Heartland Advisors, an investment management company, released its “Heartland Value Plus Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, Value Plus Investor Class returned -7.61%, and the Value Plus Institutional Class returned -7.57% compared to a -4.61% for the Russell 2000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Heartland Advisors discussed stocks like Douglas Dynamics, Inc. (NYSE:PLOW) in the third-quarter investor letter. Headquartered in Milwaukee, Wisconsin, Douglas Dynamics, Inc. (NYSE:PLOW) is a manufacturer and up fitter of commercial work truck attachments. On October 12, 2022, Douglas Dynamics, Inc. (NYSE:PLOW) stock closed at $29.71 per share. One-month return of Douglas Dynamics, Inc. (NYSE:PLOW) was 0.24% and its shares lost 22.93% of their value over the last 52 weeks. Douglas Dynamics, Inc. (NYSE:PLOW) has a market capitalization of $664.886 million.
Here is what Heartland Advisors specifically said about Douglas Dynamics, Inc. (NYSE:PLOW) in its Q3 2022 investor letter:
“An example of a high-quality company in an economically sensitive area is Douglas Dynamics, Inc. (NYSE:PLOW). Douglas, an Industrial company, manufactures commercial vehicle attachments such as snowplows, salt spreaders, and lawn-care equipment. If you live in the Northeast and see a snowplow, there’s a good chance that it is either a “Western” device made by Douglas, or a BOSS snowplow made by the Toro Company. Douglas and Toro are leaders in what is effectively an oligopoly.
PLOW is a vivid example of a good business with low leverage and the potential to buy back its stock and grow its dividend. In fact, the company has consistently raised its payout every year for more than a decade.
But the stock has been weighed down because roughly two-thirds of its revenues are tied to snow- and ice-removal equipment, and there has been lower-than-average snowfall over the past several years. The stock is currently priced as if a traditional winter will never occur again. If we see a winter with simply average snowfall, it could be a catalyst for the stock. Meanwhile, the stock is currently yielding more than 4%, so investors are being paid for their patience.”
Pixabay/Public Domain
Douglas Dynamics, Inc. (NYSE:PLOW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held Douglas Dynamics, Inc. (NYSE:PLOW) at the end of the second quarter which was 6 in the previous quarter.
We discussed Douglas Dynamics, Inc. (NYSE:PLOW) in another article and shared Bernzott Capital Advisors’ views on the company. 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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