American Tower (NYSE:AMT) Posts Earnings Results, Misses Expectations By $1.56 EPS

American Tower (NYSE:AMT) released its quarterly earnings data on Tuesday. The real estate investment trust reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56), Yahoo Finance reports. The company had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The company’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.58 EPS. American Tower updated its FY 2024 guidance to 10.450-10.620 EPS.

American Tower Stock Performance

Shares of NYSE AMT opened at $213.70 on Thursday. American Tower has a one year low of $170.46 and a one year 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 firm has a market cap of $99.82 billion, a price-to-earnings ratio of 40.17, a P/E/G ratio of 1.09 and a beta of 0.83. The stock’s fifty day moving average price is $228.58 and its two-hundred day moving average price is $208.42.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date was Wednesday, October 9th. American Tower’s dividend payout ratio is presently 121.80%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on AMT. BMO Capital Markets cut their price target on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday. Wells Fargo & Company lowered shares of American Tower from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. JPMorgan Chase & Co. boosted their price target on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Royal Bank of Canada raised their price objective on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. Finally, Barclays increased their price target on American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $235.85.

Insider Buying and Selling at American Tower

In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the transaction, the chief executive officer now owns 61,843 shares in the company, valued at $14,223,890. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other American Tower news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the transaction, the executive vice president now directly owns 51,746 shares in the company, valued at $12,070,789.42. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total value of $4,953,510.00. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders sold 33,723 shares of company stock valued at $7,795,397 in the last quarter. Company insiders own 0.18% of the company’s stock.

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.