American Tower (NYSE:AMT) Announces Quarterly 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 net margin of 13.31% and a return on equity of 12.80%. The firm had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.79 billion. During the same period in the prior year, the business earned $2.54 earnings per share. American Tower’s quarterly revenue was up 2.4% compared to the same quarter last year. 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 0.6 %

Shares of NYSE AMT traded up $1.05 during midday trading on Wednesday, reaching $172.61. The stock had a trading volume of 162,132 shares, compared to its average volume of 2,407,054. The firm has a market cap of $80.50 billion, a price-to-earnings ratio of 53.95, a price-to-earnings-growth ratio of 1.38 and a beta of 0.67. American Tower has a twelve month low of $154.58 and a twelve month high of $219.10. The company has a debt-to-equity ratio of 3.29, a quick ratio of 0.69 and a current ratio of 0.69. The company’s 50 day moving average price is $189.71 and its 200 day moving average price is $194.53.

American Tower Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Friday, April 12th were given a $1.62 dividend. The ex-dividend date was Thursday, April 11th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.75%. American Tower’s dividend payout ratio (DPR) is currently 203.77%.

Insider Transactions at American Tower

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

Analyst Ratings Changes

AMT has been the topic of a number of research analyst reports. Raymond James upgraded shares of American Tower from an “outperform” rating to a “strong-buy” rating and raised their price target for the company from $226.00 to $248.00 in a research note on Wednesday. Morgan Stanley raised their price target on shares of American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Barclays raised their price target 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. BMO Capital Markets reduced their price target on shares of American Tower from $235.00 to $228.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 28th. Finally, Mizuho initiated coverage on shares of American Tower in a research report on Monday, April 8th. They set a “neutral” rating and a $205.00 target price on the stock. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and a consensus price target of $221.27.

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.