The Motley Fool’s 1623 Capital Latest Portfolio: Top 5 Stock Picks

4. American Tower Corporation (NYSE:AMT)

1623 Capital’s Stake Value: $10.2 million

Percentage of 1623 Capital’s 13F portfolio: 6.37%

Number of Hedge Fund Holders: 52

American Tower Corporation (NYSE:AMT) is an American real estate investment trust and an owner and operator of wireless and broadcast communications infrastructure in several countries worldwide. One of the biggest REITs in the world, the company holds a portfolio of 222,000 communication sites. In the second quarter of 2022, The Motley Fool’s 1623 Capital owned 40,000 shares of American Tower Corporation (NYSE:AMT), worth $10.2 million.

JPMorgan analyst Philip Cusick reiterated an Overweight rating on American Tower Corporation (NYSE:AMT) with a $305 price target after meeting with CFO Rod Smith on September 8. The analyst stated that he came away with “incrementally positive views” on the United States, Europe and Asia-Pacific businesses as well as “encouraged” by trends in both Latin America and Africa.

According to Insider Monkey’s Q2 data, 52 hedge funds held stakes in American Tower Corporation (NYSE:AMT), with combined stakes of $4.37 billion, with Akre Capital Management among the most notable ones.

Here’s what Baron Funds said about American Tower Corporation (NYSE:AMT) in its Q2 2022 investor letter:

“American Tower is a leading global tower company with 220,000 communication sites globally and over 40,000 in the U.S. We added to our position during the market dislocation and as it became increasingly clear that the company would put permanent equity financing in place at better-than-expected terms for its previously announced acquisition of CoreSite (thereby removing the “equity overhang”).

In addition, the company stepped back from a large potential deal in Europe, which would have required significant incremental funding, due to unfavorable contract terms and price. This decision further reinforced our confidence in management’s capital allocation discipline knowing that these were highly sought-after assets.”