Should You Now Sell Your Six Flags Entertainment (SIX) Stake?

ClearBridge Investments, an investment management firm, published its “Mid Cap  Strategy” third-quarter 2022 investor letter – a copy of which can be downloaded here. The ClearBridge Mid Cap Strategy underperformed its Russell Midcap Index during the third quarter. On an absolute basis, the Strategy had losses across 10 of the 11 sectors in which it was invested during the quarter. The leading detractors were the health care, financials and consumer discretionary sectors, while the industrials sector was the sole positive contributor.. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.

In its Q3 2022 investor letter, ClearBridge Investments Mid Cap Strategy mentioned Six Flags Entertainment Corporation (NYSE:SIX) and explained its insights for the company. Founded in 1961, Six Flags Entertainment Corporation (NYSE:SIX) is an Arlington, Texas-based amusement park company with a $1.8 billion market capitalization. Six Flags Entertainment Corporation (NYSE:SIX) delivered a -47.56% return since the beginning of the year, while its 12-month returns are down by -43.47%. The stock closed at $22.33 per share on November 18, 2022.

Here is what ClearBridge Investments Mid Cap Strategy  has to say about Six Flags Entertainment Corporation (NYSE:SIX) in its Q3 2022 investor letter:

“We exited our position in theme park operator Six Flags Entertainment (NYSE:SIX) during the quarter. While we continue to believe that Six Flags’ new CEO is on the right path in directing assets and efforts towards greater premiumization of the parks, the lingering legacy of COVID-19 and a highly inflationary environment present formidable headwinds to these efforts.”

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Our calculations show that Six Flags Entertainment Corporation (NYSE:SIX) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Six Flags Entertainment Corporation (NYSE:SIX) was in 35 hedge fund portfolios at the end of the second quarter of 2022, compared to 34 funds in the previous quarter. Six Flags Entertainment Corporation (NYSE:SIX) delivered a -1.15% return in the past 3 months.

In October 2022, we also shared another hedge fund’s views on Six Flags Entertainment Corporation (NYSE:SIX) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.

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Disclosure: None. This article is originally published at Insider Monkey.