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Lululemon Athletica (LULU) Reported Lackluster Performance in Q1

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. Mid-cap stocks demonstrated strength carried over from the end of last year, delivering robust returns during the first quarter. Among the style indexes, the Russell Midcap Growth Index outperformed the Russell Midcap Value Index by a modest margin, with growth up 9.49% and value up 8.23%. All sectors in the Russell Midcap Growth Index delivered positive gains during the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Carillon Eagle Mid Cap Growth Fund highlighted stocks like Lululemon Athletica Inc. (NASDAQ:LULU), in the first quarter 2024 investor letter. Lululemon Athletica Inc. (NASDAQ:LULU)  designs, distributes, and retails athletic apparel, footwear, and accessories. The one-month return of Lululemon Athletica Inc. (NASDAQ:LULU) was 14.90%, and its shares lost 9.08% of their value over the last 52 weeks. On May 29, 2024, Lululemon Athletica Inc. (NASDAQ:LULU) stock closed at $298.54 per share with a market capitalization of $37.618 billion.

Carillon Eagle Mid Cap Growth Fund stated the following regarding Lululemon Athletica Inc. (NASDAQ:LULU) in its first quarter 2024 investor letter:

"Lululemon Athletica Inc. (NASDAQ:LULU) designs, distributes and retails athletic apparel and accessories. The company reported financial results that were ahead of estimates, but forward guidance came in slightly below what investors expected. The stock posted lackluster performance as the market priced in expectations that Lululemon’s U.S. business will slow down a bit more than initially anticipated."

Eric Broder Van Dyke/Shutterstock.com

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Lululemon Athletica Inc. (NASDAQ:LULU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held Lululemon Athletica Inc. (NASDAQ:LULU) at the end of the first quarter which was 52 in the previous quarter. The latest quarter revenue of Lululemon Athletica Inc. (NASDAQ:LULU) increased 16% year over year.

In another article, we discussed Lululemon Athletica Inc. (NASDAQ:LULU) and shared the list of luxury clothing stocks to invest in. Ithaka US Growth Strategy commented about Lululemon Athletica Inc. (NASDAQ:LULU) in its first quarter 2024 investor letter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

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