American Tower (AMT) Stock Declines While Market Improves: Some Information for Investors
In the latest trading session, American Tower (AMT) closed at $202.26, marking a -0.86% move from the previous day. The stock trailed the S&P 500, which registered a daily gain of 0.29%. On the other hand, the Dow registered a loss of 0.25%, and the technology-centric Nasdaq increased by 0.43%.
Heading into today, shares of the wireless communications infrastructure company had lost 5.19% over the past month, lagging the Finance sector's loss of 2.71% and the S&P 500's gain of 2.08% in that time.
The upcoming earnings release of American Tower will be of great interest to investors. The company's earnings report is expected on February 27, 2024. On that day, American Tower is projected to report earnings of $2.18 per share, which would represent a year-over-year decline of 6.84%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.73 billion, up 1.03% from the year-ago period.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for American Tower. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.86% increase. American Tower presently features a Zacks Rank of #3 (Hold).
From a valuation perspective, American Tower is currently exchanging hands at a Forward P/E ratio of 19.86. This signifies a premium in comparison to the average Forward P/E of 11.4 for its industry.
Meanwhile, AMT's PEG ratio is currently 1.54. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The REIT and Equity Trust - Other was holding an average PEG ratio of 2.58 at yesterday's closing price.
The REIT and Equity Trust - Other industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 155, positioning it in the bottom 39% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the 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
