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Was Peter Avellone’s Cartena Capital Right About These 10 Stocks?

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In this article, we discuss 10 stocks that Peter Avellone’s Cartana Capital bought in the third quarter of last year and evaluate their performance over the past 12 months. you can skip this section and go straight to Was Peter Avellone’s Cartena Capital Right About These 5 Stocks?

We generated the actual content of this article in January 2022, when we analyzed the Q3 portfolio of Peter Avellone’s Cartana Capital to discuss the hedge fund’s top 10 new stock picks at the time. We’re publishing this article today because it’s always interesting for readers to analyze how well so-called “smart money” fares when it comes to picking stocks. When we look back at the selection/sale of hedge fund stocks, we can better analyze their performance and see if they were right or wrong.

In this article you will see the top 10 stocks on which Peter Avellone’s Cartena Capital placed new bets during Q3 2021.

To assess the performance of these stocks and hedge funds, we’ve listed their performance over the past 12 months.

At the time of writing, we had the analyst ratings for these stocks listed by reputable Wall Street analysts. It will be interesting for our readers to see how right or wrong these analysts’ price targets and calls were.

But first, read our brief introduction to Peter Avellone and his hedge fund.

Peter Avellone founded Cartena Capital in 2020, a New York-based hedge fund.

Cartena Capital invests primarily in the transportation, materials, information technology, industrial, finance, consumer discretionary and consumer staples sectors, with a top ten stake of 55.93%.

Avellone is a graduate of the College of the Holy Cross and joined the investment banking division of Lehman Brothers in 2005. He started in 2007 as a research analyst at Angelo Gordon, a global alternative investment manager.

Peter Avellone joined Steve Cohen’s Point72 Asset Management in 2008 as a research analyst and was promoted to portfolio manager in 2013. Hedge funds in 2020.

One of the most notable stocks in Peter Avellone’s Q3 portfolio is Booking Holdings Inc. (Nasdaq: BKNG), Autodesk, Inc.

10 new stock picks from Peter Avellone’s Cartena Capital

source: pixabay

10. Booking Holdings Inc. (NASDAQ:BKNG)

Cartena Capital’s stake value: $9,021,000

Stock performance over the past 12 months as of Nov 24: -15%

Booking Holdings Inc. (NASDAQ: BKNG) is a Connecticut-based travel technology company best known for its travel expense aggregators and travel metasearch engines operating in 200 countries. Cartenna Capital acquired Booking Holdings Inc. about. (NASDAQ: BKNG), purchasing 3,800 shares of the company worth more than $9 million, representing 3.33% of the fund’s total investments for the period.

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RBC Capital analyst Brad Erickson said Booking Holdings Inc. (NASDAQ: BKNG) outperforms Sector with an unchanged price target of $2,700, citing the company’s structurally higher profitability compared to pre-pandemic levels.

Largest bookings in Q3 2021 Holdings Inc. At the end of September, a total of 96 hedge funds were bullish on the stock.

Booking Holdings Inc. (NASDAQ:BKNG) L1 Capital had this to say in its Q3 2021 investor letter:

“We reinvested the proceeds of our successful investment in Thermo Fisher into Booking Holdings (Booking). Booking was initially an investment in the fund and featured in our June 2019 Q1 Report. Agent (OTA), owned by Booking.com. To say the past 2.5 years have been fleeting for Booking is a huge understatement. Booking management had to deal with the COVID-19-induced collapse in travel accommodation demand, as well as manage volatile demand as the world slowly recovers, which is being disrupted by a second and third wave of COVID-19 as variants emerge.

During these volatile market conditions, Booking’s management counteracted a coherent strategy by investing in its platform and network of accommodation providers, expanding associated services while improving efficiency. We believe that the post-Covid-19 environment will make booking a stronger business with less competition and consumers who will be more inclined to book their travel accommodation online. Travel is recovering strongly as vaccine coverage rises and restrictions related to COVID-19 are lifted, and we expect booking revenue and cash flow to recover strongly in the coming years.

9.Vesco International, Inc. (NYSE:WCC)

Cartena Capital’s stake value: $9,053,000

Stock performance over the last 12 months to Nov 24: -6.8%

WESCO International, Inc. (NYSE: WCC), a Pennsylvania-based multinational energy distribution and services company, is one of Cartenna Capital’s most recent stock picks in the third quarter. The hedge fund acquired WESCO International, Inc. (NYSE: WCC) which was valued at $9.05 million representing 3.34% of the Q3 13F portfolio.

Baird analyst David Manthey wrote WESCO International, Inc. on October 15. (NYSE: WCC) from $124 to $140 and maintains a neutral rating for the stock. The analyst upgraded the stock to a bullish fresh pick, citing revenue and gross margin growth aided by strong pricing.

