American Tower (NYSE:AMT) Posts Quarterly Earnings Results, Misses Estimates By $0.47 EPS

American Tower (NYSE:AMT) released its earnings results on Tuesday. The real estate investment trust reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47), Yahoo Finance reports. American Tower had a return on equity of 12.80% and a net margin of 13.31%. The firm had revenue of $2.83 billion during 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 business’s revenue 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 Price Performance

NYSE:AMT opened at $173.28 on Wednesday. The stock has a market cap of $80.81 billion, a P/E ratio of 53.95, a PEG ratio of 1.38 and a beta of 0.67. American Tower has a one year low of $154.58 and a one year high of $219.10. The company has a fifty day moving average price of $189.71 and a 200 day moving average price of $194.53. The company has a debt-to-equity ratio of 3.29, a current ratio of 0.69 and a quick ratio of 0.69.

American Tower Cuts Dividend

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

Insider Activity at American Tower

In other news, CFO Rodney M. Smith sold 11,510 shares of the 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 transaction, the chief financial officer now owns 62,969 shares in the company, valued at approximately $12,953,352.99. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CFO Rodney M. Smith sold 11,510 shares of the 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 transaction, the chief financial officer now owns 62,969 shares in the company, valued at approximately $12,953,352.99. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Pamela D. A. Reeve sold 5,054 shares of the 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 transaction, 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 Upgrades and Downgrades

AMT has been the topic of a number of research analyst reports. Morgan Stanley boosted their price objective on shares of American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. 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 price objective on the stock. Barclays boosted their price objective on shares of American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a research report on Tuesday, March 5th. 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. Finally, StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research report on Friday, March 1st. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.