De-Stocking from Customers Impacted Plexus (PLXS)

Bernzott Capital Advisors, an investment management firm, published its “US Small Cap Value Fund” first-quarter 2024 investor letter. A copy of the same can be downloaded here.  In the first quarter, the portfolio gained +8.5% on a net basis, well above R2000V’s advance of +2.9% and above R2500V’s rise of +6.1%. The largest contribution to the gains on the portfolio was the Energy holdings. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Bernzott Capital Advisors US Small Cap Value Fund featured stocks like Plexus Corp. (NASDAQ:PLXS) in the first quarter 2024 investor letter. Headquartered in Neenah, Wisconsin, Plexus Corp. (NASDAQ:PLXS) is an electronic manufacturing services provider. On April 24, 2024, Plexus Corp. (NASDAQ:PLXS) stock closed at $95.67 per share. One-month return of Plexus Corp. (NASDAQ:PLXS) was 0.90%, and its shares gained 8.67% of their value over the last 52 weeks. Plexus Corp. (NASDAQ:PLXS) has a market capitalization of $2.642 billion.

Bernzott Capital Advisors US Small Cap Value Fund stated the following regarding Plexus Corp. (NASDAQ:PLXS) in its first quarter 2024 investor letter:

“Within Information Technology, our position in Plexus Corp. (NASDAQ:PLXS) also hurt as the stock declined 12% as their earnings release was mixed due to temporary destocking amongst their customers, more specifically within the healthcare segment. Quarterly results were below expectations as the company felt the negative impact from de-stocking from their customers, more specifically within their healthcare segment. This should be temporary with growth reaccelerating in future quarters. Backlog continues to grow which gives us confidence going forward. We maintained our position.”

An overhead view of an electronic manufacturing plant, its intricate machinery and precision automation in action.

Plexus Corp. (NASDAQ:PLXS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Plexus Corp. (NASDAQ:PLXS) was held by 11 hedge fund portfolios, compared to 12 in the previous quarter, according to our database. 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.