American Tower (NYSE:AMT) Updates 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 2.0 %

American Tower stock opened at $175.06 on Tuesday. The business has a 50 day moving average price of $190.05 and a two-hundred day moving average price of $194.49. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.29. American Tower has a 12 month low of $154.58 and a 12 month high of $219.10. The stock has a market cap of $81.64 billion, a price-to-earnings ratio of 55.05, a price-to-earnings-growth ratio of 1.36 and a beta of 0.67.

American Tower (NYSE:AMT) last released its quarterly earnings data 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 firm had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.74 billion. American Tower had a net margin of 13.31% and a return on equity of 12.80%. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.34 earnings per share. As a group, equities analysts forecast that American Tower will post 9.94 EPS for the current year.

American Tower Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Friday, April 12th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date of this dividend was Thursday, April 11th. American Tower’s payout ratio is 203.77%.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

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