American Tower (AMT) Set to Announce Earnings on Tuesday

American Tower (NYSE:AMT) will be issuing its quarterly earnings data before the market opens on Tuesday, July 30th. Analysts expect the company to announce earnings of $2.43 per share for the quarter. American Tower has set its FY 2024 guidance at 10.300-10.530 EPS and its FY24 guidance at $10.30-10.53 EPS.Parties that wish to register for the company’s conference call can do so using this link.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The firm had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same period in the prior year, the company earned $2.54 earnings per share. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. On average, analysts expect American Tower to post $10 EPS for the current fiscal year and $10 EPS for the next fiscal year.

American Tower Stock Performance

Shares of NYSE AMT opened at $213.72 on Monday. The company has a debt-to-equity ratio of 3.39, a current ratio of 0.85 and a quick ratio of 0.85. The stock’s fifty day moving average price is $197.59 and its two-hundred day moving average price is $193.54. American Tower has a one year low of $154.58 and a one year high of $219.10. The firm has a market cap of $99.80 billion, a price-to-earnings ratio of 48.35, a P/E/G ratio of 1.50 and a beta of 0.81.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 14th were issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date was Friday, June 14th. American Tower’s dividend payout ratio is 146.61%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on AMT shares. BMO Capital Markets cut their target price on American Tower from $228.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. Wells Fargo & Company upped their target price on American Tower from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Monday, July 15th. Barclays cut their target price on American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. Mizuho started coverage on American Tower in a research report on Monday, April 8th. They set a “neutral” rating and a $205.00 target price for the company. Finally, Morgan Stanley upped their target price on American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, American Tower has an average rating of “Moderate Buy” and a consensus price target of $222.92.

Insider Buying and Selling

In related news, Director Robert D. Hormats sold 700 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the sale, the director now directly owns 7,332 shares in the company, valued at approximately $1,345,422. The sale was disclosed in a filing with the SEC, which is available through this link. In other American Tower news, Director Robert D. Hormats sold 700 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the completion of the transaction, the director now directly owns 7,332 shares in the company, valued at $1,345,422. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sanjay Goel sold 3,504 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total value of $702,061.44. Following the completion of the transaction, the executive vice president now owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The disclosure for this sale can be found here. 0.18% of the stock is owned by corporate 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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.