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 10.450-10.620 for the period, compared to the consensus estimate of 10.590. The company issued revenue guidance of -.

American Tower Trading Up 0.3 %

NYSE AMT traded up $0.55 during mid-day trading on Wednesday, reaching $213.46. 1,456,201 shares of the stock were exchanged, compared to its average volume of 2,272,688. American Tower has a 1-year low of $170.46 and a 1-year high of $243.56. The stock has a market capitalization of $99.70 billion, a PE ratio of 40.15, a PEG ratio of 1.09 and a beta of 0.83. The business’s fifty day simple moving average is $228.70 and its 200 day simple moving average is $208.39. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.45 by ($1.56). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The company had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. During the same period in the prior year, the firm earned $2.58 earnings per share. The firm’s quarterly revenue was down 10.5% on a year-over-year basis. On average, research analysts anticipate that American Tower will post 10.08 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were issued a $1.62 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 3.04%. American Tower’s dividend payout ratio is currently 121.80%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. lifted their target price on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Mizuho upped their target price on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. BMO Capital Markets decreased their price target on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research report on Wednesday. Deutsche Bank Aktiengesellschaft increased their price objective on shares of American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Finally, Wells Fargo & Company downgraded shares of American Tower from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $235.85.

Insiders Place Their Bets

In other news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the sale, the executive vice president now owns 51,746 shares in the company, valued at approximately $12,070,789.42. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction on Friday, August 2nd. The stock was 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 owns 51,746 shares in the company, valued at $12,070,789.42. This represents a 0.00 % decrease in their ownership of the stock. The transaction 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 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 sale, the chief executive officer now owns 61,843 shares of the company’s stock, valued at $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. Over the last three months, insiders have sold 33,723 shares of company stock worth $7,795,397. 0.18% of the stock is owned by corporate insiders.

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.