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

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

American Tower Price Performance

NYSE AMT traded up $1.72 on Wednesday, reaching $214.63. 623,516 shares of the company’s stock traded hands, compared to its average volume of 2,268,723. American Tower has a 12 month low of $170.46 and a 12 month high of $243.56. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a 50-day simple moving average of $228.70 and a 200 day simple moving average of $208.39. The stock has a market cap of $100.25 billion, a PE ratio of 40.35, a P/E/G ratio of 1.09 and a beta of 0.83.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s payout ratio is currently 121.80%.

Insider Buying and Selling at American Tower

In other American Tower news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the transaction, the executive vice president now directly owns 51,746 shares in the company, valued at $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 Securities & Exchange Commission, which is available at this hyperlink. In other 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 completion of the transaction, the chief accounting officer now owns 31,873 shares in the company, valued at $7,424,177.89. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $233.27, for a total value of $2,333,866.35. Following the transaction, the executive vice president now owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,723 shares of company stock worth $7,795,397 over the last ninety days. Insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on AMT shares. BMO Capital Markets dropped their price target on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a report on Wednesday. StockNews.com raised shares of American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. boosted their target price on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Deutsche Bank Aktiengesellschaft raised their price target on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Finally, Royal Bank of Canada increased their price objective on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. 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. According to MarketBeat, American Tower has an average 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.