American Tower (NYSE:AMT) Issues Earnings Results

American Tower (NYSE:AMT) released its quarterly earnings data on Tuesday. The real estate investment trust reported $1.92 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52), Yahoo Finance reports. The business had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. American Tower had a return on equity of 18.45% and a net margin of 18.42%. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.46 EPS. American Tower updated its FY 2024 guidance to 10.480-10.720 EPS and its FY24 guidance to $10.48-$10.72 EPS.

American Tower Price Performance

American Tower stock traded down $2.65 during midday trading on Wednesday, hitting $220.40. The company’s stock had a trading volume of 2,918,166 shares, compared to its average volume of 2,316,126. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 3.39. The stock’s 50-day moving average price is $198.63 and its 200-day moving average price is $193.69. American Tower has a 12 month low of $154.58 and a 12 month high of $223.46. The company has a market capitalization of $102.92 billion, a PE ratio of 49.86, a price-to-earnings-growth ratio of 1.51 and a beta of 0.81.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 14th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 2.94%. The ex-dividend date was Friday, June 14th. American Tower’s dividend payout ratio (DPR) is presently 146.61%.

Insiders Place Their Bets

In other American Tower news, Director Robert D. Hormats sold 700 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the sale, the director now owns 7,332 shares in the company, valued at approximately $1,345,422. The transaction was disclosed in a filing with the SEC, which is available through this link. In other American Tower news, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the transaction, the director now owns 7,332 shares of the company’s stock, valued at approximately $1,345,422. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total value of $702,061.44. Following the transaction, the executive vice president now directly owns 28,413 shares in the company, valued at approximately $5,692,828.68. The disclosure for this sale can be found here. 0.18% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the stock from $226.00 to $248.00 in a report on Wednesday, May 1st. Wells Fargo & Company boosted their price target on shares of American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a report on Wednesday. BMO Capital Markets reissued an “outperform” rating and set a $246.00 price target (up previously from $225.00) on shares of American Tower in a report on Wednesday. Scotiabank boosted their price target on shares of American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a report on Wednesday. Finally, TD Cowen boosted their price target on shares of American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $230.38.

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.