Q2 2023 Earnings Estimate for American Tower Co. Issued By Zacks Research (NYSE:AMT)

Posted by Defense World Staff on Jun 24th, 2023

American Tower Co. (NYSE:AMT – Get Rating) – Analysts at Zacks Research lowered their Q2 2023 EPS estimates for shares of American Tower in a research report issued to clients and investors on Thursday, June 22nd. Zacks Research analyst M. Chattopadhyay now forecasts that the real estate investment trust will post earnings of $2.25 per share for the quarter, down from their prior estimate of $2.26. The consensus estimate for American Tower’s current full-year earnings is $9.24 per share. Zacks Research also issued estimates for American Tower’s Q3 2023 earnings at $2.25 EPS, Q4 2023 earnings at $2.24 EPS, FY2023 earnings at $9.16 EPS, Q2 2024 earnings at $2.41 EPS, Q3 2024 earnings at $2.48 EPS and FY2025 earnings at $10.18 EPS.

A number of other research firms also recently issued reports on AMT. StockNews.com began coverage on American Tower in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Barclays boosted their target price on shares of American Tower from $229.00 to $233.00 in a report on Monday, May 1st. Raymond James upped their price target on shares of American Tower from $227.00 to $238.00 in a research note on Thursday, April 27th. Royal Bank of Canada decreased their price target on shares of American Tower from $240.00 to $230.00 and set an “outperform” rating on the stock in a research note on Monday, March 6th. Finally, Morgan Stanley decreased their price target on shares of American Tower from $224.00 to $215.00 in a research note on Tuesday, April 18th. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $252.53.

American Tower Stock Performance

NYSE AMT opened at $186.03 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 2.83. The company has a 50-day simple moving average of $193.58 and a two-hundred day simple moving average of $204.62. The firm has a market cap of $86.70 billion, a price-to-earnings ratio of 62.01, a PEG ratio of 1.34 and a beta of 0.57. American Tower has a 12-month low of $178.17 and a 12-month high of $282.47.

American Tower (NYSE:AMT – Get Rating) last posted its quarterly earnings results on Wednesday, April 26th. The real estate investment trust reported $0.72 EPS for the quarter, missing analysts’ consensus estimates of $2.28 by ($1.56). American Tower had a return on equity of 11.65% and a net margin of 12.85%. The company had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.74 billion. During the same period last year, the firm posted $2.55 EPS. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year.

Institutional Investors Weigh In On American Tower

Several institutional investors and hedge funds have recently added to or reduced their stakes in AMT. EWG Elevate Inc. acquired a new stake in American Tower during the 4th quarter worth $25,000. New England Capital Financial Advisors LLC purchased a new position in shares of American Tower during the 4th quarter worth $26,000. J.Safra Asset Management Corp raised its holdings in shares of American Tower by 629.4% during the 4th quarter. J.Safra Asset Management Corp now owns 124 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 107 shares during the period. Elequin Securities LLC purchased a new position in shares of American Tower during the 4th quarter worth $28,000. Finally, Pinnacle Holdings LLC purchased a new position in shares of American Tower during the 1st quarter worth $29,000. Institutional investors and hedge funds own 97.13% of the company’s stock.

American Tower Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 10th. Investors of record on Friday, June 16th will be paid a $1.57 dividend. The ex-dividend date is Thursday, June 15th. This represents a $6.28 dividend on an annualized basis and a yield of 3.38%. This is a boost from American Tower’s previous quarterly dividend of $1.56. American Tower’s dividend payout ratio (DPR) is currently 209.33%.

About American Tower

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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 226,000 communications sites and a highly interconnected footprint of U.S. data center facilities.