American Tower (NYSE:AMT) Releases FY24 Earnings Guidance

American Tower (NYSE:AMT) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $10.30-10.53 for the period, compared to the consensus estimate of $10.44. The company issued revenue guidance of $11.08-11.26 billion, compared to the consensus revenue estimate of $11.22 billion. American Tower also updated its FY 2024 guidance to 10.300-10.530 EPS.

American Tower Stock Performance

AMT opened at $175.06 on Tuesday. The firm has a market cap of $81.64 billion, a P/E ratio of 55.05, a PEG ratio of 1.36 and a beta of 0.67. American Tower has a 1-year low of $154.58 and a 1-year high of $219.10. The company has a 50 day simple moving average of $190.05 and a two-hundred day simple moving average of $194.49. The company has a debt-to-equity ratio of 3.29, a current ratio of 0.69 and a quick ratio of 0.69.

American Tower (NYSE:AMT) last posted its quarterly 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 during the quarter, compared to the consensus estimate of $2.74 billion. American Tower had a return on equity of 12.80% and a net margin of 13.31%. The business’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.34 earnings per share. Equities analysts forecast that American Tower will post 9.94 earnings per share for the current fiscal year.

American Tower Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 12th were given a dividend of $1.62 per share. The ex-dividend date was Thursday, April 11th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.70%. American Tower’s dividend payout ratio is 203.77%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on AMT shares. BMO Capital Markets dropped their target price on shares of American Tower from $235.00 to $228.00 and set an outperform rating for the company in a research report on Wednesday, February 28th. JPMorgan Chase & Co. dropped their target price on shares of American Tower from $236.00 to $230.00 and set an overweight rating for the company in a research report on Wednesday, February 28th. Morgan Stanley upped their target price on shares of American Tower from $183.00 to $196.00 and gave the stock an equal weight rating in a research report on Monday, April 15th. Mizuho started coverage on shares of American Tower in a research report on Monday, April 8th. They set a neutral rating and a $205.00 target price for the company. Finally, Barclays increased their price objective on shares of American Tower from $224.00 to $234.00 and gave the company an overweight rating in a research report on Tuesday, March 5th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, American Tower presently has an average rating of Moderate Buy and an average target price of $217.36.

Insider Activity

In other news, Director Pamela D. A. Reeve sold 5,054 shares of the 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 owns 18,545 shares of the company’s stock, valued at $3,532,080.70. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Pamela D. A. Reeve sold 5,054 shares of the 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 owns 18,545 shares of the company’s stock, valued at $3,532,080.70. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Rodney M. Smith sold 11,510 shares of the 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 approximately $12,953,352.99. The disclosure for this sale can be found here. 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.