American Tower (NYSE:AMT) Posts Quarterly Earnings Results, Misses Estimates By $0.52 EPS

American Tower (NYSE:AMT) announced its quarterly earnings data on Tuesday. The real estate investment trust reported $1.92 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52), Yahoo Finance reports. American Tower had a return on equity of 23.06% and a net margin of 21.95%. The firm had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. During the same quarter in the previous year, the business earned $2.46 earnings per share. American Tower’s revenue for the quarter was up 4.7% compared to the same quarter last year. American Tower updated its FY 2024 guidance to 10.480-10.720 EPS and its FY24 guidance to $10.48-$10.72 EPS.

American Tower Stock Up 3.4 %

Shares of NYSE:AMT traded up $7.53 during midday trading on Thursday, reaching $227.93. 3,046,029 shares of the company were exchanged, compared to its average volume of 2,321,091. The firm has a market cap of $106.44 billion, a PE ratio of 51.35, a P/E/G ratio of 1.57 and a beta of 0.81. The company has a quick ratio of 0.85, a current ratio of 0.81 and a debt-to-equity ratio of 3.42. American Tower has a fifty-two week low of $154.58 and a fifty-two week high of $229.22. The stock has a fifty day simple moving average of $199.21 and a two-hundred day simple moving average of $193.88.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 14th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 2.84%. The ex-dividend date of this dividend was Friday, June 14th. American Tower’s dividend payout ratio is 146.61%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on AMT shares. TD Cowen lifted their price target on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday. BMO Capital Markets reaffirmed an “outperform” rating and set a $246.00 target price (up previously from $225.00) on shares of American Tower in a report on Wednesday. Morgan Stanley increased their price target on American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Scotiabank lifted their price objective on American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. increased their target price on American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $230.38.

Insiders Place Their Bets

In related news, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total value of $702,061.44. Following the sale, the executive vice president now owns 28,413 shares of the company’s stock, valued at approximately $5,692,828.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other American Tower news, Director Robert D. Hormats sold 700 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the sale, the director now directly owns 7,332 shares of the company’s stock, valued at approximately $1,345,422. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total value of $702,061.44. Following the completion of the transaction, the executive vice president now owns 28,413 shares of the company’s stock, valued at approximately $5,692,828.68. The disclosure for this sale can be found here. 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.