National Presto Industries (NYSE: NPK) announced its wholly owned subsidiary, AMTEC Corp., won an $84.5 million contract from the Department of the Army. Deliveries for the contract are scheduled in 2017. The defense segment represents the company’s fastest-growing sector despite weakness in the first quarter due to the timing of the shipments. Along with another contract for $99 million that the company won earlier this year, the backlog value of the two contracts represents roughly half of National Presto’s 2015 revenue.

The California Public Utilities Commission issued its final decision for San Jose Water Company, SJW Corp’s (NYSE: SJW) wholly owned subsidiary. Regulators approved a rate increase of 8.6%, or $25.1 million, for 2016, effective June 14. The commission noted that rates and revenue for 2017 and 2018 would be determined based on the forecasted change in the consumer price index. Regulators also approved SJW’s capital program of about $318 million for 2015 through 2017.

DSW (NYSE: DSW) reported first-quarter revenue rose 3.9% to $681 million, with comparable sales falling 1.6%.  Ebuys, which the company acquired earlier this year, contributed $15.1 million to gross income. Earnings came in at $30 million, or 36 cents per share, down from $47.4 million, or 52 cents per share in 2015. Due to a tough retail environment, management lowered its full-year adjusted earnings per share of $1.32 to $1.42, down from a previous guidance of $1.54 to $1.64 per share. DSW also lowered its comparable sales guidance and now expects a decline of 1% to 2%, compared with a prior outlook of 1% to 2% growth. Overall revenue growth is expected at 6% to 7%, down from a prior estimate of 8% to 10%.

Diamond Hill Investment Group (NASD: DHIL) has been a great performer for us, up 192% since it ws added to the portfolio back in January of 2013. We don’t see its prospects improving for some time, so, with regret, we are selling it. SELL DHIL.

W.R. Berkley (NYSE: WRB) announced an 8% increase to its annual dividend, bringing it to 52 cents per share. The quarterly rate of 13 cents per share will be paid on July 5, 2016, to shareholders of record on June 15, 2016. The company continued to benefit from the recovering economy. In the first quarter, the company reported strong growth in its net premiums written and operating income, as well as an improved return on equity of 20 basis points.

Weis Markets (NYSE: WMK) continues to expand through acquisition. The company recently announced it has entered into an agreement to buy five stores from Mars Super Markets in Baltimore County, Maryland, for an undisclosed price. The deal is expected to be completed by late July 2016. With the additional five stores, Weis Markets essentially doubles its business to nine total stores in the region after expanding its presence in the area in recent years. Weis currently operates 25 stores in Maryland and 162 stores in the Mid-Atlantic region.