Equifax (EFX) Fell on Lowered Expectations

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 outperformed the Russell Midcap Growth Index and returned -4.11% (net) while the index return was -5.22%. The third quarter saw a decline in global equities markets, although they have held up positive year-to-date. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like Equifax Inc. (NYSE:EFX) in the Q3 2023 investor letter. Headquartered in Atlanta, Georgia, Equifax Inc. (NYSE:EFX) is an information solution provider. On December 15, 2023, Equifax Inc. (NYSE:EFX) stock closed at $244.60 per share. One-month return of Equifax Inc. (NYSE:EFX) was 16.74%, and its shares gained 27.95% of their value over the last 52 weeks. Equifax Inc. (NYSE:EFX) has a market capitalization of $30.139 billion.

TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Equifax Inc. (NYSE:EFX) in its Q3 2023 investor letter:

“In the Industrials sector we gravitate towards business service companies, those focused on automation & efficiency improvements, and essential infrastructure services. Equifax Inc. (NYSE:EFX) is a credit bureau offering data analytics and information services. Its stock lost -22% due to second quarter revenues falling short of estimates and lower 2023 guidance. Lowered expectations were almost entirely attributable to a worse outlook for second-half mortgage origination volumes.”

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Equifax Inc. (NYSE:EFX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Equifax Inc. (NYSE:EFX) at the end of third quarter which was 28 in the previous quarter.

We discussed Equifax Inc. (NYSE:EFX) in another article and shared Weitz Investment Management’s 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.