FY2023 Earnings Estimate for American Tower Co. Issued By Zacks Research (NYSE:AMT)

Posted by Defense World Staff on Oct 9th, 2023

American Tower Co. (NYSE:AMT – Free Report) – Equities research analysts at Zacks Research increased their FY2023 earnings estimates for American Tower in a research note issued on Thursday, October 5th. Zacks Research analyst N. Dass now forecasts that the real estate investment trust will post earnings per share of $9.24 for the year, up from their previous estimate of $9.23. The consensus estimate for American Tower’s current full-year earnings is $9.31 per share. Zacks Research also issued estimates for American Tower’s Q1 2024 earnings at $2.44 EPS, Q3 2024 earnings at $2.46 EPS, Q4 2024 earnings at $2.48 EPS, FY2024 earnings at $9.83 EPS, Q1 2025 earnings at $2.57 EPS and Q2 2025 earnings at $2.60 EPS.

Other equities research analysts have also recently issued research reports about the stock. Barclays cut their price target on shares of American Tower from $233.00 to $228.00 and set an “overweight” rating on the stock in a report on Monday, August 7th. JPMorgan Chase & Co. lowered their price objective on shares of American Tower from $265.00 to $218.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 27th. BMO Capital Markets began coverage on shares of American Tower in a research report on Thursday, July 13th. They set an “outperform” rating and a $230.00 price objective on the stock. Morgan Stanley lowered their price objective on shares of American Tower from $213.00 to $212.00 and set an “equal weight” rating on the stock in a research report on Thursday, September 14th. Finally, Royal Bank of Canada lowered their price objective on shares of American Tower from $233.00 to $230.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 1st. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $238.80.

View Our Latest Research Report on American Tower

American Tower Stock Performance

Shares of AMT stock opened at $159.57 on Monday. American Tower has a 12 month low of $154.58 and a 12 month high of $235.57. The stock has a market cap of $74.39 billion, a PE ratio of 77.09, a price-to-earnings-growth ratio of 1.24 and a beta of 0.60. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 2.96. The company’s fifty day moving average price is $176.87 and its 200-day moving average price is $188.47.

Institutional Trading of American Tower

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Foundations Investment Advisors LLC grew its holdings in American Tower by 10.7% during the third quarter. Foundations Investment Advisors LLC now owns 3,034 shares of the real estate investment trust’s stock worth $499,000 after acquiring an additional 293 shares during the period. Sarasin & Partners LLP grew its holdings in American Tower by 3.3% during the third quarter. Sarasin & Partners LLP now owns 889,525 shares of the real estate investment trust’s stock worth $146,282,000 after acquiring an additional 28,159 shares during the period. International Assets Investment Management LLC grew its holdings in American Tower by 22.0% in the third quarter. International Assets Investment Management LLC now owns 5,212 shares of the real estate investment trust’s stock valued at $832,000 after purchasing an additional 939 shares during the period. Park National Corp OH grew its holdings in American Tower by 1.0% in the third quarter. Park National Corp OH now owns 45,296 shares of the real estate investment trust’s stock valued at $7,449,000 after purchasing an additional 438 shares during the period. Finally, Halpern Financial Inc. acquired a new stake in American Tower in the second quarter valued at approximately $43,000. 89.29% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at American Tower

In other American Tower news, CFO Rodney M. Smith sold 2,727 shares of the stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $187.17, for a total value of $510,412.59. Following the completion of the sale, the chief financial officer now directly owns 50,662 shares in the company, valued at $9,482,406.54. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO Rodney M. Smith sold 3,524 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $188.91, for a total value of $665,718.84. Following the completion of the transaction, the chief financial officer now directly owns 53,389 shares in the company, valued at $10,085,715.99. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Rodney M. Smith sold 2,727 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $187.17, for a total value of $510,412.59. Following the sale, the chief financial officer now directly owns 50,662 shares in the company, valued at $9,482,406.54. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,401 shares of company stock worth $2,982,076. 0.24% of the stock is owned by insiders.

American Tower Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Wednesday, October 11th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Tuesday, October 10th. This is a boost from American Tower’s previous quarterly dividend of $1.57. This represents a $6.48 dividend on an annualized basis and a yield of 4.06%. American Tower’s dividend payout ratio (DPR) is 303.38%.

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.