Earnings season is over, so there were no companies that reported earnings this past week. However, we do have at one last company on a slightly different fiscal schedule reporting next week – Walgreens Boots Alliance (WBA), who will announce results on the 27th.
Friday, June 21, 2024, Subscribers-Only Podcast:
Covering recent news and analysis for our portfolio companies and other topics relevant to value/contrarian investors.
Today’s podcast is about 9 minutes long and covers:
- Initial note
- Introduction and setup for next CTL issue.
- Comments on recommended companies
- Kopin (KOPN) announced it has received a contract from the U.S. Army to develop novel see-through Augmented Reality (AR) display optics for dismounted soldier vision system applications.
- Six Flags Entertainment (SIX) announced the senior management team that will lead the combined company following the completion of their previously announced merger of equals with Cedar Fair (FUN). In short, Cedar Fair management will be the new C-suite for the combined entity, while SIX CFO Gary Mick will serve as Chief Integration Officer and oversee the transition.
- Kohl’s (KSS) is introducing “The Return Drop” across more than 1,100 U.S. locations through a partnership with Narvar and Inmar Post-Purchase Solutions, the retailer is accepting returns from brands like Carhartt, Hanes and Levi’s at its stores in an effort to boost foot traffic, per the press release.
- Barnes (B) announced it will release second-quarter 2024 financial results on Friday, July 26, 2024, before the market opens.
- U.S. Steel (X) provided second quarter 2024 adjusted net earnings per diluted share guidance of $0.76 to $0.80. Second-quarter 2024 adjusted EBITDA is expected to be approximately $425 million.
- GE Aerospace (GE) declared a $0.28 per share dividend on the outstanding common stock of the company. The dividend is payable July 25, 2024, to shareholders of record at the close of business on July 11, 2024.
- Macy’s (M) is kicking off summer with its first marketing campaign under new CMO Sharon Otterman. The ad (which can be watched here) features a new version of Bill Withers’ “Lovely Day” reflecting the campaign’s theme of finding joy in every moment. The tune is sung by Grammy-nominated R&B artist Amber Mark and produced by Grammy award-winning producer Ryan Tedder.
- Tyson Foods (TSN) is selling a broiler processing plant in Dexter, Missouri – one of four it planned to close in 2024 – to Cal-Maine Foods (CALM).
- Agnico Eagle (AEM) says an expansion of its Detour Lake Mine will push production above 1M ounces per year.
Please know that while I don’t yet personally own shares of all Cabot Turnaround Letter recommended stocks – including the stocks mentioned in this note – that will materially change over time.
Please feel free to share your ideas and suggestions for the podcast and the letter with an email to either me at mwarder@cabotwealth.com or to our friendly customer support team at support@cabotwealth.com. Due to the time and space limits, we may not be able to cover every topic, but we will work to cover as much as possible or respond by email.
Portfolio
| Market Cap | Recommendation | Symbol | Rec. Issue | Price at Rec. | Current Price * | Current Yield | Rating and Price Target |
| Small cap | Gannett Company | GCI | Aug 2017 | 9.22 | $ 4.43 | - | Buy (9) |
| Small cap | Duluth Holdings | DLTH | Feb 2020 | 8.68 | $ 3.89 | - | Buy (20) |
