American Tower (NYSE:AMT) Issues 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 Stock Performance

American Tower stock traded up $0.55 during trading hours on Wednesday, hitting $213.46. The stock had a trading volume of 1,456,201 shares, compared to its average volume of 2,272,688. American Tower has a fifty-two week low of $170.46 and a fifty-two week high of $243.56. The company has a market cap of $99.70 billion, a PE ratio of 40.15, a price-to-earnings-growth ratio of 1.09 and a beta of 0.83. The company has a 50-day moving average of $228.70 and a two-hundred day moving average of $208.39. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42.

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

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.04%. The ex-dividend date was Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is presently 121.80%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on AMT shares. StockNews.com upgraded American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. raised their target price on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Mizuho boosted their price target on shares of American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. TD Cowen raised their price objective on shares of American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Finally, Scotiabank cut their price target on American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $235.85.

Insider Buying and Selling

In other news, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were 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 directly owns 61,843 shares of the company’s stock, valued at approximately $14,223,890. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other American Tower news, EVP Olivier Puech sold 10,005 shares of American Tower stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the transaction, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the transaction, the chief executive officer now directly owns 61,843 shares in the company, 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. 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.