American Tower (NYSE:AMT) Issues Earnings Results, Misses Estimates By $0.47 EPS

American Tower (NYSE:AMT) issued its earnings results on Tuesday. The real estate investment trust reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47), Yahoo Finance reports. The business had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.79 billion. American Tower had a return on equity of 18.45% and a net margin of 18.42%. American Tower’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $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 Trading Up 3.1 %

Shares of NYSE AMT opened at $176.84 on Thursday. American Tower has a 1 year low of $154.58 and a 1 year high of $219.10. The stock has a market cap of $82.47 billion, a P/E ratio of 40.00, a price-to-earnings-growth ratio of 1.35 and a beta of 0.71. The firm has a 50-day moving average of $189.49 and a 200 day moving average of $194.40. 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 declared a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 12th were given a dividend of $1.62 per share. The ex-dividend date was Thursday, April 11th. This represents a $6.48 dividend on an annualized basis and a yield of 3.66%. American Tower’s dividend payout ratio (DPR) is currently 146.61%.

Wall Street Analyst Weigh In

AMT has been the topic of a number of recent analyst reports. BMO Capital Markets cut their price target on shares of American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday. Morgan Stanley raised their price target on shares of American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and raised their price target for the stock from $226.00 to $248.00 in a report on Wednesday. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Finally, Barclays lifted their target price on shares of American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a research note on Tuesday, March 5th. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $221.91.

Insider Activity at American Tower

In related news, Director Pamela D. A. Reeve sold 5,054 shares of American Tower stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total transaction of $962,584.84. Following the completion of the transaction, the director now directly owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other American Tower news, Director Pamela D. A. Reeve sold 5,054 shares of American Tower stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total value of $962,584.84. Following the completion of the transaction, the director now directly owns 18,545 shares of the company’s stock, valued at $3,532,080.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Rodney M. Smith sold 11,510 shares of the company’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 transaction, the chief financial officer now owns 62,969 shares in the company, valued at approximately $12,953,352.99. The disclosure for this sale can be found here. 0.18% of the stock is currently 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.