Here’s Why Universal Electronics (UEIC) Declined in Q1
Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Small Cap Growth Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, small-cap stocks performed well with varying results from the indexes. The Russell 2000 Growth Index was up 6.07% while the Russell 2000 Value Index was 0.67% down in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Carillon Eagle Small Cap Growth Fund highlighted stocks like Universal Electronics Inc. (NASDAQ:UEIC) in the first quarter 2023 investor letter. Headquartered in Scottsdale, Arizona, Universal Electronics Inc. (NASDAQ:UEIC) is a consumer electronics company that manufactures and sells remote controls audio-video (AV) accessories, and intelligent wireless security and smart home products. On June 26, 2023, Universal Electronics Inc. (NASDAQ:UEIC) stock closed at $9.35 per share. One-month return of Universal Electronics Inc. (NASDAQ:UEIC) was 9.23%, and its shares lost 65.75% of their value over the last 52 weeks. Universal Electronics Inc. (NASDAQ:UEIC) has a market capitalization of $120.217 million.
Carillon Eagle Small Cap Growth Fund made the following comment about Universal Electronics Inc. (NASDAQ:UEIC) in its first quarter 2023 investor letter:
"Universal Electronics Inc. (NASDAQ:UEIC) designs and manufactures wireless universal control solutions for home entertainment and smart-home devices. The stock performed poorly, driven by weak quarterly results coupled with a disappointing forward outlook. The company’s guidance reflects a more difficult demand environment on top of continuing supply chain challenges. We sold the stock.”
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Universal Electronics Inc. (NASDAQ:UEIC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held Universal Electronics Inc. (NASDAQ:UEIC) at the end of first quarter 2023 which was 7 in the previous quarter.
We discussed Universal Electronics Inc. (NASDAQ:UEIC) in another article and shared the list of best consumer electronics stocks to buy. 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.
