American Tower (NYSE:AMT) Releases Quarterly Earnings Results, Misses Estimates By $0.47 EPS

American Tower (NYSE:AMT - Get Free Report) posted its quarterly earnings data on Tuesday. The real estate investment trust reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47), Yahoo Finance reports. American Tower had a net margin of 13.31% and a return on equity of 12.80%. The business had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.79 billion. During the same quarter last year, the business posted $2.54 EPS. The business's revenue for the quarter was up 2.4% on a year-over-year basis. American Tower updated its FY 2024 guidance to 10.300-10.530 EPS and its FY24 guidance to $10.30-10.53 EPS.

American Tower Stock Up 3.1 %

Shares of NYSE AMT traded up $5.24 during mid-day trading on Wednesday, reaching $176.80. The company had a trading volume of 3,877,084 shares, compared to its average volume of 2,449,003. The stock has a fifty day moving average of $189.49 and a two-hundred day moving average of $194.40. The company has a debt-to-equity ratio of 3.29, a quick ratio of 0.69 and a current ratio of 0.69. The company has a market capitalization of $82.45 billion, a price-to-earnings ratio of 55.60, a PEG ratio of 1.38 and a beta of 0.67. American Tower has a 12-month low of $154.58 and a 12-month high of $219.10.

American Tower Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Friday, April 12th were given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date of this dividend was Thursday, April 11th. American Tower's dividend payout ratio (DPR) is 203.77%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on AMT. Morgan Stanley raised their price objective on shares of American Tower from $183.00 to $196.00 and gave the company an "equal weight" rating in a research report on Monday, April 15th. JPMorgan Chase & Co. reduced their price objective on shares of American Tower from $236.00 to $230.00 and set an "overweight" rating for the company in a research report on Wednesday, February 28th. Scotiabank reduced their price objective on shares of American Tower from $243.00 to $223.00 and set a "sector outperform" rating for the company in a research report on Wednesday. Mizuho initiated coverage on shares of American Tower in a research note on Monday, April 8th. They set a "neutral" rating and a $205.00 price objective for the company. Finally, StockNews.com lowered shares of American Tower from a "buy" rating to a "hold" rating in a research note on Friday, March 1st. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, American Tower presently has an average rating of "Moderate Buy" and a consensus price target of $221.91.

Insider Transactions at American Tower

In other news, CFO Rodney M. Smith sold 11,510 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total value of $2,367,722.10. Following the completion of the sale, the chief financial officer now directly owns 62,969 shares of the company's stock, valued at $12,953,352.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Pamela D. A. Reeve sold 5,054 shares of the stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total value of $962,584.84. Following the transaction, the director now owns 18,545 shares in the company, valued at $3,532,080.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Rodney M. Smith sold 11,510 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total value of $2,367,722.10. Following the completion of the transaction, the chief financial officer now owns 62,969 shares in the company, valued at approximately $12,953,352.99. The disclosure for this sale can be found here. 0.18% of the stock is 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.