American Tower (NYSE:AMT) Releases FY24 Earnings Guidance

American Tower (NYSE:AMT) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $10.30-10.53 for the period, compared to the consensus earnings per share 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

A number of research analysts have weighed in on AMT shares. 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. Morgan Stanley lifted their price target on American Tower from $183.00 to $196.00 and gave the stock an equal weight rating in a report on Monday, April 15th. BMO Capital Markets reduced 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. Mizuho began coverage on shares of American Tower in a report on Monday, April 8th. They issued a neutral rating and a $205.00 price objective on the stock. Finally, StockNews.com cut shares of American Tower from a buy rating to a hold rating in a research note on Friday, March 1st. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $217.36.

American Tower Stock Performance

Shares of NYSE:AMT traded down $1.89 on Tuesday, reaching $173.10. 2,071,629 shares of the company’s stock were exchanged, compared to its average volume of 2,413,620. American Tower has a twelve month low of $154.58 and a twelve month high of $219.10. The company has a fifty day moving average of $190.05 and a 200-day moving average of $194.49. The company has a market capitalization of $80.73 billion, a price-to-earnings ratio of 55.05, a PEG ratio of 1.36 and a beta of 0.67. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.29.

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

American Tower Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 12th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date was Thursday, April 11th. American Tower’s dividend payout ratio (DPR) is presently 203.77%.

Insiders Place Their Bets

In other news, Director Pamela D. A. Reeve sold 5,054 shares of the company’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 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Pamela D. A. Reeve sold 5,054 shares of the company’s stock in a transaction 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 completion of the sale, the director now directly owns 18,545 shares in the company, valued at approximately $3,532,080.70. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Rodney M. Smith sold 11,510 shares of American Tower stock in a transaction dated 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 transaction, 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. Corporate insiders own 0.18% of the company’s stock.

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.