DOLE’s Share Price Declined Despite Performing Well During Significant Cost Inflation

Investment management company Kingdom Capital Advisor recently released its second quarter, 2022 investor letter. A copy of the same can be downloaded here. At the end of the second quarter, the fund returned -11.32% net of fees compared to -16% for the S&P Index and -17% for the Russell Index. Year-to-date, the fund returned 16.9% net of fees. Kingdom Capital is always focused on identifying the opportunities in undervalued small-cap stocks. For more information on the fund’s top picks in 2022, please check its top five holdings.

Kingdom Capital Advisor mentioned Dole plc (NYSE:DOLE)  in the letter and discussed its views about the company. Headquartered in Dublin, Ireland, Dole plc (NYSE:DOLE) engages in the business of fruits and vegetable production and distribution and has a market capitalization of 881.414 million. The stock of Dole plc (NYSE:DOLE) closed at $9.29 on August 16, 2022. One-month return of Dole plc (NYSE:DOLE)  rose to 0.43%, while its shares lost 40.56% of their value over the last 52 weeks.

Here’s what Kingdom Capital Advisor specifically said about Dole plc (NYSE:DOLE)  in its Q2 2022 investor letter:

“Dole plc (NYSE:DOLE): Dole continues to perplex. The company has executed well in the face of significant cost inflation, yet the share price has significantly declined. Greater investor familiarity with the stock should eventually lead to price recovery; you rarely see a defensive, well-known, industry leading brand trading anywhere near Dole’s current multiples. Two recent filings show some sophisticated investors share our view, with Taylor Farms and BDL Capital increasing their stakes in the business to over 5% ownership. Despite our conviction, Dole has remained one of the largest drags on our performance year to date.”

Dole plc (NYSE:DOLE)  is not on the list of 30 Most Popular Stocks Among Hedge Funds. Per our database, Dole plc (NYSE:DOLE)  was held by 18 hedge fund portfolios at the end of the first quarter, and 19 in the previous quarter.

We discussed Dole plc (NYSE:DOLE)  in another article, and shared the list of dividend-paying stocks. For more investor letters from hedge funds and other prominent investors, you can check our hedge fund investor letters Q2 2022 page.

Disclosure: None. This article is originally published at Insider Monkey.

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