Why Cimpress plc (CMPR) Shares Declined in the Third Quarter?

Diamond Hill Capital, an investment management company, released its “All Cap Select Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -3.52% net of fees compared to a -4.46% return for the Russell 3000 Index. The strategy’s outperformance in the quarter was attributed to the performance of holdings in the consumer staples and financials sectors. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Diamond Hill highlighted stocks like Cimpress plc (NASDAQ:CMPR) in the Q3 2022 investor letter. Based in Dundalk, Ireland, Cimpress plc (NASDAQ:CMPR) operates through  Vistaprint, PrintBrothers, The Print Group, and National Pen segments. On November 15, 2022, Cimpress plc (NASDAQ:CMPR) stock closed at $28.98 per share. One-month return of Cimpress plc (NASDAQ:CMPR) was 20.64% and its shares lost 68.56% of their value over the last 52 weeks. Cimpress plc (NASDAQ:CMPR) has a market capitalization of $760.221 million.

Diamond Hill made the following comment about Cimpress plc (NASDAQ:CMPR) in its Q3 2022 investor letter:

“Two of our weakest performers in Q3 were Cimpress plc (NASDAQ:CMPR) and ESAB Corp. Cimpress makes customized print, signage, apparel, gifts, packaging and other products. The company reported encouraging Q2 results, including strong organic growth across its segments, but its stock price reacted to a steep selloff in the company’s debt. With meaningful financial leverage, Cimpress’s equity has been very volatile.”

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Cimpress plc (NASDAQ:CMPR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Cimpress plc (NASDAQ:CMPR) at the end of the second quarter which was 15 in the previous quarter.

We discussed Cimpress plc (NASDAQ:CMPR) in another article and shared Diamond Hill Capital’s views on the company 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.