Investing.com | Editor Rachael Rajan
Published Apr 05, 2024 06:26AM ET
After a challenging start to the year, the ProPicks Mid-Cap Movers strategy staged an impressive comeback in February 2024, outperforming key benchmark indices. The strategy delivered a robust 1-month return of -427.44%, surpassing the S&P 500's 2.08%, the Dow Jones Industrial Average's 1.23%, and the Nasdaq-100's -4.62% over the same period.
h2 Performance Recap/h2The Mid-Cap Movers strategy's standout performance in February was driven by strong returns from several holdings. Here are the top 5 performers from last month:
1. Wayfair Inc . (NYSE:NYSE:W) - 9.53%
2. AMN Healthcare Services, Inc. (NYSE:NYSE:AMN) - 9.33%
3. SkyWest , Inc. (NasdaqGS:NASDAQ:SKYW) - 6.24%
4. Tripadvisor, Inc. (NasdaqGS:TRIP) - 1.95%
5. Frontdoor, Inc. (NasdaqGS:FTDR) - 2.89%
[Chart: 2 | Monthly return of each stock from last month]
On a 3-month basis, the strategy's -0.57% return also compares favorably to the S&P 500's 9.94%, the Dow's 4.98%, and the Nasdaq-100's -3.12%.
h2 New Additions/h2In February, the Mid-Cap Movers strategy welcomed 11 new holdings, each carefully selected based on their potential to drive long-term value. Let's take a closer look at these exciting additions:
1. Kohl's Corporation (NYSE:NYSE:KSS)
2. Comerica Incorporated (NYSE:NYSE:CMA)
3. Crocs , Inc. (NasdaqGS:NASDAQ:CROX)
4. Verint Systems Inc. (NasdaqGS:NASDAQ:VRNT)
5. Zions Bancorporation (NASDAQ:ZION), National Association (NasdaqGS:ZION)
6. BankUnited, Inc. (NYSE:NYSE:BKU)
7. Masimo (NASDAQ:MASI) Corporation (NasdaqGS:MASI)
8. Alpha Metallurgical Resources, Inc. (NYSE:AMR)
9. ChampionX Corporation (NasdaqGS:CHX)
10. Goosehead Insurance, Inc (NasdaqGS:GSHD)
11. UMB Financial (NASDAQ:UMBF) Corporation (NasdaqGS:UMBF)
[Chart: 1 | Strategy Return vs. Benchmarks]
h2 Portfolio Updates/h2The Mid-Cap Movers strategy underwent several changes in February to optimize its holdings and capitalize on emerging opportunities. Here's a summary of the key updates:
h3 Removed Stocks:/h31. Powell Industries , Inc. (NasdaqGS:NASDAQ:POWL) - Monthly Return: -24.11%
2. Sterling Infrastructure, Inc. (NasdaqGS:STRL) - Monthly Return: -1.05%
3. Tripadvisor, Inc. (NasdaqGS:TRIP) - Monthly Return: 1.95%
4. RingCentral, Inc. (NYSE:NYSE:RNG) - Monthly Return: -0.38%
5. SkyWest, Inc. (NasdaqGS:SKYW) - Monthly Return: 6.24%
6. United States Cellular Corporation (NYSE:NYSE:USM) - Monthly Return: -0.31%
7. IPG Photonics (NASDAQ:IPGP) Corporation (NasdaqGS:IPGP) - Monthly Return: 2.84%
8. Perficient , Inc. (NasdaqGS:NASDAQ:PRFT) - Monthly Return: -14.06%
9. Victoria's Secret & Co. (NYSE:VSCO) - Monthly Return: -34.85%
10. Teradata Corporation (NYSE:NYSE:TDC) - Monthly Return: -0.39%
11. Iridium Communications Inc. (NasdaqGS:NASDAQ:IRDM) - Monthly Return: -12.12%
h3 Continue Holding:/h31. Fox Factory Holding Corp. (NasdaqGS:NASDAQ:FOXF) - Monthly Return: -1.31%
2. Concentrix Corporation (NasdaqGS:CNXC) - Monthly Return: -13.62%
3. Wayfair Inc. (NYSE:W) - Monthly Return: 9.53%
4. Caesars (NASDAQ:CZR) Entertainment, Inc. (NasdaqGS:CZR) - Monthly Return: 0.49%
5. AMN Healthcare Services (NASDAQ:HCSG), Inc. (NYSE:AMN) - Monthly Return: 9.33%
6. YETI Holdings, Inc. (NYSE:YETI) - Monthly Return: -7.03%
7. Frontdoor, Inc. (NasdaqGS:FTDR) - Monthly Return: 2.89%
8. Integra LifeSciences Holdings Corporation (NasdaqGS:IART) - Monthly Return: -3.53%
9. Amphastar Pharmaceuticals, Inc. (NasdaqGS:NASDAQ:AMPH) - Monthly Return: -6.01%
1. Kohl's Corporation (NYSE:KSS)
2. Comerica Incorporated (NYSE:CMA)
3. Crocs, Inc. (NasdaqGS:CROX)
4. Verint Systems Inc. (NasdaqGS:VRNT)
5. Zions Bancorporation, National Association (NasdaqGS:ZION)
6. BankUnited, Inc. (NYSE:BKU)
7. Masimo Corporation (NasdaqGS:MASI)
8. Alpha Metallurgical Resources, Inc. (NYSE:AMR)
9. ChampionX Corporation (NasdaqGS:CHX)
10. Goosehead Insurance, Inc (NasdaqGS:GSHD)
11. UMB Financial Corporation (NasdaqGS:UMBF)
In conclusion, the ProPicks Mid-Cap Movers strategy delivered impressive results in February 2024, outperforming key benchmarks and positioning itself for continued success. By carefully selecting promising mid-cap companies with strong fundamentals and growth potential, the strategy aims to generate long-term value for investors. As always, the Mid-Cap Movers team will continue to monitor market developments and make strategic adjustments to optimize the portfolio's performance in the months ahead.
