Here’s Why Compass Minerals International (CMP) Declined in Q1

Investment management company Cove Street Capital recently released its “Small Cap Value Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 2.83% compared to 2.74% for the Russell 2000 Index and -0.66% 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 Capital Small Cap Value Fund highlighted stocks like Compass Minerals International, Inc. (NYSE:CMP) in the first quarter 2023 investor letter. Headquartered in Overland Park, Kansas, Compass Minerals International, Inc. (NYSE:CMP) is an essential minerals producer and distributor. On April 10, 2023, Compass Minerals International, Inc. (NYSE:CMP) stock closed at $31.90 per share. One-month return of Compass Minerals International, Inc. (NYSE:CMP) was -9.73%, and its shares lost 48.08% of their value over the last 52 weeks. Compass Minerals International, Inc. (NYSE:CMP) has a market capitalization of $1.311 billion.

Cove Street Capital Small Cap Value Fund made the following comment about Compass Minerals International, Inc. (NYSE:CMP) in its Q1 2023 investor letter:

"The stock price decline in Compass Minerals International, Inc. (NYSE:CMP) remains somewhat of a mystery as Utah snowpack is 2.5x normal conditions, alleviating a drought in the Great Salt Lake and thus fixing issues in their minerals business in the state. Furthermore, their core salt business is steadily recovering margin after a year of absorbing high transport and other inflationary costs. We remain holders."

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Compass Minerals International, Inc. (NYSE:CMP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Compass Minerals International, Inc. (NYSE:CMP) at the end of the fourth quarter which was 20 in the previous quarter.

We discussed Compass Minerals International, Inc. (NYSE:CMP) in another article and shared the list of small cap stocks with wide moats. In addition, please check out our hedge fund investor letters Q1 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.