American Tower (NYSE:AMT) Announces Earnings Results

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

American Tower Stock Performance

NYSE:AMT traded up $2.22 during mid-day trading on Wednesday, reaching $215.13. 563,250 shares of the company’s stock were exchanged, compared to its average volume of 2,268,436. 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 firm has a market capitalization of $100.48 billion, a PE ratio of 40.35, a price-to-earnings-growth ratio of 1.09 and a beta of 0.83. American Tower has a one year low of $170.46 and a one year high of $243.56. The business’s fifty day simple moving average is $228.70 and its two-hundred day simple moving average is $208.39.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were paid a $1.62 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 3.01%. American Tower’s dividend payout ratio (DPR) is presently 121.80%.

Insiders Place Their Bets

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

Analyst Ratings Changes

Several research firms recently weighed in on AMT. JPMorgan Chase & Co. raised their target price on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Mizuho upped their target price on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. StockNews.com upgraded American Tower from a “hold” rating to a “buy” rating in a report on Wednesday, July 31st. Scotiabank upped 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. Finally, Barclays lifted their target price on American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.