Here’s Why Entegris (ENTG) Declined in Q3
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TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -0.21% (net), compared to -0.65% for the Russell Midcap Growth Index. Strength in Consumer Discretionary, Energy, Financials, Industrials, Information Technology, and Materials sectors contributed to the performance of the strategy in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
TimesSquare Capital highlighted stocks like Entegris, Inc. (NASDAQ:ENTG) in the Q3 2022 investor letter. Headquartered in Billerica, Massachusetts, Entegris, Inc. (NASDAQ:ENTG) is a micro contamination control products manufacturing company. On December 23, 2022, Entegris, Inc. (NASDAQ:ENTG) stock closed at $65.49 per share. One-month return of Entegris, Inc. (NASDAQ:ENTG) was -13.59% and its shares lost 52.12% of their value over the last 52 weeks. Entegris, Inc. (NASDAQ:ENTG) has a market capitalization of $9.76 billion.
TimesSquare Capital made the following comment about Entegris, Inc. (NASDAQ:ENTG) in its Q3 2022 investor letter:
“Entegris, Inc. (NASDAQ:ENTG) is engaged in the manufacture and supply of specialty materials for the microelectronics industry. A mixed quarter caused its shares to drop by -10% as higher revenues were offset by foreign currency translations. The company completed its acquisition of CMC Materials in July. Management believes the improved product mix will enable its business to be more resilient to macroeconomic conditions.”
Entegris, Inc. (NASDAQ:ENTG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held Entegris, Inc. (NASDAQ:ENTG) at the end of the third quarter, which was 28 in the previous quarter.
We discussed Entegris, Inc. (NASDAQ:ENTG) in another article and shared stocks to sell according to Jinghua Yan’s TwinBeech Capital. 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.