American Tower (NYSE:AMT) Issues FY24 Earnings Guidance

American Tower (NYSE:AMT - Get Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $10.30-10.53 for the period, compared to the consensus earnings per share estimate of $10.44. The company issued revenue guidance of $11.08-11.26 billion, compared to the consensus revenue estimate of $11.22 billion. American Tower also updated its FY 2024 guidance to 10.300-10.530 EPS.

American Tower Stock Performance

Shares of AMT stock traded down $3.43 on Tuesday, hitting $171.56. The company's stock had a trading volume of 3,487,796 shares, compared to its average volume of 2,431,712. 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 stock's 50 day moving average is $190.05 and its 200-day moving average is $194.49. American Tower has a fifty-two week low of $154.58 and a fifty-two week high of $219.10. The company has a market capitalization of $80.01 billion, a PE ratio of 55.05, a PEG ratio of 1.36 and a beta of 0.67.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $0.94 EPS for the quarter, missing the consensus estimate of $2.10 by ($1.16). The business had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.74 billion. American Tower had a net margin of 13.31% and a return on equity of 12.80%. The company's revenue was up 3.0% on a year-over-year basis. During the same quarter last year, the company posted $2.34 earnings per share. Equities research analysts expect that American Tower will post 9.94 earnings per share for the current fiscal year.

American Tower Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Friday, April 12th were paid a dividend of $1.62 per share. The ex-dividend date was Thursday, April 11th. This represents a $6.48 dividend on an annualized basis and a yield of 3.78%. American Tower's payout ratio is 203.77%.

Wall Street Analyst Weigh In

AMT has been the topic of a number of analyst reports. Morgan Stanley increased their price objective on shares of American Tower from $183.00 to $196.00 and gave the stock an equal weight rating in a research note 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 on the stock in a research note on Wednesday, February 28th. Mizuho began 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 on the stock. Barclays increased their target price on shares of American Tower from $224.00 to $234.00 and gave the stock an overweight rating in a report on Tuesday, March 5th. Finally, BMO Capital Markets dropped their target price on shares of American Tower from $235.00 to $228.00 and set an outperform rating for the company in a report on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $217.36.

Insider Activity at American Tower

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