American Tower Corporation $AMT Shares Acquired by First Financial Bankshares Inc

First Financial Bankshares Inc grew its position in shares of American Tower Corporation (NYSE:AMT) by 104.9% in the 3rd quarter, Holdings Channel.com reports. The firm owned 276,514 shares of the real estate investment trust’s stock after buying an additional 141,532 shares during the period. First Financial Bankshares Inc’s holdings in American Tower were worth $53,179,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Analyst IMS Investment Management Services Ltd. increased its holdings in American Tower by 3.6% in the second quarter. Analyst IMS Investment Management Services Ltd. now owns 1,370 shares of the real estate investment trust’s stock valued at $303,000 after buying an additional 48 shares in the last quarter. Marion Wealth Management grew its position in shares of American Tower by 0.8% during the 2nd quarter. Marion Wealth Management now owns 5,924 shares of the real estate investment trust’s stock valued at $1,309,000 after acquiring an additional 48 shares during the period. YANKCOM Partnership increased its stake in shares of American Tower by 2.9% in the 2nd quarter. YANKCOM Partnership now owns 1,729 shares of the real estate investment trust’s stock valued at $382,000 after purchasing an additional 49 shares in the last quarter. GPS Wealth Strategies Group LLC increased its stake in shares of American Tower by 2.0% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 2,566 shares of the real estate investment trust’s stock valued at $567,000 after purchasing an additional 51 shares in the last quarter. Finally, Manchester Capital Management LLC raised its holdings in American Tower by 3.1% in the 2nd quarter. Manchester Capital Management LLC now owns 1,808 shares of the real estate investment trust’s stock worth $400,000 after purchasing an additional 54 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Trading Up 1.5%

Shares of AMT stock opened at $190.04 on Tuesday. American Tower Corporation has a fifty-two week low of $166.88 and a fifty-two week high of $234.33. The company has a debt-to-equity ratio of 3.24, a quick ratio of 0.89 and a current ratio of 0.89. The stock’s fifty day moving average is $178.21 and its two-hundred day moving average is $185.91. The firm has a market capitalization of $88.97 billion, a P/E ratio of 30.36, a PEG ratio of 0.78 and a beta of 0.93.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Monday, December 29th were given a dividend of $1.70 per share. The ex-dividend date was Monday, December 29th. This represents a $6.80 dividend on an annualized basis and a yield of 3.6%. American Tower’s dividend payout ratio (DPR) is presently 108.63%.

Insiders Place Their Bets

In other American Tower news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the company’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $69.75, for a total value of $159,631,314.75. Following the completion of the sale, the insider directly owned 211,379 shares in the company, valued at $14,743,685.25. This represents a 91.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.18% of the company’s stock.

Wall Street Analysts Forecast Growth

AMT has been the subject of a number of recent analyst reports. Mizuho cut their price objective on American Tower from $217.00 to $189.00 and set a “neutral” rating for the company in a research report on Monday, January 12th. HSBC dropped their price target on shares of American Tower from $235.00 to $205.00 in a research note on Wednesday, October 29th. JPMorgan Chase & Co. reduced their price objective on shares of American Tower from $250.00 to $245.00 and set an “overweight” rating for the company in a research report on Monday, January 12th. Argus set a $210.00 target price on shares of American Tower in a research report on Thursday, October 30th. Finally, TD Cowen cut their target price on shares of American Tower from $249.00 to $235.00 and set a “buy” rating for the company in a research note on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, American Tower has an average rating of “Moderate Buy” and an average target price of $218.79.

About American Tower

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.