5 Best Stocks That Will Benefit from Biden’s $6 Trillion Plan

2. American Tower (NYSE: AMT)

Number of Hedge Fund Holders: 58

American Tower (NYSE: AMT) is a Boston-based real estate investment trust that primarily operates communications infrastructure. It was founded in 1995 and is ranked second on our list of 10 best stocks that will benefit from Biden’s $6 trillion plan. The company’s shares have offered investors returns of 32% over the past three months. The new $6 trillion proposal by President Biden has pledged tens of billions of dollars to upgrade existing communications networks in the US, with American Tower set to be a top beneficiary of the plan. 

American Tower (NYSE: AMT) is one of the best dividend options on the market as well, as the company rolls out a regular quarterly payment to shareholders. On May 27, the firm declared a quarterly dividend of $1.27 per share, up 2.4% from the previous dividend. The forward yield was 2%. 

At the end of the first quarter of 2021, 58 hedge funds in the database of Insider Monkey held stakes worth $4.5 billion in American Tower (NYSE: AMT), down from 61 in the previous quarter worth $4.7 billion.

In its Q4 2020 investor letter, Richie Capital Group LLC, an asset management firm, highlighted a few stocks and American Tower (NYSE: AMT) was one of them. Here is what the fund said:

“American Tower (AMT – Down 9.15%) – The largest operator of wireless towers has faced challenges in the form of customer churn at one of their largest customers: Sprint/T-Mobile. However, the company remains well positioned as carriers domestically and internationally transition to 5G which will require a densification of their networks.”