10 Companies Benjamin Graham Would Invest In Today – February 2015

10 Ben Graham CompaniesOut of the multitude of companies, which ones would legendary value investor Benjamin Graham buy today?  I’ve compiled ten great companies that fit the ModernGraham criteria, based on Benjamin Graham’s methods. The companies in this list pass the rigorous requirements of either the Defensive Investor or the Enterprising Investor and are undervalued by the market. To find more companies that meet these tests, be sure to check out the ModernGraham Valuation Index.

B&G Foods Inc. (BGS)

bg-foods-logoB&G Foods Inc. qualifies for the Enterprising Investor but not for the Defensive Investor.  The Defensive Investor is concerned by the small size, low current ratio, short dividend history, and the high PEmg and PB ratios.  The Enterprising Investor is only concerned by the high level of debt relative to the net current assets.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel very comfortable proceeding with further research and comparing the company to other opportunities.  As for a valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $0.49 in 2010 to an estimated $1.20 for 2014.  This level of demonstrated growth is greater than the market’s implied estimate of 8.06% earnings growth and leads the ModernGraham valuation model, based on Benjamin Graham’s formula, to return an estimate of intrinsic value above the price.  (Read the full valuation)

CF Industries Holdings Inc. (CF)

CfindustrieslogoCF Industries Holdings is suitable for both the Defensive Investor and the Enterprising Investor.  The Defensive Investor’s only concern is the lack of earnings stability over the last ten years while the Enterprising Investor is only concerned by the high level of debt relative to the net current assets.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should feel very comfortable proceeding with further research and comparing the company to other opportunities.  As for a valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $7.10 in 2010 to an estimated $21.45 for 2014.  This level of demonstrated growth is greater than the market’s implied estimate of 1.55% earnings growth and leads the ModernGraham valuation model, based on Benjamin Graham’s formula, to return an estimate of intrinsic value above the price.  (Read the full valuation)

Cummins Inc. (CMI)

Logo_cumminsCummins Inc. passes the initial requirements of both the Defensive Investor and the Enterprising Investor. The only issue the Defensive Investor has with the company is the high PB ratio, while the Enterprising Investor has no initial concerns. As a result, all value investors should feel very comfortable proceeding to the next part of the analysis, which is a determination of the company’s intrinsic value.

When it comes to that valuation, it is critical to consider the company’s earnings history. In this case, Cummins Inc. has grown its EPSmg (normalized earnings) from $3.83 in 2010 to $8.48 for 2014. This is a very strong level of demonstrated growth, which is well above the market’s implied estimate for earnings growth of only 3.81% over the next 7-10 years. In fact, the historical growth is around 24.2% per year, so the market is expecting a very significant drop in earnings growth. The ModernGraham valuation model reduces the historical growth to a more conservative figure, assuming that some slowdown will occur, but still returns an estimate of intrinsic value falling above the current price, indicating the company is undervalued at the present time.  (Read the full valuation on Seeking Alpha)

Eastman Chemical Company (EMN)

200px-Eastman_Chemical_Company_logo.svgEastman Chemical qualifies for either the Defensive Investor or the Enterprising Investor.  The Defensive Investor has no initial concerns while the Enterprising Investor is only slightly concerned by the level of debt relative to the net current assets.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company and comparing it to other opportunities.  As for a valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $2.07 in 2010 to an estimated $5.65 for 2014.  This level of demonstrated growth is greater than the market’s implied estimate of 3.05% earnings growth and leads the ModernGraham valuation model, based on Benjamin Graham’s formula, to return an estimate of intrinsic value above the price.  (Read the full valuation)

Fifth Third Bancorp (FITB)

220px-Fifth_Third_Bank.svgFifth Third Bancorp performs well in the initial stages of the analysis for the Enterprising Investor, passing all of the requirements. Defensive Investors, however, are concerned by the insufficient earnings growth or stability over the last ten years. Therefore, only Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s teachings should feel comfortable proceeding to the next part of the analysis, which is a determination of the company’s intrinsic value.

