American Tower (NYSE:AMT) Releases Quarterly Earnings Results

American Tower (NYSE:AMT) issued its quarterly earnings data on Tuesday. The real estate investment trust reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47), Yahoo Finance reports. 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 for the quarter, compared to analysts’ expectations of $2.79 billion. During the same period last year, the business earned $2.54 earnings per share. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. 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 Stock Up 3.1 %

Shares of NYSE:AMT opened at $176.80 on Thursday. The stock has a 50-day simple moving average of $189.49 and a 200-day simple moving average of $194.40. American Tower has a 1 year low of $154.58 and a 1 year high of $219.10. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.69 and a current ratio of 0.85. The stock has a market capitalization of $82.45 billion, a P/E ratio of 40.00, a PEG ratio of 1.35 and a beta of 0.71.

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 issued a $1.62 dividend. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.67%. American Tower’s dividend payout ratio (DPR) is 146.61%.

Insider Buying and Selling

In other American Tower news, Director Pamela D. A. Reeve sold 5,054 shares of the business’s stock in a transaction dated 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 sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Pamela D. A. Reeve sold 5,054 shares of American Tower stock in a transaction that occurred 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 sale, the director now owns 18,545 shares in the company, valued at $3,532,080.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Rodney M. Smith sold 11,510 shares of the company’s 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 transaction, the chief financial officer now owns 62,969 shares of the company’s stock, valued at $12,953,352.99. The disclosure for this sale can be found here. 0.18% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

AMT has been the subject of several analyst reports. BMO Capital Markets cut their target price on shares of American Tower from $228.00 to $220.00 and set an “outperform” rating for the company in a research note on Wednesday. Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the company from $226.00 to $248.00 in a research report on Wednesday. Scotiabank decreased their target price on shares of American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a research report on Wednesday. StockNews.com downgraded American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Finally, Mizuho assumed coverage on American Tower in a report on Monday, April 8th. They set a “neutral” rating and a $205.00 price objective on the stock. Three 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 company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $221.91.

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.