American Tower (NYSE:AMT) Releases 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 10.300-10.530 for the period, compared to the consensus estimate of 10.380. The company issued revenue guidance of -. American Tower also updated its FY24 guidance to $10.30-10.53 EPS.

Analyst Ratings Changes

Several brokerages have commented on AMT. Scotiabank cut their price objective on American Tower from $243.00 to $223.00 and set a sector outperform rating on the stock in a research report on Wednesday. BMO Capital Markets dropped their price objective on American Tower from $228.00 to $220.00 and set an outperform rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. decreased their price target on American Tower from $236.00 to $230.00 and set an overweight rating for the company in a research note on Wednesday, February 28th. Raymond James upgraded American Tower from an outperform rating to a strong-buy rating and increased their price target for the company from $226.00 to $248.00 in a research note on Wednesday. Finally, Mizuho initiated coverage on American Tower in a research note on Monday, April 8th. They issued a neutral rating and a $205.00 price objective for the company. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $221.91.

American Tower Price Performance

Shares of AMT traded up $1.57 on Thursday, reaching $178.41. The stock had a trading volume of 1,381,823 shares, compared to its average volume of 2,438,086. The firm has a 50-day moving average of $189.49 and a 200 day moving average of $194.40. The firm has a market capitalization of $83.20 billion, a PE ratio of 40.00, a PEG ratio of 1.35 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 twelve month low of $154.58 and a twelve month high of $219.10.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47). The firm 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%. The company’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period last year, the business posted $2.54 earnings per share. Sell-side analysts expect that American Tower will post 9.94 EPS for the current year.

American Tower Cuts Dividend

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

Insider Buying and Selling

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