Masonite International Corporation (DOOR) Fell on Acquisition Announcement
The London Company, an investment management company, released “The London Company Small Cap Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, US stocks experienced a significant surge, causing major indices to record double-digit gains. In the quarter, the fund returned 11.9% (11.7% net) compared to a 14% increase in the Russell 2000 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Small Cap Strategy featured stocks such as Masonite International Corporation (NYSE:DOOR) in the fourth quarter 2023 investor letter. Headquartered in Tampa, Florida, Masonite International Corporation (NYSE:DOOR) designs, manufactures, markets, and distributes interior and exterior doors. On February 7, 2024, Masonite International Corporation (NYSE:DOOR) stock closed at $95.26 per share. One-month return of Masonite International Corporation (NYSE:DOOR) was 7.53%, and its shares gained 5.17% of their value over the last 52 weeks. Masonite International Corporation (NYSE:DOOR) has a market capitalization of $2.087 billion.
The London Company Small Cap Strategy stated the following regarding Masonite International Corporation (NYSE:DOOR) in its fourth quarter 2023 investor letter:
"Masonite International Corporation (NYSE:DOOR) - DOOR underperformed in 4Q after proposing an acquisition of PGT Innovations, a premium window and door manufacturer. DOOR's long-term capital allocation record is strong, and the management team has proven to be dutiful toward shareholders. We believe DOOR remains well positioned to capitalize on a very supportive demand backdrop, and the business's large market share and pricing power will support outperformance over the long term."
A close up of a crew constructing a residential door, symbolising the company’s attention to detail.
Masonite International Corporation (NYSE:DOOR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Masonite International Corporation (NYSE:DOOR) at the end of third quarter which was 20 in the previous quarter.
We discussed Masonite International Corporation (NYSE:DOOR) in another article and shared the list of stocks recently downgraded by analysts. 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.
