Investment management company Cove Street Capital recently released its “Small Cap Value Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 1.61% compared to 5.18% for the Russell 2000 Index and 2.90% for the Russell 2000 Value Index. The first quarter of calendar year 2024 was mostly more of the recent same. US investors focused on the Federal Reserve’s comments and still expecting interest rate cuts in 2024. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Cove Street Small Cap Value Fund featured stocks like Park Aerospace Corp. (NYSE:PKE) in the first quarter 2024 investor letter. Headquartered in Westbury, New York, Park Aerospace Corp. (NYSE:PKE) is an aerospace company. On April 10, 2024, Park Aerospace Corp. (NYSE:PKE) stock closed at $15.74 per share. One-month return of Park Aerospace Corp. (NYSE:PKE) was 3.08%, and its shares gained 19.24% of their value over the last 52 weeks. Park Aerospace Corp. (NYSE:PKE) has a market capitalization of $318.789 million.
Cove Street Small Cap Value Fund stated the following regarding Park Aerospace Corp. (NYSE:PKE) in its first quarter 2024 investor letter:
“Park Aerospace Corp. (NYSE:PKE) is a new position in the quarter; this company develops and manufactures composite materials and structures primarily for airplane engines. PKE‘s largest customer is GE Aviation’s engine program, and based on future build rates of the A320neo (airbus), PP20 (Bombardier) and other engines, there is a clear pathway to double revenue and triple EBITDA in the medium term. PKE does not need to add much capacity to its manufacturing footprint in order to deliver on a sharp increase in revenue, resulting in significant earnings expansion. These are solid building blocks to fuel a higher multiple on higher cashflow.”
A shot of a prototype aircraft taking to the skies, the symbol of the companies innovation in aerospace & defense.
Park Aerospace Corp. (NYSE:PKE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Park Aerospace Corp. (NYSE:PKE) was held by 13 hedge fund portfolios, compared to 14 in the previous quarter, according to our database.
We discussed Park Aerospace Corp. (NYSE:PKE) in another article and shared the list of best small-cap defense stocks to invest in. 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.