| Small cap | Dril-Quip | DRQ | May 2021 | 28.28 | $ 17.99 | - | Buy (44) |
| Small cap | Kopin Corp | KOPN | Aug 2023 | 2.03 | $ 0.70 | - | Buy (5) |
| Small cap | Ammo, Inc. | POWW | Oct 2023 | 1.99 | $ 1.88 | - | Buy (3.50) |
| Mid cap | Mattel | MAT | May 2015 | 28.43 | $ 17.38 | - | Buy (38) |
| Mid cap | Adient plc | ADNT | Oct 2018 | 39.77 | $ 25.27 | - | Buy (55) |
| Mid cap | Xerox Holdings | XRX | Dec 2020 | 21.91 | $ 13.45 | 7.4% | Buy (33) |
| Mid cap | Viatris | VTRS | Feb 2021 | 17.43 | $ 10.26 | 4.7% | Buy (26) |
| Mid cap | TreeHouse Foods | THS | Oct 2021 | 39.43 | $ 36.60 | - | Buy (60) |
| Mid cap | The Western Union Co. | WU | Dec 2021 | 16.40 | $ 12.27 | 7.7% | Buy (25) |
| Mid cap | Brookfield Reinsurance | BNRE | Jan 2022 | 61.32 | $ 40.12 | 0.8% | Buy (93) |
| Mid cap | Polaris | PII | Feb 2022 | 105.78 | $ 78.31 | 3.4% | Buy (160) |
| Mid cap | Goodyear Tire & Rubber | GT | Mar 2022 | 16.01 | $ 11.18 | - | Buy (24.50) |
| Mid cap | Janus Henderson Group | JHG | Jun 2022 | 27.17 | $ 33.76 | 4.6% | Buy (67) |
| Mid cap | Six Flags Entertainment | SIX | Dec 2022 | 22.60 | $ 31.12 | - | Buy (35) |
| Mid cap | Kohl’s Corporation | KSS | Mar 2023 | 32.43 | $ 22.54 | 8.9% | Buy (50) |
| Mid cap | Frontier Group Holdings | ULCC | Apr 2023 | 9.49 | $ 5.15 | - | Buy (15) |
| Mid cap | Advance Auto Parts | AAP | Sep 2023 | 64.08 | $ 65.66 | 1.5% | Buy (98) |
| Mid cap | Mohawk Industries | MHK | Jan 2024 | 103.11 | $ 111.38 | - | Buy (165) |
| Mid cap | VF Corporation | VFC | Mar 2024 | 16.24 | $ 14.14 | 2.5% | Buy (25) |
| Mid cap | Barnes Group | B | Apr 2024 | 36.55 | $ 39.26 | 1.6% | Buy (55) |
| Mid cap | First Quantum Minerals | FM | Apr 2024 | 15.93 | $ 17.14 | 1.6% | Buy (40) |
| Mid cap | United States Steel | X | Jun 2024 | 37.12 | $ 36.67 | 0.5% | Buy (55) |
| Large cap | General Electric | GE | Jul 2007 | 304.96 | $ 163.44 | 0.2% | Buy (160) |
| Large cap | Nokia Corporation | NOK | Mar 2015 | 8.02 | $ 3.69 | 3.4% | Buy (12) |
| Large cap | Macy’s | M | Jul 2016 | 33.61 | $ 18.32 | 3.4% | Buy (25) |
| Large cap | Newell Brands | NWL | Jun 2018 | 24.78 | $ 6.59 | 3.4% | Buy (39) |
| Large cap | Vodafone Group plc | VOD | Dec 2018 | 21.24 | 9.01 | 11.3% | Buy (32) |
| Large cap | Berkshire Hathaway | BRK.B | Apr 2020 | 183.18 | $ 408.88 | - | HOLD |
| Large cap | Wells Fargo & Company | WFC | Jun 2020 | 27.22 | $ 58.17 | 2.4% | HOLD (64) |
| Large cap | Western Digital Corporation | WDC | Oct 2020 | 38.47 | $ 76.16 | - | HOLD (78) |
| Large cap | Elanco Animal Health | ELAN | Apr 2021 | 27.85 | $ 18.06 | - | Buy (44) |
| Large cap | Walgreens Boots Alliance | WBA | Aug 2021 | 46.53 | $ 15.87 | 6.3% | Buy (70) |
| Large cap | Volkswagen AG | VWAGY | Aug 2022 | 19.76 | $ 12.04 | 7.6% | Buy (70) |
| Large cap | Warner Bros Discovery | WBD | Sep 2022 | 13.13 | $ 7.09 | - | Buy (20) |
| Large cap | Capital One Financial | COF | Nov 2022 | 96.25 | $ 136.07 | 1.8% | HOLD (150) |
| Large cap | Bayer AG | BAYRY | Feb 2023 | 15.41 | $ 7.00 | 7.7% | Buy (24) |
| Large cap | Tyson Foods | TSN | Jun 2023 | 52.01 | $ 55.95 | 3.5% | Buy (78) |
| Large cap | Agnico Eagle Mines | AEM | Nov 2023 | 49.80 | $ 64.78 | 2.3% | Buy (75) |
| Large cap | Fidelity Natl Info Services | FIS | Dec 2023 | 55.50 | $ 76.33 | 2.7% | Buy (85) |
| Large cap | Baxter International | BAX | Feb 2024 | 38.79 | $ 34.08 | 3.3% | Buy (60) |
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