Is it Time to Sell Burlington Stores (BURL) Stocks?

Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTMX returned -2.43%, Advisor Class fund APDMX posted a return of -2.42%, and Institutional Class fund APHMX returned -2.41%, compared to a return of -0.65% for the Russell Midcap Growth Index. Sector allocation dragged the fund’s relative performance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

In the third-quarter letter, Artisan Partners discussed stocks like Burlington Stores, Inc. (NYSE:BURL). Headquartered in Burlington, New Jersey, Burlington Stores, Inc. (NYSE:BURL) is a branded apparel retailer. On November 14, 2022, Burlington Stores, Inc. (NYSE:BURL) stock closed at $153.66 per share. One-month return of Burlington Stores, Inc. (NYSE:BURL) was 32.11%, and its shares lost 43.23% of their value over the last 52 weeks. Burlington Stores, Inc. (NYSE:BURL) has a market capitalization of $10.072 billion.

Artisan Partners made the following comment about Burlington Stores, Inc. (NYSE:BURL) in its Q3 2022 investor letter:

“Burlington Stores, Inc. (NYSE:BURL) is a leading off-price retailer offering an assortment of products across the apparel, footwear, home, beauty and toys categories. We began our investment campaign in 2019 as a new management team laid out a plan to accelerate top-line growth and close the margin and store-productivity gaps to off-price peers Ross and TJ Maxx. Unfortunately, the company has faced several setbacks as it works through macro-related headwinds—supply chain constraints and inflation shrinking the consumer wallet for low-end consumers—and management has not demonstrated an ability to close the gap to its peers. These issues are meaningfully pressuring cash flows, and we continued harvesting our position with our thesis stalled.”

Pixabay/Public Domain

Burlington Stores, Inc. (NYSE:BURL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Burlington Stores, Inc. (NYSE:BURL) at the end of the second quarter, which was 38 in the previous quarter.

We discussed Burlington Stores, Inc. (NYSE:BURL) in another article and shared Wedgewood Partners’ views on the company. 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.