American Tower (NYSE:AMT) Announces Quarterly Earnings Results, Misses Estimates By $1.56 EPS

American Tower (NYSE:AMT - Get Free Report) announced its quarterly earnings results on Tuesday. The real estate investment trust reported $0.89 EPS for the quarter, missing analysts' consensus estimates of $2.45 by ($1.56), Yahoo Finance reports. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The business had revenue of $2.52 billion for the quarter, compared to analysts' expectations of $2.77 billion. During the same quarter in the previous year, the company posted $2.58 earnings per share. The business's quarterly revenue was down 10.5% compared to the same quarter last year. American Tower updated its FY 2024 guidance to 10.450-10.620 EPS.

American Tower Price Performance

Shares of NYSE AMT traded up $0.01 during trading hours on Wednesday, reaching $212.92. 1,253,106 shares of the stock traded hands, compared to its average volume of 2,271,721. The company has a market capitalization of $99.45 billion, a P/E ratio of 40.35, a price-to-earnings-growth ratio of 1.09 and a beta of 0.83. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42. American Tower has a 52-week low of $170.46 and a 52-week high of $243.56. The company's 50-day simple moving average is $228.70 and its two-hundred day simple moving average is $208.39.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were issued a dividend of $1.62 per share. The ex-dividend date was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.04%. American Tower's dividend payout ratio is 121.80%.

Insider Activity at American Tower

In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm's stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the transaction, the chief accounting officer now directly owns 31,873 shares of the company's stock, valued at approximately $7,424,177.89. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Steven O. Vondran sold 21,537 shares of the firm's stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the transaction, the chief executive officer now directly owns 61,843 shares in the company, valued at $14,223,890. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm's stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total value of $508,020.33. Following the transaction, the chief accounting officer now owns 31,873 shares in the company, valued at approximately $7,424,177.89. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,723 shares of company stock valued at $7,795,397. Corporate insiders own 0.18% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on AMT. Barclays raised their price target on American Tower from $223.00 to $255.00 and gave the stock an "overweight" rating in a report on Thursday, October 10th. StockNews.com raised American Tower from a "hold" rating to a "buy" rating in a report on Wednesday, July 31st. TD Cowen increased their price target on shares of American Tower from $226.00 to $239.00 and gave the stock a "buy" rating in a report on Wednesday, July 31st. Scotiabank boosted their price objective on shares of American Tower from $223.00 to $248.00 and gave the company a "sector outperform" rating in a research note on Wednesday, July 31st. Finally, Wells Fargo & Company cut shares of American Tower from an "overweight" rating to an "equal weight" rating and lowered their target price for the stock from $245.00 to $230.00 in a research note on Thursday, October 10th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, American Tower has a consensus rating of "Moderate Buy" and a consensus target price of $236.77.

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.