57.40, a P/E/G ratio of 1.66 and a beta of 0.82. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.81 and a quick ratio of 0.81. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $243.56. The stock's 50-day moving average price is $216.43 and its 200-day moving average price is $207.09.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.41 by $0.34. The business had revenue of $2.56 billion for the quarter, compared to analysts' expectations of $2.54 billion. American Tower had a return on equity of 30.20% and a net margin of 17.34%. American Tower's quarterly revenue was down 9.6% on a year-over-year basis. During the same period in the previous year, the business posted $2.79 earnings per share. Equities analysts forecast that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 13th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date was Friday, June 13th. American Tower's dividend payout ratio is presently 174.81%.

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.