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 earnings per share (EPS) guidance of $10.30-10.53 for the period, compared to the consensus 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 research analysts have recently commented on the company. StockNews.com lowered American Tower from a buy rating to a hold rating in a report on Friday, March 1st. Barclays increased their price target on American Tower from $224.00 to $234.00 and gave the company an overweight rating in a report on Tuesday, March 5th. JPMorgan Chase & Co. reduced their price objective on shares of American Tower from $236.00 to $230.00 and set an overweight rating for the company in a research note on Wednesday, February 28th. Raymond James upgraded shares of American Tower from an outperform rating to a strong-buy rating and raised their target price for the company from $226.00 to $248.00 in a research note on Wednesday. Finally, Morgan Stanley boosted their target price on shares of American Tower from $183.00 to $196.00 and gave the stock an equal weight rating in a research report on Monday, April 15th. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, American Tower presently has an average rating of Moderate Buy and a consensus target price of $220.55.

American Tower Price Performance

NYSE:AMT traded up $2.50 during trading hours on Wednesday, reaching $174.06. The company had a trading volume of 1,380,276 shares, compared to its average volume of 2,420,851. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.29. The stock has a 50-day moving average of $189.71 and a two-hundred day moving average of $194.53. American Tower has a one year low of $154.58 and a one year high of $219.10. The firm has a market capitalization of $81.17 billion, a PE ratio of 54.66, a PEG ratio of 1.38 and a beta of 0.67.

American Tower (NYSE:AMT) last announced its 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 firm had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.79 billion. American Tower had a return on equity of 12.80% and a net margin of 13.31%. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter last year, the business earned $2.54 EPS. Analysts forecast that American Tower will post 9.94 earnings per share for the current year.

American Tower Cuts Dividend

The firm 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 dividend on an annualized basis and a yield of 3.72%. American Tower’s dividend payout ratio (DPR) is presently 203.77%.

Insider Buying and Selling 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 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 owns 62,969 shares in the company, valued at $12,953,352.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Pamela D. A. Reeve sold 5,054 shares of American Tower 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 directly owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Rodney M. Smith sold 11,510 shares of the company’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 transaction, the chief financial officer now directly owns 62,969 shares in the company, 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.