American Tower (NYSE:AMT) Releases FY24 Earnings Guidance

American Tower (NYSE:AMT) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $10.48-$10.72 for the period, compared to the consensus estimate of $10.46. American Tower also updated its FY 2024 guidance to 10.480-10.720 EPS.

Analysts Set New Price Targets

A number of brokerages have weighed in on AMT. Morgan Stanley boosted their price objective 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. Wells Fargo & Company upped their price target on American Tower from $200.00 to $225.00 and gave the stock an overweight rating in a research note on Monday, July 15th. BMO Capital Markets cut their price target on American Tower from $228.00 to $220.00 and set an outperform rating for the company in a research note on Wednesday, May 1st. Scotiabank cut their price target on American Tower from $243.00 to $223.00 and set a sector outperform rating for the company in a research note on Wednesday, May 1st. Finally, Barclays cut their price target on American Tower from $234.00 to $223.00 and set an overweight rating for the company in a research note on Thursday, May 30th. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, American Tower presently has a consensus rating of Moderate Buy and an average price target of $222.92.

American Tower Price Performance

Shares of AMT traded up $5.89 during trading hours on Tuesday, reaching $220.82. 1,181,042 shares of the company traded hands, compared to its average volume of 2,303,196. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 3.39. The stock has a market capitalization of $103.12 billion, a PE ratio of 48.65, a price-to-earnings-growth ratio of 1.50 and a beta of 0.81. American Tower has a fifty-two week low of $154.58 and a fifty-two week high of $222.85. The stock has a fifty day simple moving average of $198.05 and a 200 day simple moving average of $193.59.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). The company had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.79 billion. American Tower had a net margin of 18.42% and a return on equity of 18.45%. The firm’s revenue was up 2.4% on a year-over-year basis. During the same period in the previous year, the business earned $2.54 EPS. As a group, research analysts predict that American Tower will post 10.04 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 14th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 2.93%. The ex-dividend date was Friday, June 14th. American Tower’s dividend payout ratio is currently 146.61%.

Insider Activity at American Tower

In other American Tower news, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total transaction of $702,061.44. Following the completion of the sale, the executive vice president now directly owns 28,413 shares in the company, valued at $5,692,828.68. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the sale, the director now owns 7,332 shares of the company’s stock, valued at approximately $1,345,422. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction of $702,061.44. Following the sale, the executive vice president now directly owns 28,413 shares in the company, valued at approximately $5,692,828.68. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by insiders.

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.