American Tower (NYSE:AMT) Issues Earnings Results

American Tower (NYSE:AMT) announced its quarterly earnings data on Tuesday. The real estate investment trust reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47), Yahoo Finance reports. The firm had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.79 billion. American Tower had a net margin of 18.42% and a return on equity of 18.45%. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.54 EPS. American Tower updated its FY 2024 guidance to 10.300-10.530 EPS and its FY24 guidance to $10.30-10.53 EPS.

American Tower Stock Up 0.1 %

Shares of AMT traded up $0.19 during midday trading on Thursday, hitting $177.03. The company had a trading volume of 716,696 shares, compared to its average volume of 2,429,695. The company’s 50-day simple moving average is $189.49 and its 200-day simple moving average is $194.40. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.69 and a current ratio of 0.85. The firm has a market capitalization of $82.56 billion, a P/E ratio of 40.00, a P/E/G ratio of 1.35 and a beta of 0.71. American Tower has a 1 year low of $154.58 and a 1 year high of $219.10.

American Tower Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 12th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date was Thursday, April 11th. American Tower’s dividend payout ratio (DPR) is 146.61%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AMT. StockNews.com downgraded American Tower from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. Barclays raised their target price on American Tower from $224.00 to $234.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 5th. Mizuho started coverage on American Tower in a research report on Monday, April 8th. They set a “neutral” rating and a $205.00 price objective for the company. Raymond James raised American Tower from an “outperform” rating to a “strong-buy” rating and raised their price objective for the stock from $226.00 to $248.00 in a research report on Wednesday. Finally, Scotiabank cut their price objective on American Tower from $243.00 to $223.00 and set a “sector outperform” rating for the company in a research report on Wednesday. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, American Tower presently has an average rating of “Moderate Buy” and a consensus target price of $221.91.

Insider Activity

In other news, CFO Rodney M. Smith sold 11,510 shares of American Tower stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total value of $2,367,722.10. Following the completion of the transaction, the chief financial officer now owns 62,969 shares in the company, valued at approximately $12,953,352.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Rodney M. Smith sold 11,510 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was 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 owns 62,969 shares in the company, valued at $12,953,352.99. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Pamela D. A. Reeve sold 5,054 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was 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 approximately $3,532,080.70. The disclosure for this sale can be found here. Company 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.