American Tower (AMT) Outperforms Broader Market: What You Need to Know
In the latest market close, American Tower (AMT) reached $198.39, with a +1.4% movement compared to the previous day. The stock exceeded the S&P 500, which registered a gain of 1.25% for the day. At the same time, the Dow added 0.97%, and the tech-heavy Nasdaq gained 1.3%.
The the stock of wireless communications infrastructure company has fallen by 8.87% in the past month, lagging the Finance sector's loss of 2.58% and the S&P 500's gain of 1.58%.
Market participants will be closely following the financial results of American Tower in its upcoming release. The company plans to announce its earnings on February 27, 2024. On that day, American Tower is projected to report earnings of $2.21 per share, which would represent a year-over-year decline of 5.56%. Our most recent consensus estimate is calling for quarterly revenue of $2.73 billion, up 1.03% from the year-ago period.
It's also important for investors to be aware of any recent modifications to analyst estimates for American Tower. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.85% higher within the past month. American Tower presently features a Zacks Rank of #3 (Hold).
Looking at its valuation, American Tower is holding a Forward P/E ratio of 19.04. This signifies a premium in comparison to the average Forward P/E of 10.75 for its industry.
We can additionally observe that AMT currently boasts a PEG ratio of 1.47. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As of the close of trade yesterday, the REIT and Equity Trust - Other industry held an average PEG ratio of 2.48.
The REIT and Equity Trust - Other industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 104, positioning it in the top 42% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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American Tower Corporation (AMT) : Free Stock Analysis Report
