Palm Valley Capital Management Sold Gencor Industries (GENC) on Stock Price Appreciation

Palm Valley Capital Management, an investment management firm, released the “Palm Valley Capital Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, Palm Valley Capital Fund increased 1.04% compared to 2.46% and 5.69% gains for the S&P SmallCap 600 Index and the Morningstar Small Cap Index, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Palm Valley Capital Fund featured stocks like Gencor Industries, Inc. (AMEX:GENC) in the first quarter 2024 investor letter. Headquartered in Orlando, Florida, Gencor Industries, Inc. (AMEX:GENC) designs and manufactures heavy machinery used in highway construction materials and environmental control equipment. On April 4, 2024, Gencor Industries, Inc. (AMEX:GENC) stock closed at $17.35 per share. One-month return of Gencor Industries, Inc. (AMEX:GENC) was 3.89%, and its shares gained 19.66% of their value over the last 52 weeks. Gencor Industries, Inc. (AMEX:GENC) has a market capitalization of $254.311 million.

Palm Valley Capital Fund stated the following regarding Gencor Industries, Inc. (AMEX:GENC) in its first quarter 2024 investor letter:

“We sold out of five Fund positions during the first quarter of 2024. Three positions were sold because the stocks exceeded our intrinsic value estimates: Gencor Industries, Inc. (AMEX:GENC), Miller Industries (ticker: MLR), and Crawford & Co. (ticker: CRD/A). Gencor Industries is generating record results driven by infrastructure spending. While positive earnings tailwinds should continue in the near term, we took advantage of available liquidity to sell the stock at prices better than our target valuation.”

A close-up of a large piece of heavy machinery being manufactured in a modern factory setting.

Gencor Industries, Inc. (AMEX:GENC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Gencor Industries, Inc. (AMEX:GENC) was held by 3 hedge fund portfolios, compared to 3 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.