American Tower (NYSE:AMT) Announces Earnings Results

American Tower (NYSE:AMT) released its earnings results on Tuesday. The real estate investment trust reported $1.96 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.47), Yahoo Finance reports. American Tower had a return on equity of 18.45% and a net margin of 18.42%. The firm had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same quarter last year, the business posted $2.54 EPS. The firm’s revenue was up 2.4% on a year-over-year basis. 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 Price Performance

Shares of NYSE AMT traded up $1.56 on Thursday, hitting $178.40. The company’s stock had a trading volume of 978,019 shares, compared to its average volume of 2,432,337. The stock has a 50 day moving average of $189.49 and a 200-day moving average of $194.40. The company has a market capitalization of $83.20 billion, a price-to-earnings ratio of 40.00, a price-to-earnings-growth ratio of 1.35 and a beta of 0.71. American Tower has a 12-month low of $154.58 and a 12-month high of $219.10. The company has a debt-to-equity ratio of 3.39, a current ratio of 0.85 and a quick ratio of 0.69.

American Tower Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Friday, April 12th were issued a dividend of $1.62 per share. The ex-dividend date was Thursday, April 11th. This represents a $6.48 annualized dividend and a yield of 3.63%. American Tower’s dividend payout ratio (DPR) is currently 146.61%.

Analyst Ratings Changes

AMT has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price objective on American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a report on Wednesday, February 28th. Barclays raised their price target on American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a report on Tuesday, March 5th. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. BMO Capital Markets reduced their target price on American Tower from $228.00 to $220.00 and set an “outperform” rating for the company in a report on Wednesday. Finally, Raymond James upgraded shares of American Tower from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $226.00 to $248.00 in a research report on Wednesday. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $221.91.

Insider Transactions at American Tower

In other American Tower news, CFO Rodney M. Smith sold 11,510 shares of the stock in a transaction 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 sale, 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 legal filing with the SEC, which is available through this link. In other American Tower news, CFO Rodney M. Smith sold 11,510 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total value of $2,367,722.10. Following the transaction, the chief financial officer now directly owns 62,969 shares in the company, valued at approximately $12,953,352.99. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Pamela D. A. Reeve sold 5,054 shares of American Tower stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total transaction of $962,584.84. Following the sale, the director now owns 18,545 shares of the company’s stock, valued at $3,532,080.70. 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.