Hedge Funds Are Selling American Tower Corp (AMT)

Since American Tower Corp (NYSE:AMT) has faced falling interest from the aggregate hedge fund industry, it’s safe to say that there lies a certain “tier” of funds that decided to sell off their full holdings last quarter. It’s worth mentioning that Doug Silverman and Alexander Klabin’s Senator Investment Group cut the largest stake of all the hedgies tracked by Insider Monkey, worth close to $34.1 million in call options. Ken Griffin’s fund, Citadel Investment Group, also dropped its call options, about $18.3 million worth. These transactions are important to note, as aggregate hedge fund interest fell by 1 funds last quarter.

Let’s go over hedge fund activity in other stocks similar to American Tower Corp (NYSE:AMT). These stocks are UBS AG (USA) (NYSE:UBS), Dominion Resources, Inc. (NYSE:D), Express Scripts Holding Company (NASDAQ:ESRX), and Adobe Systems Incorporated (NASDAQ:ADBE). This group of stocks’ market values are similar to AMT’s market value.

As you can see these stocks had an average of 34.75 hedge funds with bullish positions and the average amount invested in these stocks was $1.56 billion. That figure was $2.92 billion in AMT’s case. Adobe Systems Incorporated (NASDAQ:ADBE) is the most popular stock in this table. On the other hand UBS AG (USA) (NYSE:UBS) is the least popular one with only 8 bullish hedge fund positions. American Tower Corp (NYSE:AMT) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard ADBE might be a better candidate to consider a long position.