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

American Tower (NYSE:AMT) released its quarterly earnings data 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. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The firm had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.77 billion. During the same period last year, the business earned $2.58 EPS. The company’s revenue was down 10.5% compared to the same quarter last year. American Tower updated its FY 2024 guidance to 10.450-10.620 EPS.

American Tower Stock Up 1.0 %

NYSE:AMT traded up $2.22 during trading hours on Wednesday, reaching $215.13. The company had a trading volume of 563,250 shares, compared to its average volume of 2,268,436. The business’s 50-day simple moving average is $228.70 and its two-hundred day simple moving average is $208.39. American Tower has a twelve month low of $170.46 and a twelve month high of $243.56. The firm has a market cap of $100.48 billion, a price-to-earnings ratio of 40.35, a P/E/G ratio of 1.09 and a beta of 0.83. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.01%. American Tower’s payout ratio is presently 121.80%.

Insider Activity

In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $232.93, for a total value of $508,020.33. Following the completion of the sale, the chief accounting officer now directly owns 31,873 shares of the company’s stock, valued at $7,424,177.89. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total value of $508,020.33. Following the completion of the sale, the chief accounting officer now owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. 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 is accessible through this hyperlink. Also, EVP Olivier Puech sold 10,005 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the transaction, the executive vice president now owns 51,746 shares in the company, valued at approximately $12,070,789.42. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,723 shares of company stock worth $7,795,397. Company insiders own 0.18% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Royal Bank of Canada lifted their price target on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. lifted their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $245.00 to $230.00 in a research report on Thursday, October 10th. Barclays lifted their price target on shares of American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Finally, StockNews.com raised American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. Three 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 stock. According to data from MarketBeat, American Tower currently has an average rating of “Moderate Buy” and a consensus price target of $236.77.

About American Tower

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.