Rollins (ROL) Declined on Divesting Announcement

Conestoga Capital Advisors, an asset management company, released its “SMid Cap Growth Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The Conestoga Smid Cap Growth Composite returned -6.36% net of fees in the third quarter, compared to the Russell 2500 Growth Index’s -6.84% return. Stock selection in the Industrials, Health Care, and Basic Materials sectors was positive but offset by a lack of exposure to the Energy sector and negative selection in Technology. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga SMid Cap Composite highlighted stocks like Rollins, Inc. (NYSE:ROL) in the third quarter 2023 investor letter. Based in Atlanta, Georgia, Rollins, Inc. (NYSE:ROL) offers pest and wildlife control services. On November 15, 2023, Rollins, Inc. (NYSE:ROL) stock closed at $39.03 per share. One-month return of Rollins, Inc. (NYSE:ROL) was 8.66%, and its shares lost 7.14% of their value over the last 52 weeks. Rollins, Inc. (NYSE:ROL) has a market capitalization of $18.892 billion.

Conestoga SMid Cap Composite made the following comment about Rollins, Inc. (NYSE:ROL) in its Q3 2023 investor letter:

“Rollins, Inc. (NYSE:ROL): The parent of the Orkin pest control brand traded lower during the quarter when its top institutional shareholder announced it would be divesting $1.35 billion worth of the company’s stock in a public offering. However, the company has continued to see a healthy demand environment for its services and remains focused on improving efficiency and adding customers. Its acquisitions pipeline has also remained strong.”

Rollins, Inc. (NYSE:ROL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Rollins, Inc. (NYSE:ROL) at the end of second quarter which was 36 in the previous quarter.

We discussed Rollins, Inc. (NYSE:ROL) in another article and shared Andvari Associates’ 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.