Valmont Industries (VMI) Beat Estimates and Grew its Revenue by 27%
Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTSX returned 3.23%, Advisor Class fund APDSX posted a return of 3.27%, and Institutional Class fund APHSX returned 3.27%, compared to a return of 0.24% for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
In the third-quarter letter, Artisan Partners discussed stocks like Valmont Industries, Inc. (NYSE:VMI). Headquartered in Omaha, Nebraska, Valmont Industries, Inc. (NYSE:VMI) is a US-based fabricated metal products producer. On November 11, 2022, Valmont Industries, Inc. (NYSE:VMI) stock closed at $319.01 per share. One-month return of Valmont Industries, Inc. (NYSE:VMI) was 9.38% and its shares gained 26.59% of their value over the last 52 weeks. Valmont Industries, Inc. (NYSE:VMI) has a market capitalization of $6.805 billion.
Artisan Partners made the following comment about Valmont Industries, Inc. (NYSE:VMI) in its Q3 2022 investor letter:
"Valmont Industries, Inc. (NYSE:VMI) reported thesis-confirming earnings results during Q3. Revenue grew 27% YoY, which was well ahead of expectations. The company is not only experiencing strong demand for its engineered metal products—its $2 billion order backlog is up 25% from the end of 2021—but also raising its prices to offset inflation. The long-term growth runway remains compelling given several secular and cyclical tailwinds: accelerating spending for renewables, grid hardening and renewed irrigation investments in international markets to ensure more efficient water usage."
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Valmont Industries, Inc. (NYSE:VMI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Valmont Industries, Inc. (NYSE:VMI) at the end of the second quarter which was 23 in the previous quarter.
We discussed Valmont Industries, Inc. (NYSE:VMI) in another article and shared the stock picks of Joe Milano’s Greenhouse Funds. 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.
