Investment advisory firm Middle Coast Investing has released its third quarter investor letter. A copy of the letter can be downloaded here. It was a frustrating quarter for the company. The portfolio rose this quarter, but lagged behind major indexes and close benchmarks. The portfolio’s price-to-earnings ratio (TTM) for the past 12 months was 19.7. At the end of the quarter, cash and cash equivalents represented 17.1% of the portfolio, with an estimated average yield of 3%. This compares to 13.4% of the portfolio at the end of the second quarter, yielding 3.9%. Plus, check out the fund’s top 5 holdings to find out the best stocks for 2024.
Middle Coast Investing highlighted stocks like Dallas News Corporation (NASDAQ:DALN) in its Q3 2024 investor letter. DallasNews Corporation (NASDAQ:DALN) publishes and sells newspapers in Texas. Dallas News Corporation (NASDAQ:DALN) has a 1-month return of -5.96%, and its stock has lost 5.53% of its value over the past 52 weeks. On October 7, 2024, Dallas News Corporation (NASDAQ:DALN) stock closed at $4.1850 per share, giving it a market cap of $22.4 million.
Middle Coast Investing said the following about Dallas News Corporation (NASDAQ:DALN) in its Q3 2024 investor letter:
“We added Dallas News Corporation (NASDAQ:DALN) to our customer account for the first time. The newspaper business posted a fair profit with no special gains in the second quarter. We’re cutting costs to the point where we can make a profit. It looked like it looked like it, but it really wasn’t.” Considering discontinued products and programs, second-quarter revenue is up, and sales of buildings and real estate land could generate significant returns for shareholders. I am doing it. “Newspaper business in 2024” doesn’t sound like a good investment, but that’s what the New York Times says. Well, the chances of DALN pulling off a small rebuild are increasing. ”
Journalist typing news articles at home office.
DallasNews Corporation (NASDAQ:DALN) is not included in our list of 31 most popular stocks among hedge funds. Our database shows that 3 hedge fund portfolios owned Dallas News Corporation (NASDAQ:DALN) at the end of the second quarter, compared to 3 in the prior quarter. While we like Dallas News Corporation (NASDAQ:DALN)’s potential as an investment, we believe AI stocks are more likely to deliver higher returns in a shorter time frame. If you’re looking for an AI stock with as much promise as NVIDIA, but trading at less than 5x earnings, check out our report on the cheapest AI stocks.
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Additionally, for more information on investor letters from hedge funds and other major investors, please visit our Hedge Fund Investor Letters Q3 2024 page.
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Disclosure: None. This article was originally published on Insider Monkey.
