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Reasons for the Decline of Interpublic Group of Companies (IPG) in Q3

Ariel Investments, an investment management company, released its “Ariel Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The third quarter saw losses in the U.S. stock market due to concerns about a government shutdown, autoworker strikes, rising oil prices, and the possibility that interest rates might stay higher for longer. In the third quarter, Ariel fund declined -7.15% underperforming both the Russell 2500 Value Index and the Russell 2500 Index, which returned -3.66% and -4.78%, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Ariel Fund highlighted stocks like The Interpublic Group of Companies, Inc. (NYSE:IPG) in the third quarter 2023 investor letter. Headquartered in New York, New York, The Interpublic Group of Companies, Inc. (NYSE:IPG) offers advertising and marketing services. On November 28, 2023, The Interpublic Group of Companies, Inc. (NYSE:IPG) stock closed at $30.18 per share. One-month return of The Interpublic Group of Companies, Inc. (NYSE:IPG) was 6.46%, and its shares lost 12.17% of their value over the last 52 weeks. The Interpublic Group of Companies, Inc. (NYSE:IPG) has a market capitalization of $11.559 billion.

Ariel Fund made the following comment about The Interpublic Group of Companies, Inc. (NYSE:IPG) in its Q3 2023 investor letter:

"Marketing communication company, The Interpublic Group of Companies, Inc. (NYSE:IPG), also traded lower in the quarter. Broad macro uncertainty and a pullback in spend from tech, telecom and smaller client accounts resulted in an earnings miss and subsequent reduction in full-year guidance. Looking ahead, management expects to grow from new business wins and strengthening performance across its media and healthcare businesses. We believe in IPG’s resilient business model and its management team’s ability to flex its variable cost structure to weather the cyclical headwinds that may come its way."

A marketing manager in a boardroom making decisions about the company's social media management platform.

The Interpublic Group of Companies, Inc. (NYSE:IPG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held The Interpublic Group of Companies, Inc. (NYSE:IPG) at the end of third quarter which was 26 in the previous quarter.

We discussed The Interpublic Group of Companies, Inc. (NYSE:IPG) in another article and shared the list of largest media companies in the world in 2023. 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.

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