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 guidance of 10.300-10.530 for the period, compared to the consensus earnings per share 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 1.4 %

Shares of NYSE AMT traded up $2.34 during trading on Wednesday, reaching $173.90. The stock had a trading volume of 1,238,478 shares, compared to its average volume of 2,418,798. American Tower has a fifty-two week low of $154.58 and a fifty-two week high of $219.10. The company has a market cap of $81.10 billion, a P/E ratio of 54.66, a PEG ratio of 1.38 and a beta of 0.67. The company has a debt-to-equity ratio of 3.29, a quick ratio of 0.69 and a current ratio of 0.69. The business’s 50-day moving average price is $189.71 and its 200-day moving average price is $194.53.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.47). American Tower had a return on equity of 12.80% and a net margin of 13.31%. The company had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same period in the previous year, the firm earned $2.54 earnings per share. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, equities research analysts predict that American Tower will post 9.94 EPS for the current fiscal year.

American Tower Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 26th. Shareholders 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 yield of 3.73%. The ex-dividend date was Thursday, April 11th. American Tower’s dividend payout ratio (DPR) is 203.77%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on AMT shares. Raymond James raised American Tower from an outperform rating to a strong-buy rating and boosted their target price for the company from $226.00 to $248.00 in a report on Wednesday. Mizuho started coverage on American Tower in a report on Monday, April 8th. They issued a neutral rating and a $205.00 target price for the company. StockNews.com downgraded American Tower from a buy rating to a hold rating in a report on Friday, March 1st. Morgan Stanley boosted their price target on American Tower from $183.00 to $196.00 and gave the company an equal weight rating in a research report on Monday, April 15th. Finally, Barclays boosted their price target on American Tower from $224.00 to $234.00 and gave the company an overweight rating in a research report on Tuesday, March 5th. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $220.55.

Insider Buying and Selling

In related news, Director Pamela D. A. Reeve sold 5,054 shares of the 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 transaction, the director now directly owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Pamela D. A. Reeve sold 5,054 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total transaction of $962,584.84. Following the completion of the sale, the director now directly owns 18,545 shares in the company, valued at $3,532,080.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Rodney M. Smith sold 11,510 shares of the stock in a transaction dated 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 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.