Entegris (ENTG) Fell on a Lackluster Guidance

The London Company, an investment management company, released “The London Company Mid Cap Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. Equities declined broadly in Q3, with the Russell 3000 Index down 3.3% after three consecutive quarterly gains. In the third quarter, the fund declined 3.0% (-3.1% net) during the quarter compared to a 4.7% drop in the Russell Midcap Index. The outperformance was due to positive stock selection, however, there were some challenges from the sector exposure. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

The London Company Mid Cap Strategy highlighted stocks like Entegris, Inc. (NASDAQ:ENTG) in the third quarter 2023 investor letter. Headquartered in Billerica, Massachusetts, Entegris, Inc. (NASDAQ:ENTG) is a micro contamination control products manufacturing company.  On November 7, 2023, Entegris, Inc. (NASDAQ:ENTG) stock closed at $91.37 per share. One-month return of Entegris, Inc. (NASDAQ:ENTG) was -6.39%, and its shares gained 40.92% of their value over the last 52 weeks. Entegris, Inc. (NASDAQ:ENTG) has a market capitalization of $30.771 billion.

The London Company Mid Cap Strategy made the following comment about Entegris, Inc. (NASDAQ:ENTG) in its Q3 2023 investor letter:

“Entegris, Inc. (NASDAQ:ENTG) – Following a strong first half performance, shares of ENTG underperformed during Q3 following lackluster guidance from management for the back half of the year. ENTG is gaining market share, but industry sales are down. Looking ahead, we believe ENTG is well positioned for future growth in semiconductor capital spending. We remain attracted to the industry’s high barriers to entry, limited competition, and high switching costs.”

An assembly line in a semiconductor factory, with workers at their stations.

Entegris, Inc. (NASDAQ:ENTG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Entegris, Inc. (NASDAQ:ENTG) at the end of second quarter which was 28 in the previous quarter.

We discussed Entegris, Inc. (NASDAQ:ENTG) in another article and shared Carillon Tower Advisers’ views on the company. In addition, please check out our hedge fund investor letters Q3 2023 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.