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 earnings per share (EPS) guidance of 10.300-10.530 for the period, compared to the consensus 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 Trading Up 0.9 %

NYSE:AMT traded up $1.57 on Thursday, reaching $178.41. 1,381,823 shares of the company’s stock were exchanged, compared to its average volume of 2,438,086. 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 firm has a market capitalization of $83.20 billion, a price-to-earnings ratio of 40.00, a price-to-earnings-growth ratio of 1.35 and a beta of 0.71. The business has a fifty day moving average of $189.49 and a 200-day moving average of $194.40. American Tower has a 52-week low of $154.58 and a 52-week high of $219.10.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share (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 analysts’ expectations of $2.79 billion. American Tower had a return on equity of 18.45% and a net margin of 18.42%. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter last year, the company earned $2.54 earnings per share. As a group, analysts expect that American Tower will post 9.94 earnings per share for the current year.

American Tower Cuts Dividend

The company 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. The ex-dividend date was Thursday, April 11th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.63%. American Tower’s payout ratio is 146.61%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on AMT shares. Mizuho started coverage on shares of American Tower in a research note on Monday, April 8th. They set a neutral rating and a $205.00 target price on the stock. Raymond James upgraded shares of American Tower from an outperform rating to a strong-buy rating and upped their target price for the stock from $226.00 to $248.00 in a research note on Wednesday. JPMorgan Chase & Co. cut their target price on shares of American Tower from $236.00 to $230.00 and set an overweight rating on the stock in a research note on Wednesday, February 28th. Barclays upped their target price 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. Finally, Scotiabank dropped their price target on shares of American Tower from $243.00 to $223.00 and set a sector outperform rating on the stock in a research note on Wednesday. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $221.91.

Insider Activity

In related news, CFO Rodney M. Smith sold 11,510 shares of the stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 62,969 shares of the company’s stock, valued at $12,953,352.99. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other American Tower news, Director Pamela D. A. Reeve sold 5,054 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total value of $962,584.84. Following the completion of the sale, the director now owns 18,545 shares of the company’s stock, valued at $3,532,080.70. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Rodney M. Smith sold 11,510 shares of the firm’s 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 sale, the chief financial officer now directly owns 62,969 shares of the company’s stock, 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.

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.