h2 Monthly News Highlights/h2 h3 Fox Factory Holding Corp. (FOXF)/h3On March 7, law firm Faruqi & Faruqi, LLP announced an investigation into potential claims against Fox Factory on behalf of investors who suffered losses exceeding $100,000 between May 6, 2021 and November 2, 2023. The class action alleges that Fox Factory made misleading statements and omissions regarding its business during this period. Read more
On March 14, Robbins LLP reminded investors of the lead plaintiff deadline of April 22, 2024 in a class action lawsuit against Fox Factory. The lawsuit alleges that the company misled the market about demand for its products and inventory levels between May 6, 2021, and November 2, 2023. Read more
h3 Concentrix Corporation (CNXC)/h3On March 26, Concentrix reported its financial results for Q1 FY24, achieving revenue of $2.4 billion, up 46.8% from the same period last year. Operating income was $148.4 million, while non-GAAP operating income reached $319.1 million. Read more
In an earnings call on March 27, Concentrix highlighted its investments in automation solutions and plans to reduce debt and leverage starting in Q2. The company remains confident in sustained revenue growth, profit improvement, and strong cash flow for 2024. Read more
h3 Wayfair Inc. (W)/h3On March 18, Mizuho initiated coverage of Wayfair with a 'buy' rating and a price target of $72, citing the company's resilience in the competitive home furnishings market and positive signs of a reversal in housing trends. Read more
On March 28, Citi raised its price target for Wayfair to $85 from $73, maintaining a Buy rating. The adjustment comes after a discussion with a significant Wayfair seller partner, who highlighted the company's strong performance in the outdoor category and distinct market position. Read more
h3 Kohl's Corporation (KSS)/h3On March 12, Kohl's reported strong earnings and gross margin for Q4 FY23, with EPS of $1.67 beating the consensus estimate of $1.27. However, revenue came in at $5.71 billion, falling short of the forecasted $5.8 billion. The company issued weak guidance for FY24. Read more
On March 12, JPMorgan raised its price target for Kohl's to $21 from $20, maintaining a Neutral rating. The firm believes that Kohl's is well-positioned with its core customer demographic and off-mall store fleet but faces competition that requires sharper pricing and promotional activity. Read more
h3 Crocs, Inc. (CROX)/h3On March 20, BofA Securities raised its price target for Crocs from $140 to $150, maintaining a Buy rating. The adjustment comes after meetings with Crocs' CFO and SVP of IR/Strategy, which increased analysts' confidence in the company's outlook. Read more
On March 21, KeyBanc maintained its "overweight" rating for Crocs, with a price target of $149.00, up from the previous target of $130.00. Read more
h3 Verint Systems Inc. (VRNT)/h3On March 21, Verint Systems CEO, Dan Bodner, sold over $1 million worth of shares in the company at an average price of $31.29 per share. The sales were made in accordance with a previously adopted trading plan. Read more
On March 27, Verint reported better-than-expected earnings for Q4 2025, with EPS of $1.07 surpassing the analyst estimate of $0.97. Revenue for the quarter was $265.2 million, exceeding the consensus estimate of $262.54 million. Read more
h3 Masimo Corporation (MASI)/h3On March 1, Masimo reported strong financial results for Q4 and FY23, with total revenues exceeding $2 billion. The company anticipates revenue growth in the healthcare division and plans to launch several innovative products in 2024. Read more
On March 25, Wells Fargo upgraded its rating of Masimo from Equal Weight to Overweight and increased the price target to $160 from $117. This decision comes after Masimo considered separating its consumer business, which Wells Fargo sees as a positive move. Read more
h3 Alpha Metallurgical Resources, Inc. (AMR)/h3On March 19, Continental General Insurance Co purchased shares of Alpha Metallurgical Resources worth $4.4 million, solidifying its position as a major investor in the coal mining firm. Read more
h3 ChampionX Corporation (CHX)/h3On March 22, ChampionX announced plans to acquire RMSpumptools Limited for approximately $110 million. The acquisition will expand ChampionX's reach in international and offshore production technologies markets. Read more
h3 Amphastar Pharmaceuticals, Inc. (AMPH)/h3On March 1, Amphastar reported a 29% increase in net revenues for FY23, reaching $644 million. The company expects continued revenue growth in 2024 from its diabetes portfolio and hospital/clinical use products. Read more
On March 5, JPMorgan initiated coverage on Amphastar, assigning an Overweight rating and a price target of $60. The firm highlighted Amphastar's well-positioned portfolio in the pharmaceutical market and expects high-single-digit revenue growth and double-digit EPS growth over the next five years. Read more
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Written By: Investing.com
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