Here’s How Multiple Headwinds Affected Avantor (AVTR) Stock in the Third Quarter

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund delivered negative returns. The portfolio recorded impressive gains at the beginning of the quarter. In contrast, there was a disappointing selloff at the end of the quarter. The Russell Midcap Growth Index was 0.65% down compared to a 4.92% decline for its counterpart, the Russell Midcap Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

In the third-quarter letter, Carillon Tower Advisers discussed stocks like Avantor, Inc. (NYSE:AVTR). Headquartered in Radnor, Pennsylvania, Avantor, Inc. (NYSE:AVTR) is a goods and services provider to biopharma, healthcare, education and government, advanced technologies, and applied materials industries. On October 27, 2022, Avantor, Inc. (NYSE:AVTR) stock closed at $20.54 per share. One-month return of Avantor, Inc. (NYSE:AVTR) was 4.80% and its shares lost 49.13% of their value over the last 52 weeks. Avantor, Inc. (NYSE:AVTR) has a market capitalization of $13.845 billion.

Carillon Tower Advisers made the following comment about Avantor, Inc. (NYSE:AVTR) in its Q3 2022 investor letter:

“Avantor, Inc. (NYSE:AVTR) is a global leader in providing materials, consumables, instruments, and services to the biopharma, healthcare, education and government, and advanced technologies industries. It is a global company and, as such, has suffered from a variety of headwinds, including foreign exchange pressures, decelerating COVID-related revenues, and lower revenue contributions from recent acquisitions. Despite these headwinds, core growth continues to be strong. During the quarter, the company lowered its guidance several weeks after its earnings call, causing the shares to underperform.”

Avantor, Inc. (NYSE:AVTR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held Avantor, Inc. (NYSE:AVTR) at the end of the second quarter, which was 57 in the previous quarter.

We discussed Avantor, Inc. (NYSE:AVTR) in another article and shared the best stocks for beginners with little money. 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.