Here’s Why Brunswick Corporation (BC) Sank by -8%

TimesSquare Capital Management, an equity investment management company, released its “U.S. FOCUS Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -2.04% (gross) and -2.29% (net) compared to -5.22% for the Russell Midcap Growth Index. This quarter’s best-performing small-to-mid-cap growth stocks have lower betas or higher returns on equity. Those with exorbitant prices (as measured by price/earnings) or a lack of near-term earnings fell out of favor. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare Capital U.S. FOCUS Growth Strategy highlighted stocks like Brunswick Corporation (NYSE:BC) in the third quarter 2023 investor letter. Headquartered in Mettawa, Illinois, Brunswick Corporation (NYSE:BC) designs, manufactures, and markets recreation products. On December 22, 2023, Brunswick Corporation (NYSE:BC) stock closed at $97.89 per share. One-month return of Brunswick Corporation (NYSE:BC) was 25.05%, and its shares gained 37.02% of their value over the last 52 weeks. Brunswick Corporation (NYSE:BC) has a market capitalization of $6.736 billion.

TimesSquare Capital U.S. FOCUS Growth Strategy made the following comment about Brunswick Corporation (NYSE:BC) in its Q3 2023 investor letter:

“Brunswick Corporation (NYSE:BC) designs and manufactures recreational marine products. Its boat brands include Sea Ray, Boston Whaler, Bayliner, Lund, Crestliner, and Lund. Marine engines fall under the Mercury brand. Brunswick’s second quarter results fell short of estimates due to lost production days stemming from a cybersecurity incident, and that caused its stock to sink by -8%.”

A specialized vessel equipped with state of the art technology, sailing the seas for marine services.

Brunswick Corporation (NYSE:BC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Brunswick Corporation (NYSE:BC) at the end of third quarter which was 35 in the previous quarter.

We discussed Brunswick Corporation (NYSE:BC) in another article and shared Oakmark Equity and Income Fund’s views on the company in the previous quarter. 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.