American Tower (NYSE:AMT) Issues Earnings Results

American Tower (NYSE:AMT) issued its earnings results on Tuesday. The real estate investment trust reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56), Yahoo Finance reports. The business had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. The company’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.58 earnings per share. American Tower updated its FY 2024 guidance to 10.450-10.620 EPS.

American Tower Stock Performance

AMT stock traded up $0.06 during midday trading on Thursday, hitting $213.54. The company’s stock had a trading volume of 1,923,555 shares, compared to its average volume of 2,275,865. The stock’s 50-day moving average price is $228.58 and its 200 day moving average price is $208.42. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42. American Tower has a 1 year low of $170.46 and a 1 year high of $243.56. The stock has a market cap of $99.74 billion, a price-to-earnings ratio of 40.14, a PEG ratio of 1.09 and a beta of 0.83.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were given a $1.62 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 3.03%. American Tower’s dividend payout ratio is currently 121.80%.

Insider Activity

In related news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the sale, the executive vice president now directly owns 51,746 shares in the company, valued at approximately $12,070,789.42. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the transaction, the chief executive officer now directly owns 61,843 shares in the company, valued at $14,223,890. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Olivier Puech sold 10,005 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the transaction, the executive vice president now owns 51,746 shares in the company, valued at $12,070,789.42. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,723 shares of company stock valued at $7,795,397 in the last 90 days. Insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. StockNews.com downgraded American Tower from a “buy” rating to a “hold” rating in a report on Wednesday. Scotiabank lowered their target price on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a report on Wednesday. Wells Fargo & Company downgraded American Tower from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $245.00 to $230.00 in a report on Thursday, October 10th. Barclays boosted their price objective on American Tower from $223.00 to $255.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Finally, Royal Bank of Canada boosted their price objective on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a report on Thursday, August 15th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $235.85.

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.