LRT Capital Management, an investment management firm, released its October 2022 investor letter. A copy of the same can be downloaded here. The results in October were excellent, and its LRT Economic Moat strategy returned 7.38%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
LRT Capital discussed stocks like Aspen Technology, Inc. (NASDAQ:AZPN) in the investor letter. Headquartered in Bedford, Massachusetts, Aspen Technology, Inc. (NASDAQ:AZPN) is a software technology company focusing on industrial automation. On November 16, 2022, Aspen Technology, Inc. (NASDAQ:AZPN) stock closed at $246.56 per share. One-month return of Aspen Technology, Inc. (NASDAQ:AZPN) was 0.11% and its three months return was 8.67%. Aspen Technology, Inc. (NASDAQ:AZPN) has a market capitalization of $15.913 billion.
LRT Capital made the following comment about Aspen Technology, Inc. (NASDAQ:AZPN) in its October investor letter:
“Aspen Technology, Inc. (NASDAQ:AZPN) is a software company specializing in industrial automation technologies. The company’s software helps customers optimize assets, operations and maintenance in complex environments, primarily in the oil & gas industry. The energy industry represents 41% of the company’s top line, followed by the chemical industry at 28% and engineering and construction at 25%. In particular, Aspen software is used to operate refineries; with nineteen of the twenty largest refineries in the world as their customers. The company has a broadly diversified customer base with over 2,000 clients and 60% of its revenue coming from outside the United States.
Aspen Technology has recently completed a complex acquisition of assets from Emerson Electric acquiring Emerson’s software assets, and thus broadening its portfolio of products and services. Normally we are very skeptical of “transformative” acquisitions, but in this case, we like the transaction because we believe it was done at a very attractive valuation. We expect cost synergies from this acquisition to accrue to the company over the next few quarters…” (Click here to read the full text)
PLRANG ART/Shutterstock.com
Aspen Technology, Inc. (NASDAQ:AZPN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Aspen Technology, Inc. (NASDAQ:AZPN) at the end of the third quarter which was 18 in the previous quarter.
We discussed Aspen Technology, Inc. (NASDAQ:AZPN) in another article and shared Baron Funds’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- Dividend Aristocrats List By Yield
- 10 Best Fast Growth Stocks To Buy
- 11 Best Materials Dividend Stocks To Buy
Disclosure: None. This article is originally published at Insider Monkey.