To determine an estimate of the intrinsic value, one must consider the company’s earnings. Here, the company has grown its EPSmg (normalized earnings) from $0.01 in 2010 to an estimated $1.62 for 2014. This achieved growth rate is well above the market’s implied forecast of only 1.96% earnings growth over the next 7-10 years. The company would have to see a significant slowdown in growth in order to be valued at the market’s current price. As a result, the ModernGraham valuation model returns an estimate of intrinsic value well above the price, supporting a clear conclusion that the company is significantly undervalued. All value investors are therefore encouraged to proceed with further research to determine whether the company is suitable for their own individual portfolios.  (Read the full valuation on Seeking Alpha)

Ford Motor Company (F)

500px-Ford_Motor_Company_Logo.svgFord continues to fare very well in the ModernGraham model, and is suitable for Enterprising Investors. The Defensive Investor is concerned with the lack of earnings stability over the last ten years and the inconsistent dividend record over that time period, while the Enterprising Investor has no initial concerns. As a result, Enterprising Investors should feel very comfortable proceeding to the next part of the analysis, which is a determination of the company’s intrinsic value.

When it comes to that valuation, it is critical to consider the company’s earnings history. In this case, the company has grown its EPSmg (normalized earnings) from a loss of $1.15 in 2010 to an estimated gain of $1.87 for 2014. This is a fairly strong level of demonstrated growth which is well above the market’s implied estimate for earnings loss of 0.1% over the next 7-10 years. It is true that the company has seen somewhat flat EPSmg over the last couple of years, but it is critical for investors to have a longer frame of reference when considering a company’s long-term prospects. Here, the historical growth in EPSmg over the last five years is around 52.53% per year, so the market is expecting a very significant drop in earnings growth. The ModernGraham valuation model reduces the historical growth to a more conservative figure, assuming that some slowdown will occur, but it is unrealistic that a company this strong would see negative growth over the long-term. Therefore, the model returns an estimate of intrinsic value well above the current price, indicating the company is significantly undervalued at the present time.  (Read the full valuation on Seeking Alpha)

Helmerich & Payne (HP)

logo_HPIHelmerich & Payne Inc. is suitable for both the Defensive Investor and the Enterprising Investor.  The Defensive Investor is only concerned by the low level of earnings growth over the last ten years, while the Enterprising Investor has no initial concerns.  As a result, all value investors following the ModernGraham approach based on Benjamin Graham’s methods should feel very comfortable proceeding with further research and comparing the company to other opportunities.  From a valuation side of things, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $3.24 in 2011 to an estimated $4.63 for 2014.  This level of demonstrated growth is greater than the market’s implied estimate of 3.11% earnings growth and leads the ModernGraham valuation model, based on Benjamin Graham’s formula, to return an estimate of intrinsic value above the price.  (Read the full valuation)

Joy Global Inc. (JOY)

2012_JGI_logo_wikipediaJoy Global Inc. is suitable for both the Defensive Investor and the Enterprising Investor.  In fact, the company passes all of the requirements of both investor types, which is a rare accomplishment.  As a result, all value investors following the ModernGraham approach based on Benjamin Graham’s methods should feel very comfortable proceeding with further research and comparing the company to other opportunities.  From a valuation side of things, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $3.89 in 2010 to $4.91 for 2014.  This level of demonstrated growth is greater than the market’s implied estimate of 0.17% earnings growth and leads the ModernGraham valuation model, based on Benjamin Graham’s formula, to return an estimate of intrinsic value above the price.  (Read the full valuation)

Seagate Technology PLC (STX)

220px-Seagate_logo.svgSeagate Technology is suitable for the Enterprising Investor but not for the Defensive Investor.  The Defensive Investor is concerned by the lack of earnings or dividend stability over the last ten years as well as the high PB ratio, while the Enterprising Investor is only concerned by the level of debt relative to the net current assets.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should feel very comfortable proceeding with further research and comparing the company to other opportunities.  As for a valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $0.34 in 2011 to an estimated $4.72 for 2015.  This level of demonstrated growth outpaces the market’s implied estimate of 2.77% earnings growth and leads the ModernGraham valuation model, based on Benjamin Graham’s formula, to return an estimate of intrinsic value above the price.  (Read the full valuation)

Wells Fargo & Company (WFC)

500px-Wells_Fargo_Bank.svgWells Fargo & Co. passes the initial requirements of the Enterprising Investor as well as the more conservative Defensive Investor. In fact, the company passes all of the requirements of both investor types, which is a rare accomplishment. As a result, all value investors should feel very comfortable proceeding to the next part of the analysis, which is a determination of the company’s intrinsic value.

