American Tower (NYSE:AMT) Issues FY24 Earnings Guidance

American Tower (NYSE:AMT) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $10.30-10.53 for the period, compared to the consensus EPS 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 Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Mizuho assumed coverage on shares of American Tower in a research report on Monday, April 8th. They set a neutral rating and a $205.00 price target on the stock. BMO Capital Markets reduced their price objective on shares of American Tower from $235.00 to $228.00 and set an outperform rating on the stock in a report on Wednesday, February 28th. Morgan Stanley boosted their price target on shares of American Tower from $183.00 to $196.00 and gave the stock an equal weight rating in a research note on Monday, April 15th. JPMorgan Chase & Co. cut their price target 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. Finally, 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. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $217.36.

American Tower Price Performance

AMT stock opened at $175.06 on Tuesday. The company has a market capitalization of $81.64 billion, a P/E ratio of 55.05, a PEG ratio of 1.36 and a beta of 0.67. American Tower has a twelve month low of $154.58 and a twelve month high of $219.10. The business has a 50 day simple moving average of $190.05 and a 200-day simple moving average of $194.49. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.29.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($1.16). The firm had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.74 billion. American Tower had a net margin of 13.31% and a return on equity of 12.80%. American Tower’s revenue was up 3.0% compared to the same quarter last year. During the same period in the previous year, the company posted $2.34 earnings per share. As a group, equities analysts anticipate that American Tower will post 9.94 EPS for the current year.

American Tower Cuts Dividend

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

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 transaction 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 $3,532,080.70. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 transaction 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 $3,532,080.70. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 value of $2,367,722.10. Following the sale, the chief financial officer now directly owns 62,969 shares of the company’s stock, valued at $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.