Here’s Why Superior Group of Companies (SGC) Stock Declined in Q3

Wasatch Global Investors, an asset management company, released its “Wasatch Micro Cap Fund” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund’s Investor Class fell -3.87%, compared to -0.48% return for the Russell Microcap Index. However, industrials and information technology holdings strengthened the fund’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Wasatch Global Investors highlighted stocks like Superior Group of Companies, Inc. (NASDAQ:SGC) in the Q3 2022 investor letter. Headquartered in Seminole, Florida, Superior Group of Companies, Inc. (NASDAQ:SGC) is an apparel and accessories manufacturer and distributor. On January 3, 2023, Superior Group of Companies, Inc. (NASDAQ:SGC) stock closed at $10.36 per share. One-month return of Superior Group of Companies, Inc. (NASDAQ:SGC) was 4.96%, and its shares lost 52.91% of their value over the last 52 weeks. Superior Group of Companies, Inc. (NASDAQ:SGC) has a market capitalization of $169.24 million.

Wasatch Global Investors made the following comment about Superior Group of Companies, Inc. (NASDAQ:SGC) in its Q3 2022 investor letter:

“Another weak stock in the Fund was Superior Group of Companies, Inc. (NASDAQ:SGC). The company sells workplace uniforms and related accessories. It also operates a branded-products segment offering promotional merchandise, and a call-centers segment that provides outsourced staffing solutions. Earnings from Superior’s uniforms business surged during early phases of the pandemic, which accelerated demand for healthcare apparel and personal protective equipment and caused many customers to stockpile inventory. Since then, a slowdown in order flow has forced Superior to take write-downs on its excess inventories, producing a net loss in the company’s most recent quarter.”

Superior Group of Companies, Inc. (NASDAQ:SGC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 2 hedge fund portfolios held Superior Group of Companies, Inc. (NASDAQ:SGC) at the end of the third quarter, which was 5 in the previous quarter. 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.