Should You Hold The Buckle (BKE)?
Miller Value Partners, an investment management company, released its “Income Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 11.07% net of fees versus a 7.04% return for the benchmark, ICE BofA US High Yield Index, and underperforming the S&P 500’s 11.69% gain. Year-to-date the fund was up 12.59% net of fees compared to 13.44% for the benchmark and 26.29% return for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Miller Value Partners Income Strategy featured stocks such as The Buckle, Inc. (NYSE:BKE) in the fourth quarter 2023 investor letter. Headquartered in Kearney, Nebraska, The Buckle, Inc. (NYSE:BKE) is an apparel, footwear, and accessories retailer. On January 11, 2024, The Buckle, Inc. (NYSE:BKE) stock closed at $39.89 per share. One-month return of The Buckle, Inc. (NYSE:BKE) was -10.08%, and its shares lost 11.73% of their value over the last 52 weeks. The Buckle, Inc. (NYSE:BKE) has a market capitalization of $2.012 billion.
Miller Value Partners Income Strategy stated the following regarding The Buckle, Inc. (NYSE:BKE) in its fourth quarter 2023 investor letter:
"The Buckle, Inc. (NYSE:BKE) was another top performer during the quarter. The retailer reported 3Q23 net sales of $303.5MM, -8.7% Y/Y, slightly below consensus of $304.0MM, and EPS of $1.04, -16.1% Y/Y, ahead of consensus of $0.88. The company generated 3Q23 free cash flow (FCF) of $53.7MM, bringing trailing-twelve month (TTM) FCF to $216.6MM, or a FCF yield of 9.0%. Management maintained its quarterly dividend of $0.35/share and also declared a special cash dividend of $2.50/share, implying a twelve-month yield of ~8.2%."
A fashionable retail store showcasing the company's apparel products.
The Buckle, Inc. (NYSE:BKE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held The Buckle, Inc. (NYSE:BKE) at the end of third quarter which was 19 in the previous quarter.
We discussed The Buckle, Inc. (NYSE:BKE) in another article and shared the list of extreme value stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 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.
