American Tower (NYSE:AMT) Announces Earnings Results

American Tower (NYSE:AMT) issued its earnings results on Thursday. The real estate investment trust reported $1.00 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.99 by ($0.99), MarketWatch Earnings reports. American Tower had a return on equity of 39.62% and a net margin of 24.70%. The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.95 billion. During the same period in the prior year, the business earned $2.01 EPS. The business’s revenue was up 1.2% on a year-over-year basis.

American Tower stock opened at $261.39 on Friday. The company has a debt-to-equity ratio of 6.88, a quick ratio of 0.64 and a current ratio of 0.61. The firm has a market cap of $116.36 billion, a price-to-earnings ratio of 32.25, a price-to-earnings-growth ratio of 2.26 and a beta of 0.45. American Tower has a 1 year low of $174.32 and a 1 year high of $272.20. The firm’s 50 day moving average price is $260.39 and its two-hundred day moving average price is $244.08.

The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Friday, June 19th were given a $1.10 dividend. This is a positive change from American Tower’s previous quarterly dividend of $1.08. The ex-dividend date was Thursday, June 18th. This represents a $4.40 annualized dividend and a yield of 1.68%. American Tower’s payout ratio is 56.92%.

A number of equities research analysts have recently weighed in on AMT shares. Wells Fargo & Co lifted their price target on American Tower from $272.00 to $290.00 and gave the company an “overweight” rating in a report on Friday, July 10th. Zacks Investment Research raised American Tower from a “sell” rating to a “hold” rating and set a $273.00 price target on the stock in a report on Monday, June 29th. KeyCorp cut American Tower from an “overweight” rating to a “sector weight” rating in a report on Monday, July 13th. Deutsche Bank started coverage on American Tower in a report on Friday, June 5th. They set a “buy” rating and a $287.00 price target on the stock. Finally, Morgan Stanley raised their price objective on shares of American Tower from $245.00 to $250.00 and gave the company an “equal weight” rating in a research note on Monday, June 1st. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $265.33.

In related news, EVP Olivier Puech sold 4,078 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $265.00, for a total value of $1,080,670.00. Following the completion of the transaction, the executive vice president now owns 21,663 shares of the company’s stock, valued at approximately $5,740,695. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Robert Joseph Meyer, Jr. sold 6,439 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $238.11, for a total transaction of $1,533,190.29. Following the completion of the transaction, the chief accounting officer now directly owns 37,120 shares of the company’s stock, valued at approximately $8,838,643.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,220 shares of company stock worth $3,317,755. 0.65% of the stock is currently owned by company insiders.

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 approximately 171,000 communications sites.

See Also: Technical Analysis

Earnings History for American Tower (NYSE:AMT)

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