Home Hedge Funds Heartland Advisors Value Fund Sold BWX Technologies (BWXT) on Share Appreciation

Heartland Advisors Value Fund Sold BWX Technologies (BWXT) on Share Appreciation

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Heartland Advisors, an investment management company, released its “Heartland Value Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. During the quarter the fund outperformed the Russell 2000 Value Index returning 6.7% versus 2.9% for the benchmark. Stock selection in the Financial, Industrials, and Consumer Discretionary sectors led the fund to outperform in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Heartland Value Fund featured stocks like BWX Technologies, Inc. (NYSE:BWXT) in the Q1 2024 investor letter. Headquartered in Lynchburg, Virginia, BWX Technologies, Inc. (NYSE:BWXT) is a nuclear component manufacturing and distributing company. On April 12, 2024, BWX Technologies, Inc. (NYSE:BWXT) stock closed at $94.56 per share. One-month return of BWX Technologies, Inc. (NYSE:BWXT) was -5.19%, and its shares gained 47.74% of their value over the last 52 weeks. BWX Technologies, Inc. (NYSE:BWXT) has a market capitalization of $8.65 billion.

Heartland Value Fund stated the following regarding BWX Technologies, Inc. (NYSE:BWXT) in its first quarter 2024 investor letter:

“We believe Chart represents a better opportunity in the Industrials sector than BWX Technologies, Inc. (NYSE:BWXT), the nuclear components manufacturer we sold in the first quarter.

BWX was a profitable investment, but two catalysts drove valuations to a level we deemed fully priced. For starters, BWX’s development of small nuclear reactors gained steam, with appeal to Energy sector customers. So, too, did the company’s work on medical nuclear isotopes, critical to healthcare supply and security issues.

We sold the stock, which jumped 33.7% in the quarter, after hitting our price target. At 30X earnings, BWX’s risk-reward proposition disintegrated.”

An aerial view of a nuclear plant, its domes casting a unique shadow.

BWX Technologies, Inc. (NYSE:BWXT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, BWX Technologies, Inc. (NYSE:BWXT) was held by 29 hedge fund portfolios, compared to 20 in the previous quarter, according to our database.

We previously discussed BWX Technologies, Inc. (NYSE:BWXT) in another article, where we shared the list of AI stocks that will skyrocket. In addition, please check out our hedge fund investor letters Q1 2024 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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