Westrock Coffee Company (WEST) Fell on Multiple Headwinds
Longleaf Partners, managed by Southeastern Asset Management, released its “Small-Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund delivered 0.26% in the third quarter in a challenging, “risk-off” period compared to a -5.13% return for the Russell 2000 Index and -2.96% for the Russell 2000 Value Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Longleaf Partners Small-Cap Fund highlighted stocks like Westrock Coffee Company, LLC (NASDAQ:WEST) in the Q3 2023 investor letter. Headquartered in Little Rock, Arkansas, Westrock Coffee Company, LLC (NASDAQ:WEST) produces coffee, tea, and extract products. On November 2, 2023, Westrock Coffee Company (NASDAQ:WEST) stock closed at $8.28 per share. One-month return of Westrock Coffee Company (NASDAQ:WEST) was -4.28%, and its shares lost 27.62% of their value over the last 52 weeks. Westrock Coffee Company (NASDAQ:WEST) has a market capitalization of $728.965 million.
Longleaf Partners Small-Cap Fund made the following comment about Westrock Coffee Company (NASDAQ:WEST) in its Q3 2023 investor letter:
"Westrock Coffee Company (NASDAQ:WEST) – Westrock Coffee, which is the “brand behind the brand” producing and distributing coffee, tea and extracts for larger entities, was another top detractor in the quarter. Westrock faced a challenging summer with inflation, heat waves making hot coffee less popular and high gas prices negatively impacting traffic at convenience stores and rest stops. However, our long-term case for the business is less dependent on the single serve coffee business and more predicated on the potentially transformative plant that will be operating in 2024 and will support a shift to higher value beverages that represent a tremendous growth opportunity. In the near-term, Westrock did a capital raise to accelerate the growth of the new plant, and this also weighed on the stock price in the short term."
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Westrock Coffee Company (NASDAQ:WEST) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 7 hedge fund portfolios held Westrock Coffee Company (NASDAQ:WEST) at the end of second quarter which was 8 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.
