In the latest market close, American Tower (AMT) reached $222.80, with a -1.39% movement compared to the previous day. The stock's performance was behind the S&P 500's daily loss of 0.03%. Elsewhere, the Dow lost 0.61%, while the tech-heavy Nasdaq added 0.56%.
Shares of the wireless communications infrastructure company witnessed a loss of 2.52% over the previous month, beating the performance of the Finance sector with its loss of 5.08% and underperforming the S&P 500's gain of 1.39%.
Investors will be eagerly watching for the performance of American Tower in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on October 29, 2024. The company is expected to report EPS of $2.54, down 1.55% from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $2.76 billion, showing a 1.9% drop compared to the year-ago quarter.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $10.49 per share and revenue of $11.01 billion. These totals would mark changes of +6.28% and -1.18%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for American Tower. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.46% lower. American Tower presently features a Zacks Rank of #3 (Hold).
Digging into valuation, American Tower currently has a Forward P/E ratio of 21.53. This indicates a premium in contrast to its industry's Forward P/E of 12.67.
Also, we should mention that AMT has a PEG ratio of 1.06. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The average PEG ratio for the REIT and Equity Trust - Other industry stood at 2.66 at the close of the market yesterday.
The REIT and Equity Trust - Other industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 74, placing it within the top 30% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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