Is it a Good Time to Sell Polaris (PII) Stock?

Diamond Hill Capital, an investment management company, released its “Small-Mid Cap Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -3.38% net of fees compared to a -2.82% return for the Russell 2500 Index. Portfolio’s consumer staples holdings and financials exposure contributed positively to the strategy’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Diamond Hill Capital discussed stocks like Polaris Inc. (NYSE:PII) in the Q3 2022 investor letter. Headquartered in Medina, Minnesota, Polaris Inc. (NYSE:PII) is a global sports vehicle manufacturer. On October 24, 2022, Polaris Inc. (NYSE:PII) stock closed at $94.47 per share. One-month return of Polaris Inc. (NYSE:PII) was -5.61% and its shares lost 18.74% of their value over the last 52 weeks. Polaris Inc. (NYSE:PII) has a market capitalization of $5.626 billion.

Diamond Hill Capital made the following comment about Polaris Inc. (NYSE:PII) in its Q3 2022 investor letter:

“Other top contributors included Polaris Inc. (NYSE:PII), BOK Financial and Webster Financial. Polaris, a market leader in off-road vehicles, benefited from a restocking opportunity — inventory at dealers remains depleted, which can serve to offset near-term macroeconomic headwinds. The company also is perceived to be somewhat recession-resilient given its strong financial performance during and after the 2008 financial crisis. We took the opportunity to conclude our investment as we have increased concerns over rising competition, supply chain issues related to sourcing semiconductors and the business’s higher-than-perceived cyclicality.”

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Polaris Inc. (NYSE:PII) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Polaris Inc. (NYSE:PII) at the end of the second quarter which was 13 in the previous quarter.

We discussed Polaris Inc. (NYSE:PII) in another article and shared the list of best mid-cap stocks to buy. In addition, please check out our hedge fund investor letters Q3 2022 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.