Heritage-Crystal Clean (HCCI) was Sold to a Private Equity in Q3
Investment management company Cove Street Capital recently released its “Small Cap Value Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. During the calendar third quarter of 2023, financial markets were chaotic, causing CSC shareholders to lose some gains from the first half, both relatively and absolutely. In the third quarter, the fund delivered -7.48% compared to a -5.13% return for the Russell 2000 Index and a -2.96% return for the Russell 2000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Cove Street Small Cap Value Fund highlighted stocks like Heritage-Crystal Clean, Inc (NASDAQ:HCCI) in the third quarter 2023 investor letter. Headquartered in Hoffman Estates, Illinois, Heritage-Crystal Clean, Inc (NASDAQ:HCCI) is a waste treatment and disposal company that operates through Environmental Services and Oil Business. On October 9, 2023, Heritage-Crystal Clean, Inc (NASDAQ:HCCI) stock closed at $45.41 per share. One-month return of Heritage-Crystal Clean, Inc (NASDAQ:HCCI) was 0.44%, and its shares gained 56.48% of their value over the last 52 weeks. Heritage-Crystal Clean, Inc (NASDAQ:HCCI) has a market capitalization of $1.105 billion.
Cove Street Small Cap Value Fund made the following comment about Heritage-Crystal Clean, Inc (NASDAQ:HCCI) in its Q3 2023 investor letter:
"Heritage-Crystal Clean, Inc (NASDAQ:HCCI) was sold to private equity for $45.50 per share. Our original purchase price at the firm was in the teens nearly a decade ago. This is the unicorn version of how investment life should work: find a good business that grows, find a good CEO who understands value per share math, and then hold on for dear life no matter what the nonsense d’jure is in the headlines. That is obviously a simplistic version of life (after all Heritage has a segment that defines earnings volatility), but it’s pretty close to our experience with HCCI (that’s a good thing)."
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Heritage-Crystal Clean, Inc (NASDAQ:HCCI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Heritage-Crystal Clean, Inc (NASDAQ:HCCI) at the end of the second quarter, which was 13 in the previous quarter.
We discussed Heritage-Crystal Clean, Inc (NASDAQ:HCCI) in another article and shared the list of best waste management stocks to buy . 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.
