Should You Sell WideOpenWest (WOW)?
Heartland Advisors, an investment management company, released its “Heartland Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 11.7% in the quarter, trailing the 15.3% gains for the Russell 2000 Value Index. The underperformance was attributed to security selection in addition to the strong rally in early cycle sectors where the fund was underweighted. For the full year, the fund returned 17.1% versus 14.7% for the benchmark, stock selection led to the outperformance of the fund in 2023. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Heartland Value Fund featured stocks such as WideOpenWest, Inc. (NYSE:WOW) in the fourth quarter 2023 investor letter. Headquartered in Englewood, Colorado, WideOpenWest, Inc. (NYSE:WOW) office high-speed data, cable television, and digital telephony services. On January 10, 2024, WideOpenWest, Inc. (NYSE:WOW) stock closed at $3.50 per share. One-month return of WideOpenWest, Inc. (NYSE:WOW) was -12.72%, and its shares lost 67.86% of their value over the last 52 weeks. WideOpenWest, Inc. (NYSE:WOW) has a market capitalization of $292.714 million.
Heartland Value Fund stated the following regarding WideOpenWest, Inc. (NYSE:WOW) in its fourth quarter 2023 investor letter:
"WideOpenWest, Inc. (NYSE:WOW), which is in the process of exiting the cable television business to focus on its high-margin, high-speed data internet (HSD) segment, was a disappointment.
The HSD industry has been under intense pressure lately as subscriber growth has normalized after a robust period during the pandemic, when work-at-home protocols sparked demand for quality, broadband internet service. Inflation is also driving price-sensitive consumers to evaluate lower-priced alternative options, such as 5G wireless broadband. This led us to lower our estimates of earnings and cash flows, which triggered exiting the position in the fourth quarter."
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WideOpenWest, Inc. (NYSE:WOW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held WideOpenWest, Inc. (NYSE:WOW) at the end of third quarter which was 17 in the previous quarter. 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.
