Cornerstone Investment Partners Acquires 23,012 Shares in Latham Group

Cornerstone Investment Partners LLC has acquired a significant stake in Latham Group, Inc. (NASDAQ:SWIM), purchasing 23,012 shares valued at approximately $147,000. This investment reflects a growing interest from institutional investors in the swimming pool manufacturer, as reported by HoldingsChannel.

In addition to Cornerstone’s acquisition, several other firms have adjusted their positions in Latham Group during the second quarter of 2023. Notably, Emerald Advisers LLC increased its holdings by an impressive 234.4%, now owning 982,337 shares worth about $6,267,000. This was achieved after acquiring an additional 688,582 shares. Other significant investments include Wellington Management Group LLP, which purchased a new stake valued at around $4,382,000, and AYAL Capital Advisors Ltd, which made a new investment worth approximately $3,652,000.

Voss Capital LP also raised its stake by 9.9% during the first quarter, bringing its total ownership to 5,676,715 shares valued at around $36,501,000. Meanwhile, Emerald Mutual Fund Advisers Trust increased its holdings by 231.9% in the second quarter, owning 642,554 shares worth about $4,099,000. Collectively, institutional investors now control 83.95% of Latham Group’s stock.

Analyst Ratings and Stock Performance

Recent evaluations from analysts have offered mixed perspectives on Latham Group’s stock. Barclays increased its price target from $7.00 to $8.00 while maintaining an “equal weight” rating. Conversely, Weiss Ratings reiterated a “sell (d+)” rating on October 8, 2023. Stifel Nicolaus set a target of $8.75 for the stock. Currently, two analysts rate Latham Group as a Buy, one as a Hold, and two analysts recommend selling. The average rating stands at “Hold” with a consensus price target of $7.95 according to data from MarketBeat.com.

On October 6, 2023, Latham Group opened trading at $6.60, reflecting a decline of 5.0%. The company’s stock has fluctuated over the past year, reaching a low of $4.56 and a high of $8.46. It possesses a market capitalization of $769.16 million, a price-to-earnings ratio of -65.99, and a beta of 1.71. The firm’s debt-to-equity ratio stands at 0.70, with a current ratio of 2.39 and a quick ratio of 1.51.

Insider Transactions and Company Overview

In related news, Director Frank J. Dellaquila purchased 5,000 shares on August 22, 2023, at an average price of $8.24 per share, totaling $41,200. This acquisition increased his ownership to 21,814 shares, valued at approximately $179,747.36. Insider ownership currently accounts for 8.60% of the company’s stock.

Latham Group, Inc. specializes in the design, manufacturing, and marketing of in-ground residential swimming pools across North America, Australia, and New Zealand. The company offers a diverse range of products, including fiberglass pools and pool covers and liners, marketed under brand names such as Latham, Narellan, CoverStar, Radiant, and GLI.

For more detailed insights into institutional holdings and stock performance, visit HoldingsChannel.com for the latest 13F filings and insider trades related to Latham Group, Inc. (NASDAQ:SWIM).