American Tower (NYSE:AMT) Issues Earnings Results

American Tower (NYSE:AMT) issued its quarterly earnings data on Tuesday. The real estate investment trust reported $1.92 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.52), Yahoo Finance reports. The company had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.46 EPS. 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 Performance

NYSE AMT traded up $7.53 on Thursday, hitting $227.93. 3,046,029 shares of the company’s stock were exchanged, compared to its average volume of 2,321,091. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.85. The firm’s 50-day moving average price is $199.21 and its two-hundred day moving average price is $193.88. The firm has a market cap of $106.44 billion, a price-to-earnings ratio of 51.35, a P/E/G ratio of 1.57 and a beta of 0.81. American Tower has a fifty-two week low of $154.58 and a fifty-two week high of $229.22.

American Tower Dividend Announcement

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

Insider Activity at American Tower

In other American Tower news, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total transaction of $702,061.44. Following the sale, the executive vice president now directly owns 28,413 shares in the company, valued at approximately $5,692,828.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert D. Hormats sold 700 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the completion of the sale, the director now owns 7,332 shares in the company, valued at approximately $1,345,422. The disclosure for this sale can be found here. Company insiders own 0.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on AMT shares. Barclays reduced their price target on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. BMO Capital Markets reissued an “outperform” rating and issued a $246.00 target price (up from $225.00) on shares of American Tower in a research report on Wednesday. The Goldman Sachs Group began coverage on American Tower in a research report on Monday, July 1st. They set a “buy” rating and a $230.00 price target on the stock. Scotiabank increased their price objective on American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a report on Wednesday. Finally, Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and lifted their target price for the company from $226.00 to $248.00 in a report on Wednesday, May 1st. Two investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $230.38.

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.