5 Stocks to Buy According to Peter Simmie’s Bristol Gate Capital Partners

4. American Tower Corporation (NYSE:AMT)

Bristol Gate Capital Partners’ Stake Value: $91,893,000
Percentage of Bristol Gate Capital Partners’ 13F Portfolio: 5.19%
Number of Hedge Fund Holders: 52

American Tower Corporation (NYSE:AMT) owns, manages, and develops multi-tenant real estate buildings in addition to offering real estate investment services. In addition, our database shows that 52 hedge funds held stakes in American Tower Corporation (NYSE:AMT) as of the end of the second quarter of 2022, versus 50 funds in the first quarter of 2022.

After meeting with CFO Rod Smith, on September 8, JPMorgan analyst Philip Cusick reaffirmed an ‘Overweight’ rating with a $305 price target on American Tower Corporation (NYSE:AMT). The analyst left with progressively more optimistic opinions on the economies in the United States, Europe, and the Asia-Pacific, as well as motivation from developments in Latin America and Africa.

Akre Capital Management held a position in American Tower Corporation (NYSE:AMT) exceeding $1.78 billion, making it the firm’s largest shareholder in the second quarter of 2022. In the second quarter of 2022, Bristol Gate Capital Partners owned 359,537 shares of American Tower Corporation (NYSE:AMT), worth $91.89 million. This represented 5.19% of the investment portfolio of the hedge fund.

ClearBridge Investments mentioned American Tower Corporation (NYSE:AMT) in its Q2 2022 investor letter. Here is what the fund had to say:

“The top contributor was our sole real estate holding American Tower (NYSE:AMT), the leading independent wireless tower operator with roughly 221,000 properties globally, including about 43,000 in the U.S., 76,000 in India and 23,000 in Brazil. The company’s business model is to lease space on its towers to predominantly wireless carriers on a long-term basis, generally ranging 5–10 years in duration, with built-in price escalators. This approach results in a stable and predictable cash flow business with high incremental margins — attractive qualities especially in volatile markets like the second quarters.”