Here’s Why American Tower Corporation (AMT) Detracted in the Third Quarter

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ClearBridge Investments, an investment management company, released its “ClearBridge Global Infrastructure Value Strategy” third quarter 2022 investor letter. A copy of the letter can be downloaded here. In the third quarter, the strategy outperformed the S&P Global Infrastructure Index. The stock selection in the electric, rail, and renewables sectors contributed positively to the fund’s performance. In contrast, stock selection in the water and airports sectors impacted the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Investments highlighted stocks like American Tower Corporation (NYSE:AMT) in its Q3 2022 investor letter. American Tower Corporation (NYSE:AMT) is a multitenant communications real estate operator. On November 22, 2022, American Tower Corporation (NYSE:AMT) stock closed at $218.13 per share. One-month return of American Tower Corporation (NYSE:AMT) was 10.76% and its shares lost 16.74% of their value over the last 52 weeks. American Tower Corporation (NYSE:AMT) has a market capitalization of $101.563 billion.

ClearBridge Investments made the following comment about American Tower Corporation (NYSE:AMT) in its Q3 2022 investor letter:

“Detractors outside Europe included U.S. communications company American Tower Corporation (NYSE:AMT), which underperformed as higher interest costs and a stronger U.S. dollar will likely result in earnings and cash flow growth being weaker than the market was expecting.”

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American Tower Corporation (NYSE:AMT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 62 hedge fund portfolios held American Tower Corporation (NYSE:AMT) at the end of the third quarter, which was 52 in the previous quarter.

We discussed American Tower Corporation (NYSE:AMT) in another article and shared the list of best 5G stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.

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