American Tower (NYSE:AMT) Releases Earnings Results, Misses Expectations By $0.47 EPS

American Tower (NYSE:AMT) issued its quarterly earnings results on Tuesday. The real estate investment trust reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47), Yahoo Finance reports. American Tower had a net margin of 13.31% and a return on equity of 12.80%. The business had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.79 billion. During the same period in the prior year, the company posted $2.54 EPS. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. American Tower updated its FY 2024 guidance to 10.300-10.530 EPS and its FY24 guidance to $10.30-10.53 EPS.

American Tower Price Performance

Shares of NYSE:AMT opened at $171.56 on Wednesday. The business has a 50-day moving average of $189.71 and a two-hundred day moving average of $194.53. The company has a debt-to-equity ratio of 3.29, a current ratio of 0.69 and a quick ratio of 0.69. The stock has a market capitalization of $80.01 billion, a P/E ratio of 53.95, a P/E/G ratio of 1.38 and a beta of 0.67. American Tower has a fifty-two week low of $154.58 and a fifty-two week high of $219.10.

American Tower Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 12th were issued a dividend of $1.62 per share. The ex-dividend date was Thursday, April 11th. This represents a $6.48 annualized dividend and a dividend yield of 3.78%. American Tower’s dividend payout ratio is 203.77%.

Insider Activity

In other news, Director Pamela D. A. Reeve sold 5,054 shares of the stock in a transaction on Wednesday, February 28th. The shares were 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 owns 18,545 shares of the company’s stock, 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. In related news, CFO Rodney M. Smith sold 11,510 shares of the firm’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 $12,953,352.99. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Pamela D. A. Reeve sold 5,054 shares of American Tower stock in a transaction on Wednesday, February 28th. The shares were 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 owns 18,545 shares in the company, valued at $3,532,080.70. The disclosure for this sale can be found here. 0.18% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Morgan Stanley increased their target price on American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $226.00 to $248.00 in a report on Wednesday. Barclays lifted their price objective on shares of American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a research note on Tuesday, March 5th. BMO Capital Markets dropped their price target on shares of American Tower from $235.00 to $228.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 28th. Finally, JPMorgan Chase & Co. lowered their price objective 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. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $221.27.

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.