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

American Tower (NYSE:AMT) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 10.300-10.530 for the period, compared to the consensus estimate of 10.380. The company issued revenue guidance of -. American Tower also updated its FY24 guidance to $10.30-10.53 EPS.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. dropped their target price on American Tower from $236.00 to $230.00 and set an overweight rating on the stock in a research report on Wednesday, February 28th. Barclays increased their price target on American Tower from $224.00 to $234.00 and gave the stock an overweight rating in a research report on Tuesday, March 5th. BMO Capital Markets decreased their price objective on American Tower from $235.00 to $228.00 and set an outperform rating for the company in a report on Wednesday, February 28th. Mizuho started coverage on American Tower in a report on Monday, April 8th. They issued a neutral rating and a $205.00 price objective for the company. Finally, StockNews.com lowered American Tower from a buy rating to a hold rating in a research note on Friday, March 1st. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $217.36.

American Tower Stock Performance

Shares of NYSE:AMT traded down $2.58 during midday trading on Tuesday, hitting $172.41. The company’s stock had a trading volume of 1,844,556 shares, compared to its average volume of 2,410,809. The stock has a market capitalization of $80.40 billion, a price-to-earnings ratio of 55.05, a PEG ratio of 1.36 and a beta of 0.67. The stock’s 50 day simple moving average is $190.05 and its 200 day simple moving average is $194.49. American Tower has a fifty-two week low of $154.58 and a fifty-two week high of $219.10. The company has a debt-to-equity ratio of 3.29, a quick ratio of 0.69 and a current ratio of 0.69.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($1.16). The firm had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.74 billion. American Tower had a return on equity of 12.80% and a net margin of 13.31%. The firm’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same period last year, the business earned $2.34 earnings per share. As a group, research analysts anticipate that American Tower will post 9.94 earnings per share for the current year.

American Tower Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Friday, April 12th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.76%. The ex-dividend date of this dividend was Thursday, April 11th. American Tower’s dividend payout ratio (DPR) is currently 203.77%.

Insider Activity at American Tower

In other news, Director Pamela D. A. Reeve sold 5,054 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total value of $962,584.84. Following the completion of the transaction, the director now owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Pamela D. A. Reeve sold 5,054 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total value of $962,584.84. Following the sale, the director now directly owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Rodney M. Smith sold 11,510 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the completion of the sale, the chief financial officer now directly owns 62,969 shares in the company, valued at $12,953,352.99. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by company insiders.

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.