American Tower (NYSE:AMT) Issues FY 2024 Earnings Guidance

American Tower (NYSE:AMT) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 10.450-10.620 for the period, compared to the consensus EPS estimate of 10.590. The company issued revenue guidance of -.

American Tower Stock Performance

Shares of AMT traded down $10.06 during trading hours on Tuesday, hitting $212.16. The company’s stock had a trading volume of 1,617,489 shares, compared to its average volume of 2,266,445. The business has a 50 day simple moving average of $228.85 and a two-hundred day simple moving average of $208.15. American Tower has a 52-week low of $169.70 and a 52-week high of $243.56. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market cap of $99.10 billion, a price-to-earnings ratio of 41.77, a PEG ratio of 1.09 and a beta of 0.83.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). The business 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 quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.46 earnings per share. On average, equities analysts expect that American Tower will post 10.08 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were paid a dividend of $1.62 per share. The ex-dividend date was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.05%. American Tower’s payout ratio is 121.80%.

Analyst Ratings Changes

A number of research firms have weighed in on AMT. Barclays lifted their target price on American Tower from $223.00 to $255.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. BMO Capital Markets boosted their price objective on shares of American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, September 13th. Scotiabank increased their target price on shares of American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 31st. The Goldman Sachs Group assumed coverage on shares of American Tower in a research report on Monday, July 1st. They set a “buy” rating and a $230.00 price target for the company. Finally, Royal Bank of Canada upped their price target on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $237.92.

Insider Buying and Selling at American Tower

In other news, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 61,843 shares in the company, valued at approximately $14,223,890. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other American Tower news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were 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 directly owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the sale, the chief executive officer now owns 61,843 shares of the company’s stock, valued at approximately $14,223,890. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,723 shares of company stock worth $7,795,397 over the last 90 days. Corporate insiders own 0.18% of the company’s stock.

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.