American Tower (NYSE:AMT) Issues FY24 Earnings Guidance

American Tower (NYSE:AMT) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $10.30-10.53 for the period, compared to the consensus estimate of $10.44. The company issued revenue guidance of $11.08-11.26 billion, compared to the consensus revenue estimate of $11.22 billion. American Tower also updated its FY 2024 guidance to 10.300-10.530 EPS.

Analysts Set New Price Targets

AMT has been the subject of several analyst reports. Raymond James upgraded shares of American Tower from an outperform rating to a strong-buy rating and upped their target price for the company from $226.00 to $248.00 in a research note on Wednesday. StockNews.com downgraded American Tower from a buy rating to a hold rating in a research note on Friday, March 1st. JPMorgan Chase & Co. cut their price target on American Tower from $236.00 to $230.00 and set an overweight rating on the stock in a research note on Wednesday, February 28th. BMO Capital Markets reduced their price target on American Tower from $228.00 to $220.00 and set an outperform rating for the company in a report on Wednesday. Finally, Mizuho started coverage on American Tower in a research report on Monday, April 8th. They issued a neutral rating and a $205.00 target price on the stock. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $221.91.

American Tower Stock Performance

NYSE AMT traded up $2.12 on Friday, hitting $181.76. The stock had a trading volume of 3,130,325 shares, compared to its average volume of 2,469,077. The company’s 50-day moving average is $189.32 and its two-hundred day moving average is $194.30. The stock has a market cap of $84.76 billion, a price-to-earnings ratio of 41.12, a P/E/G ratio of 1.40 and a beta of 0.71. The company has a quick ratio of 0.69, a current ratio of 0.85 and a debt-to-equity ratio of 3.39. American Tower has a one year low of $154.58 and a one year high of $219.10.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). American Tower had a return on equity of 18.45% and a net margin of 18.42%. The business had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.79 billion. During the same period in the previous year, the company posted $2.54 EPS. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, analysts expect that American Tower will post 9.94 earnings per share for the current year.

American Tower Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Friday, April 12th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date of this dividend was Thursday, April 11th. American Tower’s dividend payout ratio is presently 146.61%.

Insider Buying and Selling

In other news, CFO Rodney M. Smith sold 11,510 shares of American Tower stock in a transaction that occurred on 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 owns 62,969 shares of the company’s stock, valued at approximately $12,953,352.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Pamela D. A. Reeve sold 5,054 shares of the stock in a transaction 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 completion of the transaction, the director now owns 18,545 shares in the company, valued at approximately $3,532,080.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Rodney M. Smith sold 11,510 shares of the business’s 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 sale, 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 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.