Diamond Hill Capital Management Strongly Believes in Century Communities (CCS)’s Strong Management Team

Diamond Hill Capital Management, an investment advisor, released its “Small Cap Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. The second quarter was challenging for US stocks and the Russell 2000 Index fell by more than 17%. The volatile market condition affected the fund’s portfolio performance; however, the fund performed better compared to the Russell 2000 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

In the second quarter investor letter, Diamond Hill Capital Management discussed stocks like Century Communities, Inc. (NYSE:CCS). Headquartered in Greenwood Village, Colorado, Century Communities, Inc. (NYSE:CCS) is a residential construction company. On September 2, 2022, Century Communities, Inc. (NYSE:CCS) stock closed at $45.19 per share. One-month return of Century Communities, Inc. (NYSE:CCS) was -8.85% and its shares lost 36.15% of their value over the last 52 weeks. Century Communities, Inc. (NYSE:CCS) has a market capitalization of $1.458 billion.

Here is what Diamond Hill Capital Management specifically said about Century Communities, Inc. (NYSE:CCS):

“Recent share price weakness in homebuilder Century Communities, Inc. (NYSE:CCS) gave us an opportunity to initiate a holding at what we believe is an attractive discount to intrinsic value. This is a company we know well from prior experience — it operates in a number of large US markets, including Atlanta, Denver and Las Vegas. CCS sells homes across a range of prices, but over time it has increased focus on entry-level homes, where demand is highest. The direction of the housing market is an open question, but we have confidence in CCS’s strong management team which has experience in managing opportunistically in prior cycles.”

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Century Communities, Inc. (NYSE:CCS) is not on the list of 30 Most Popular Stocks Among Hedge Funds. Century Communities, Inc. (NYSE:CCS) was held by 19 hedge fund portfolios at the end of the second quarter compared to 18 in the previous quarter.

We discussed Century Communities, Inc. (NYSE:CCS) in another article and shared ClearBridge Investments’ views on the company. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

Disclosure: None. This article is originally published at Insider Monkey.