Do You Believe in the Growth Prospects of Ecolab Inc. (ECL)?

Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The market delivered a strong performance again in the second quarter with the S&P 500 up 8.7%. Technology stocks contributed more than half of the S&P 500’s return. However, Madison Sustainable Equity Fund lagged behind the S&P 500 in the second quarter. Both sector allocation and stock selection were headwinds. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Sustainable Equity Fund highlighted stocks like Ecolab Inc. (NYSE:ECL) in the second quarter 2023 investor letter. Headquartered in Saint Paul, Minnesota, Ecolab Inc. (NYSE:ECL) provides products and services for water, hygiene, and infection prevention. On July 17, 2023, Ecolab Inc. (NYSE:ECL) stock closed at $187.57 per share. One-month return of Ecolab Inc. (NYSE:ECL) was 3.04%, and its shares gained 23.64% of their value over the last 52 weeks. Ecolab Inc. (NYSE:ECL) has a market capitalization of $53.405 billion.

Madison Sustainable Equity Fund made the following comment about Ecolab Inc. (NYSE:ECL) in its second quarter 2023 investor letter:

“Ecolab Inc. (NYSE:ECL) is benefiting from price increases put in place last year to offset inflationary pressures. The price increases more than offset flattish volumes and are modestly ahead of raw material inflation resulting in a return to earnings growth. We believe that Ecolab’s profitability will improve going forward from market share gains and its fast-growing bioprocessing business.”

Photo by RephiLe water on Unsplash

Ecolab Inc. (NYSE:ECL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 53 hedge fund portfolios held Ecolab Inc. (NYSE:ECL) at the end of first quarter which was 47 in the previous quarter.

We discussed Ecolab Inc. (NYSE:ECL) in another article and shared the list of best long-term dividend stocks to buy. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

• 20 Countries that Watch the Most Porn in 2023
• 22 Cool Jobs You Have Never Heard Of
• 15 Merger Arbitrage Opportunities in 2023

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