This is what Vesco International, Inc. has to say in Diamond Hill Capital’s 2021 Q2 Investor Letter. (NYSE: WCC) to say:

“WESCO, a leading distributor of electrical, industrial and communications materials, was a key contributor as it advanced the integration of Anixter – an acquisition that closed in early 2020 – and strategically clears merger-related debt. pays. With the increased scale and additional synergies from its acquisitions, we believe WESCO is well positioned as it generates strong free cash flow.

8. Saya, Inc. (Nasdaq: SAIA)

Cartena Capital’s stake value: $10,711,000

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Stock performance over the last 12 months to Nov 24: -31%

In the third quarter of 2021, Cartena Capital of Peter Avallone Saia, Inc. (NASDAQ:SAIA), for $10.71 million, representing 3.96% of the fund’s total 13F securities. Saia, Inc. (NASDAQ:SAIA) is a less than truck transportation company headquartered in Louisiana. In November, LTL shipments per business day increased 3.70% year over year.

Stephens analyst Jack Atkins said on Jan. 4 that Saia, Inc. (Nasdaq: SAIA) moved from $380 to $390 and maintained an Overweight rating on the stock, noting that the less-than-truckload carrier saw continued demand and pricing in the fourth quarter. , such as “was the case for 2021”. He expects “more of this” for the LTL sector in 2022.

Robert Joseph Caruso’s Select Equity Group led Saia, Inc. as of the third quarter with a $305.6 million position in the company. (NASDAQ: SAIA) is a stakeholder. In total, 27 hedge funds Saia, Inc. a share of $539.4 million.

7.Fortive Corporation (NYSE: FTV)

Cartena Capital stake value: $10,938,000

Stock performance over the past 12 months as of Nov 24: -13%

Fortive Corporation (NYSE:FTV) is a newcomer to Cartana Capital’s portfolio in the third quarter, with the hedge fund purchasing 155,000 of the company’s shares worth $10.9 million, representing 4.04% of the total 13F investments. Fortive Corporation (NYSE: FTV) is an industrial technology conglomerate based in Washington, DC, that offers field instrumentation and technologies to support industrial process innovation around the world.

On November 4, Fortive Corporation (NYSE: FTV) announced a quarterly dividend of $0.07 per share, which was paid on November 26 to shareholders of record as of December 30.

On Jan. 4, Barclays analyst Julian Mitchell raised the price target on Fortive Corporation (NYSE:FTV) from $75 to $76 and maintains an equal weight for the stock. The analyst expects inflation to boost sales for the multi-industrial company in the fourth quarter, but he sees margins under pressure in the near term.

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Viking Global, the $36 billion hedge fund managed by billionaire Andreas Halvorsen, is the largest shareholder in Fortive Corporation (NYSE: FTV) as of September 2021, holding 10.8 million shares worth $762.7 million. A total of 32 hedge funds in Insider Monkey’s Q3 database were bullish on the stock.

Argosy Investors named Fortive Corporation (NYSE:FTV) in its 2020 Fourth Quarter Investor Letter. This is what he has to say:

“We’ve been tied up here for a long time, so we’re closing with a Fortive (FTV) update. Fortive completed its spin-off from Voantier, a company that specializes in gas station terminals, smart city traffic lights, a telematics company and is building an auto repair equipment distribution company, led by CEO Mark Morelli, a valued collaborator of Columbus McKinnon. My outlook for both Fortive and Vontier is good, although Vontier is more in the automotive business. remains focused and faces some multi-year hurdles in any transition to electric vehicles. Vontier is nearing the end of a major install cycle at its Gilbarco-Weider-Root business, which will boost current revenues a few years ago. If there is one fact I believe, both Fortive and Vontear will look very different three years from now because of their highly effective acquisition and integration processes that are Lean (discussed in previous papers concept) Huh.

6. Carlisle Companies Incorporated (NYSE: CSL)

Cartena Capital’s stake value: $11,073,000

Equity performance over the past 12 months as of Nov 24: +7.5%

Peter Avellone’s Cartana Capital added Carlisle Companies Incorporated (NYSE: CSL) to its portfolio in the third quarter, purchasing 55,700 shares of the company worth more than $11 million. Carlisle Companies Incorporated (NYSE: CSL) is a Phoenix-based manufacturing and design company focused on a number of specialty markets, including commercial roofing, energy, agriculture, mining, aerospace, electronics, food distribution and healthcare.

Oppenheimer analyst Brian Blair raised the price target on Carlisle Companies Incorporated (NYSE:CSL) from $255 to $270 on Dec. 8 and maintains an Outperform rating for the stock. Analysts became “sequentially positive” on the newly formed $700 million Carlisle Weatherproofing Technologies platform.

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Disclosure: None. Was Peter Avellone’s Cartena Capital Right About These 10 Stocks? Originally published on Insider Monkey.

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