American Tower (NYSE:AMT) Issues FY24 Earnings Guidance

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

Wall Street Analyst Weigh In

A number of analysts have recently commented on AMT shares. StockNews.com downgraded American Tower from a buy rating to a hold rating in a report on Friday, March 1st. Morgan Stanley raised their price objective on American Tower from $183.00 to $196.00 and gave the stock an equal weight rating in a report on Monday, April 15th. Mizuho initiated coverage on American Tower in a report on Monday, April 8th. They set a neutral rating and a $205.00 target price for the company. BMO Capital Markets cut their price target on shares of American Tower from $235.00 to $228.00 and set an outperform rating on the stock in a report on Wednesday, February 28th. Finally, Barclays boosted their price objective on shares of American Tower from $224.00 to $234.00 and gave the stock an overweight rating in a research note on Tuesday, March 5th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $217.36.

American Tower Stock Down 1.1 %

Shares of NYSE AMT traded down $1.89 during midday trading 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. The stock has a market capitalization of $80.73 billion, a PE ratio of 55.05, a price-to-earnings-growth ratio of 1.36 and a beta of 0.67. American Tower has a 52-week low of $154.58 and a 52-week high of $219.10. The company has a debt-to-equity ratio of 3.29, a quick ratio of 0.69 and a current ratio of 0.69. The business’s fifty day moving average price is $190.05 and its two-hundred day moving average price is $194.49.

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 during the quarter, compared to the consensus estimate of $2.74 billion. American Tower had a return on equity of 12.80% and a net margin of 13.31%. The firm’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter last year, the firm posted $2.34 EPS. Analysts forecast that American Tower will post 9.94 EPS for the current year.

American Tower Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Shareholders 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 of this dividend was Thursday, April 11th. American Tower’s payout ratio is currently 203.77%.

Insider Transactions at American Tower

In related 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 stock was sold at an average price of $190.46, for a total transaction of $962,584.84. Following the sale, the director now directly owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CFO Rodney M. Smith sold 11,510 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the sale, the chief financial officer now directly owns 62,969 shares in the company, valued at approximately $12,953,352.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Pamela D. A. Reeve sold 5,054 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were 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 of the company’s stock, valued at approximately $3,532,080.70. The disclosure for this sale can be found here. Insiders own 0.18% of the company’s stock.

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.