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

American Tower (NYSE:AMT) released its earnings results 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 company had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter in the previous year, the business posted $2.58 EPS. The firm’s quarterly revenue was down 10.5% on a year-over-year basis. American Tower updated its FY 2024 guidance to 10.450-10.620 EPS.

American Tower Stock Performance

Shares of NYSE:AMT opened at $213.70 on Thursday. The business has a fifty day moving average of $228.58 and a 200-day moving average of $208.42. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81. 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 $99.82 billion, a PE ratio of 40.17, a price-to-earnings-growth ratio of 1.09 and a beta of 0.83.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were paid 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 Wednesday, October 9th. American Tower’s dividend payout ratio is currently 121.80%.

Analyst Ratings Changes

A number of analysts have commented on the company. StockNews.com downgraded American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday. TD Cowen lifted their price target on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. BMO Capital Markets reduced their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a report on Wednesday. Barclays upped their target price on shares of American Tower from $223.00 to $255.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Finally, Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $245.00 to $230.00 in a research note on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $235.85.

Insider Buying and Selling

In other American Tower news, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the sale, the executive vice president now owns 51,746 shares in the company, valued at approximately $12,070,789.42. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other American Tower news, 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 transaction, the executive vice president now directly owns 51,746 shares in the company, valued at approximately $12,070,789.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the sale, the chief executive officer now owns 61,843 shares of the company’s stock, valued at approximately $14,223,890. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,723 shares of company stock worth $7,795,397 in the last 90 days. Corporate insiders own 0.18% of the company’s stock.

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.