Reasons for the Outperformance of Transcat (TRNS)
Conestoga Capital Advisors, an asset management company, released its “Micro Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The micro capitalization segment of the market proved the most challenging in the quarter with the Russell Micro Cap Index declining -7.93%. The Russell Micro Cap Growth Index fell further with a loss of -11.95%. The Micro Cap Composite also declined 13.34% net of fees during the same period. Particularly difficult stock selection in the Health Care and Consumer Discretionary sectors more than offset stronger stock selection effects in the Technology sector. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Micro Cap Composite highlighted stocks like Transcat, Inc. (NASDAQ:TRNS) in the third quarter 2023 investor letter. Headquartered in Rochester, New York, Transcat, Inc. (NASDAQ:TRNS) offers calibration and laboratory instrument services. On November 15, 2023, Transcat, Inc. (NASDAQ:TRNS) stock closed at $91.55 per share. One-month return of Transcat, Inc. (NASDAQ:TRNS) was -2.63%, and its shares gained 13.00% of their value over the last 52 weeks. Transcat, Inc. (NASDAQ:TRNS) has a market capitalization of $808.05 million.
Conestoga Micro Cap Composite made the following comment about Transcat, Inc. (NASDAQ:TRNS) in its Q3 2023 investor letter:
"Transcat, Inc. (NASDAQ:TRNS): TRNS engages in the provision of calibration and laboratory instrument services. The company reported strong quarterly results, led by double-digit organic growth in the Service segment. Management also raised its organic growth outlook for the Service segment for the fiscal year given the strong execution and increased demand they are experiencing in the business. In addition, the company continues to be active in terms of M&A, having consolidated four acquisitions over the past year."
A technician inspecting a complex instrument, relics of advanced technology in the backdrop.
Transcat, Inc. (NASDAQ:TRNS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 7 hedge fund portfolios held Transcat, Inc. (NASDAQ:TRNS) at the end of second quarter which was 6 in the previous quarter.
We discussed Transcat, Inc. (NASDAQ:TRNS) in another article and shared Conestoga Capital Advisors' views on the company in the previous quarter. 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.
