American Tower (NYSE:AMT) Issues FY 2024 Earnings Guidance

American Tower (NYSE:AMT - Get Free Report) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 10.450-10.620 for the period, compared to the consensus estimate of 10.590. The company issued revenue guidance of -.

American Tower Trading Down 4.2 %

Shares of AMT traded down $9.31 during mid-day trading on Tuesday, reaching $212.91. 3,585,542 shares of the company were exchanged, compared to its average volume of 2,276,592. American Tower has a 52 week low of $169.70 and a 52 week high of $243.56. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market capitalization of $99.45 billion, a PE ratio of 40.02, a PEG ratio of 1.09 and a beta of 0.83. The business has a 50 day simple moving average of $228.85 and a two-hundred day simple moving average of $208.15.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.44 by ($0.52). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The company had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same quarter last year, the business earned $2.46 earnings per share. American Tower's revenue was up 4.7% compared to the same quarter last year. On average, analysts predict that American Tower will post 10.08 earnings per share for the current fiscal year.

American Tower Dividend Announcement

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

Analyst Upgrades and Downgrades

AMT has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft raised their target price on American Tower from $212.00 to $235.00 and gave the stock a "buy" rating in a research note on Wednesday, August 14th. Wells Fargo & Company cut American Tower from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $245.00 to $230.00 in a research note on Thursday, October 10th. Scotiabank raised their price objective on American Tower from $223.00 to $248.00 and gave the company a "sector outperform" rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. raised their price objective on American Tower from $240.00 to $250.00 and gave the company an "overweight" rating in a research note on Monday, September 23rd. Finally, Barclays raised their price objective on American Tower from $223.00 to $255.00 and gave the company an "overweight" rating in a research note on Thursday, October 10th. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $237.92.

Insider Activity at American Tower

In related news, CEO Steven O. Vondran sold 21,537 shares of American Tower stock in a transaction 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 sale, the chief executive officer now directly owns 61,843 shares in the company, valued at approximately $14,223,890. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, EVP Olivier Puech sold 10,005 shares of American Tower stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the sale, the executive vice president now directly owns 51,746 shares in the company, valued at approximately $12,070,789.42. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Steven O. Vondran sold 21,537 shares of the business's stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total value of $4,953,510.00. Following the completion of the sale, the chief executive officer now owns 61,843 shares in the company, valued at approximately $14,223,890. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,723 shares of company stock valued at $7,795,397 over the last 90 days. 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.