American Tower (NYSE:AMT) Releases FY 2024 Earnings Guidance

American Tower (NYSE:AMT) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 10.300-10.530 for the period, compared to the consensus EPS estimate of 10.380. The company issued revenue guidance of -. American Tower also updated its FY24 guidance to $10.30-10.53 EPS.

American Tower Stock Up 1.2 %

AMT stock traded up $2.12 during trading on Friday, reaching $181.76. The stock had a trading volume of 3,130,325 shares, compared to its average volume of 2,469,077. American Tower has a one year low of $154.58 and a one year high of $219.10. The company’s 50 day moving average is $189.32 and its two-hundred day moving average is $194.30. The company has a quick ratio of 0.69, a current ratio of 0.85 and a debt-to-equity ratio of 3.39. The company has a market capitalization of $84.76 billion, a price-to-earnings ratio of 41.12, a P/E/G ratio of 1.40 and a beta of 0.71.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). The business had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.79 billion. American Tower had a return on equity of 18.45% and a net margin of 18.42%. The business’s revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the business posted $2.54 earnings per share. Equities research analysts forecast that American Tower will post 9.94 EPS for the current 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 given a dividend of $1.62 per share. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $6.48 annualized dividend and a yield of 3.57%. American Tower’s payout ratio is currently 146.61%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on AMT. Raymond James raised shares of American Tower from an outperform rating to a strong-buy rating and lifted their price target for the stock from $226.00 to $248.00 in a report on Wednesday. Morgan Stanley increased their price target on American Tower from $183.00 to $196.00 and gave the stock an equal weight rating in a research note on Monday, April 15th. Barclays upped their price objective on shares of American Tower from $224.00 to $234.00 and gave the company an overweight rating in a report on Tuesday, March 5th. StockNews.com downgraded shares of American Tower from a buy rating to a hold rating in a research note on Friday, March 1st. Finally, BMO Capital Markets cut their price objective on shares of American Tower from $228.00 to $220.00 and set an outperform rating for the company in a report on Wednesday. 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 has an average rating of Moderate Buy and a consensus target price of $221.91.

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 that occurred on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total value 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 transaction was disclosed in a filing with the SEC, which is available through this link. 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 shares were sold at an average price of $190.46, for a total value of $962,584.84. Following the completion of the transaction, the director now directly owns 18,545 shares in the company, valued at $3,532,080.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Rodney M. Smith sold 11,510 shares of the firm’s 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 transaction, the chief financial officer now directly owns 62,969 shares in the company, valued at $12,953,352.99. The disclosure for this sale can be found here. 0.18% of the stock is owned by company insiders.

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.