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Here’s Why 180 Degree Capital Corp Sold Commercial Vehicle Group (CVGI)

180 Degree Capital Corp., an investment management firm, recently released its second quarter 2023 investor letter. A copy of the same can be downloaded here. The quarter was rough for the portfolio, which lost 5.8% compared to a 5.3% increase for the Russell Microcap Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

180 Degree Capital highlighted stocks like Commercial Vehicle Group, Inc. (NASDAQ:CVGI) in the second quarter 2023 investor letter. Headquartered in New Albany, Ohio, Commercial Vehicle Group, Inc. (NASDAQ:CVGI) manufacture, supply, and sale of cab-related products and systems. On August 17, 2023, Commercial Vehicle Group, Inc. (NASDAQ:CVGI) stock closed at $9.33 per share. One-month return of Commercial Vehicle Group, Inc. (NASDAQ:CVGI) was -10.55%, and its shares gained 26.94% of their value over the last 52 weeks. Commercial Vehicle Group, Inc. (NASDAQ:CVGI) has a market capitalization of $312.306 million.

180 Degree Capital made the following comment about Commercial Vehicle Group, Inc. (NASDAQ:CVGI) in its second quarter 2023 investor letter:

"Commercial Vehicle Group, Inc. (NASDAQ:CVGI): CVGI reported better than expected results for Q1 2023 that included better pricing from its remaining contracts that were renegotiated in the quarter and the company provided overall strong guidance for the remainder of 2023. 180 sold 28% of its position at an average sale price per share of $10.31. For the quarter, CVGI increased NAV by $0.18, or $1.9 million."

Photo by Lenny Kuhne on Unsplash

Commercial Vehicle Group, Inc. (NASDAQ:CVGI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Commercial Vehicle Group, Inc. (NASDAQ:CVGI) at the end of second quarter which was 18 in the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.

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