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Should You Hold Compass Minerals International (CMP)?

Soumya Eswaran
·2-min read

Investment management company Cove Street Capital recently released its “Small Cap Value Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 1.61% compared to 5.18% for the Russell 2000 Index and 2.90% for the Russell 2000 Value Index. The first quarter of calendar year 2024 was mostly more of the recent same. US investors focused on the Federal Reserve’s comments and still expecting interest rate cuts in 2024. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Cove Street Small Cap Value Fund featured stocks lik Compass Minerals International, Inc. (NYSE:CMP) in the first quarter 2024 investor letter.  Headquartered in Overland Park, Kansas, Compass Minerals International, Inc. (NYSE:CMP) is an essential minerals producer and distributor. On April 10, 2024, Compass Minerals International, Inc. (NYSE:CMP) stock closed at $14.03 per share. One-month return of Compass Minerals International, Inc. (NYSE:CMP) was -26.62%, and its shares lost 56.48% of their value over the last 52 weeks. Compass Minerals International, Inc. (NYSE:CMP) has a market capitalization of $579.598 million.

Cove Street Small Cap Value Fund stated the following regarding Compass Minerals International, Inc. (NYSE:CMP) in its first quarter 2024 investor letter:

"Compass Minerals International, Inc. (NYSE:CMP) is half the position of the past, partially due to our past trimming and partially due to performance. There is a core and essential salt asset at Compass that is worth 2x the stock. Good and stable free cashflow from the salt business went into “growth initiatives,” that seemed very adjacent, literally and figuratively. Those investments have been essentially zeroes and completely human error. The CEO that took us down that path was replaced, and the new CEO is clearly on a “clean and sell” path. We expect to be done making lemonade with an interim time horizon."

A close up of an essential mineral being extracted from a large rock wall.

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Compass Minerals International, Inc. (NYSE:CMP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Compass Minerals International, Inc. (NYSE:CMP) was held by 14 hedge fund portfolios, compared to 18 in the previous quarter, according to our database.

We discussed Compass Minerals International, Inc. (NYSE:CMP) in another article and shared the list of largest magnesium-producing companies and the best magnesium stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 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.