American Tower (NYSE:AMT) Announces Earnings Results, Misses Expectations By $1.16 EPS

American Tower (NYSE:AMTGet Free Report) released its earnings results on Tuesday. The real estate investment trust reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($1.16), Yahoo Finance reports. The firm had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.74 billion. American Tower had a return on equity of 12.80% and a net margin of 13.31%. The firm’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same period last year, the business earned $2.34 earnings per share. American Tower updated its FY 2024 guidance to 10.210-10.450 EPS and its FY24 guidance to $10.21-10.45 EPS.

American Tower Price Performance

Shares of AMT stock opened at $195.84 on Thursday. American Tower has a 52 week low of $154.58 and a 52 week high of $219.10. The stock has a market capitalization of $91.29 billion, a PE ratio of 60.93, a PEG ratio of 1.52 and a beta of 0.68. The company has a debt-to-equity ratio of 3.29, a quick ratio of 0.73 and a current ratio of 0.69. The stock’s fifty day moving average is $201.50 and its 200-day moving average is $189.23.

American Tower Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Thursday, December 28th were given a $1.70 dividend. This is an increase from American Tower’s previous quarterly dividend of $1.62. The ex-dividend date of this dividend was Wednesday, December 27th. This represents a $6.80 annualized dividend and a yield of 3.47%. American Tower’s payout ratio is presently 213.84%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on AMT shares. BMO Capital Markets lowered their price objective on American Tower from $235.00 to $228.00 and set an “outperform” rating on the stock in a research report on Wednesday. Barclays lowered their price target on shares of American Tower from $229.00 to $224.00 and set an “overweight” rating on the stock in a report on Wednesday, January 24th. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a report on Monday, February 19th. JPMorgan Chase & Co. lowered their target price on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, HSBC started coverage on shares of American Tower in a research note on Thursday, December 14th. They set a “buy” rating and a $245.00 price target for the company. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $219.00.

View Our Latest Analysis on American Tower

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Pinnacle Holdings LLC acquired a new stake in American Tower in the 1st quarter valued at about $29,000. Eagle Bay Advisors LLC acquired a new stake in shares of American Tower in the second quarter valued at approximately $30,000. KB Financial Partners LLC bought a new position in American Tower in the 1st quarter worth approximately $38,000. VitalStone Financial LLC acquired a new position in American Tower during the 1st quarter worth $38,000. Finally, Lumature Wealth Partners LLC boosted its position in American Tower by 40.3% in the 1st quarter. Lumature Wealth Partners LLC now owns 174 shares of the real estate investment trust’s stock valued at $44,000 after buying an additional 50 shares during the last quarter. 89.29% of the stock is owned by institutional investors.

American Tower Company Profile

(Get Free Report)

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 nearly 225,000 communications sites and a highly interconnected footprint of U.S. data center facilities.

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Earnings History for American Tower (NYSE:AMT)

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