5 Best RV and Camping Stocks To Invest In

2. DICK’S Sporting Goods, Inc. (NYSE:DKS)

Number of Hedge Fund Holders: 32

DICK’S Sporting Goods, Inc. (NYSE:DKS) is a sporting goods retailer primarily operating in the United States. The company offers a wide range of products, including sporting goods equipment, fitness equipment, golf equipment, hunting and fishing gear, apparel, footwear, and accessories. It owns and operates specialty concept stores such as Sporting Goods, Golf Galaxy, Field & Stream, Public Lands, Going Going Gone!, and more. 

On December 5, DICK’S Sporting Goods, Inc. (NYSE:DKS) entered a multi-year partnership with Notre Dame Global Partnerships, becoming the official sporting goods retailer for Notre Dame Athletics. The collaboration aims to unite fans and student-athletes, emphasizing integration within the Notre Dame community.

According to Insider Monkey’s fourth quarter database, 32 hedge funds were long DICK’S Sporting Goods, Inc. (NYSE:DKS), compared to 25 funds in the last quarter. Stephen Mandel’s Lone Pine Capital is the largest stakeholder of the company, with 2.92 million shares worth $429.5 million. 

Emeth Value Capital made the following comment about DICK’S Sporting Goods, Inc. (NYSE:DKS) in its Q2 2023 investor letter:

“For as often as the phrase “a private equity approach to public markets” is repeated, it is surprising to observe the great divide that exists between even very sophisticated long-term investors in public and private markets. There is perhaps no more well-trodden battleground than that of valuation marks. Public investors, particularly in times of market stress, are quick to express frustration that private equity portfolios are not marked to market. The title of Cliff Asness’ recent opinion piece in Institutional Investor captures the sentiment well, “Why Does Private Equity Get to Play Make-Believe With Prices?”. The level of discontent is surprising for two reasons: first, the difference in methodology is quite easily understood, and second, contrary to public markets gospel, it is evident that liquidity and the discovery of value are in no way synonymous. Indeed, they may be opposing forces more often than not. At the risk of oversimplifying, one can think of private equity marks as single-variable valuations, while public equity marks are dual-variable valuations. Both incorporate the level of earnings in a business, but while multiples are held relatively constant in private equity marks, public market marks also incorporate sentiment in the form of a changing multiple. The problem is that Mr. Market tends to change his opinion quite often. Consider the case of one of our former portfolio companies, DICK’S Sporting Goods, Inc. (NYSE:DKS)…” (Click here to read the full text)