American Tower (NYSE:AMT) Issues FY 2024 Earnings Guidance

American Tower (NYSE:AMT) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 10.300-10.530 for the period, compared to the consensus EPS estimate of 10.380. The company issued revenue guidance of -. American Tower also updated its FY24 guidance to $10.30-10.53 EPS.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Barclays upped their price target on shares of American Tower from $224.00 to $234.00 and gave the stock an overweight rating in a research report on Tuesday, March 5th. JPMorgan Chase & Co. decreased their price objective on shares of American Tower from $236.00 to $230.00 and set an overweight rating for the company in a research report on Wednesday, February 28th. StockNews.com cut shares of American Tower from a buy rating to a hold rating in a research report on Friday, March 1st. BMO Capital Markets decreased their price objective on shares of American Tower from $235.00 to $228.00 and set an outperform rating for the company in a research report on Wednesday, February 28th. Finally, Mizuho assumed coverage on shares of American Tower in a research report 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 and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $217.36.

American Tower Stock Performance

Shares of AMT traded down $2.58 during mid-day trading on Tuesday, reaching $172.41. 1,844,556 shares of the company’s stock traded hands, compared to its average volume of 2,410,809. The business’s 50-day moving average price is $190.05 and its 200-day moving average price is $194.49. The stock has a market capitalization of $80.40 billion, a P/E ratio of 55.05, a price-to-earnings-growth ratio of 1.36 and a beta of 0.67. The company has a debt-to-equity ratio of 3.29, a quick ratio of 0.69 and a current ratio of 0.69. American Tower has a 12 month low of $154.58 and a 12 month high of $219.10.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($1.16). American Tower had a net margin of 13.31% and a return on equity of 12.80%. The company had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.74 billion. During the same quarter in the prior year, the business earned $2.34 EPS. American Tower’s revenue was up 3.0% compared to the same quarter last year. Equities analysts predict that American Tower will post 9.94 earnings per share for the current year.

American Tower Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Friday, April 12th were given a $1.62 dividend. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $6.48 annualized dividend and a yield of 3.76%. American Tower’s dividend payout ratio (DPR) is 203.77%.

Insiders Place Their Bets

In other American Tower 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 transaction of $2,367,722.10. Following the completion of the sale, 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 document filed with the Securities & Exchange Commission, which is available at this link. In related news, 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 value 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $2,367,722.10. Following the completion of the sale, the chief financial officer now directly owns 62,969 shares of the company’s stock, 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 company insiders.

About American Tower

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.