American Tower (AMT) to Release Quarterly Earnings on Tuesday

American Tower (NYSE:AMT) will be issuing its quarterly earnings data before the market opens on Tuesday, October 29th. Analysts expect the company to announce earnings of $2.50 per share for the quarter. American Tower has set its FY 2024 guidance at 10.480-10.720 EPS and its FY24 guidance at $10.48-$10.72 EPS.Investors that are interested in participating in the company’s conference call can do so using this link.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The company had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same period in the prior year, the firm posted $2.46 EPS. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. 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 Down 1.4 %

NYSE AMT opened at $222.80 on Monday. American Tower has a 52 week low of $162.55 and a 52 week high of $243.56. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42. The company has a market capitalization of $104.04 billion, a P/E ratio of 50.41, a price-to-earnings-growth ratio of 1.08 and a beta of 0.83. The stock’s 50-day moving average price is $228.80 and its 200-day moving average price is $207.84.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date was Wednesday, October 9th. American Tower’s payout ratio is 146.61%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Royal Bank of Canada increased their price objective on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. StockNews.com upgraded American Tower from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft boosted their price objective on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Mizuho upped their price objective on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. Finally, BMO Capital Markets lifted their target price on American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, September 13th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and an average target price of $237.92.

Insider Activity at American Tower

In other news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the transaction, the executive vice president now owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the transaction, the chief executive officer now owns 61,843 shares in the company, valued at $14,223,890. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Olivier Puech sold 10,005 shares of the stock in a transaction that occurred 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 sale, the executive vice president now owns 51,746 shares in the company, valued at approximately $12,070,789.42. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,723 shares of company stock valued at $7,795,397. 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.