When it comes to that valuation, it is critical to consider the company’s earnings history. In this case, the company has grown its EPSmg (normalized earnings) from $1.83 in 2010 to $3.60 for 2014. This is a strong level of demonstrated growth, which is well above the market’s implied estimate for earnings growth of only 3.37% over the next 7-10 years. In fact, the historical growth is around 19.4% per year, so the market is expecting a very significant drop in earnings growth. The ModernGraham valuation model reduces the historical growth to a more conservative figure, assuming that some slowdown will occur, but still returns an estimate of intrinsic value falling above the current price, indicating the company is undervalued at the present time.  (Read the full valuation on Seeking Alpha)

Disclaimer:  The author held a long position in Ford Motor Company (F) but did not hold a position in any of the other companies listed in this article at the time of publication and had no intention of changing that position within the next 72 hours.  Logos taken from the Wikipedia or the individual company’s website; this article is not affiliated with the company in any manner.

5 Undervalued Companies for Value Investors with a High Beta – January 2015

20140530-054905-20945379.jpgThere are a number of great companies in the market today. By using the ModernGraham Valuation Model, I’ve selected the five undervalued companies reviewed by ModernGraham with the highest beta.  A company’s beta indicates the correlation at which its price moves in relation to the market.  A beta greater than 1 indicates a company is more volatile than the market.  Each company has been determined to be suitable for either the Defensive Investor or the Enterprising Investor according to the ModernGraham approach. This is a sample of one screen that is included in ModernGraham Stocks & Screens.  Defensive Investors are defined as investors who are not able or willing to do substantial research into individual investments, and therefore need to select only the companies that present the least amount of risk. Enterprising Investors, on the other hand, are able to do substantial research and can select companies that present a moderate (though still low) amount of risk.

With a high beta, Mr. Market may turn these companies around very quickly, so be sure to check them out in depth!

Seagate Technology plc (STX)

220px-Seagate_logo.svgSeagate Technology is suitable for the Enterprising Investor but not for the Defensive Investor.  The Defensive Investor is concerned by the lack of earnings or dividend stability over the last ten years as well as the high PB ratio, while the Enterprising Investor is only concerned by the level of debt relative to the net current assets.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should feel very comfortable proceeding with further research and comparing the company to other opportunities.  As for a valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $0.34 in 2011 to an estimated $4.72 for 2015.  This level of demonstrated growth outpaces the market’s implied estimate of 2.77% earnings growth and leads the ModernGraham valuation model, based on Benjamin Graham’s formula, to return an estimate of intrinsic value above the price.  (See the full valuation)

PulteGroup Inc. (PHM)

logo (1)PulteGroup performs quite well in the ModernGraham model, and is suitable for Enterprising Investors. The Defensive Investor is concerned with the lack of earnings or dividend stability over the last ten years and the low earnings growth over that period, while the Enterprising Investor is only concerned by the lack of earnings stability over the last five years. As a result, Enterprising Investors should feel very comfortable proceeding to the next part of the analysis, which is a determination of the company’s intrinsic value.

When it comes to that valuation, it is critical to consider the company’s earnings history. In this case, the company has grown its EPSmg (normalized earnings) from a loss of $4.19 in 2010 to an estimated gain of $1.98 for 2014. This is a very strong level of demonstrated growth which is well above the market’s implied estimate of only 0.93% annual earnings growth over the next 7-10 years. Here, the historical growth in EPSmg over the last five years is around 29.43% per year, which is clearly unsustainable over a long period of time. As a result, the ModernGraham valuation model reduces the historical growth to a more conservative figure, assuming that some slowdown will occur. The ModernGraham estimate is capped at 15% annual growth, which is still significantly higher than the market estimate. A significant slowdown would have to occur to justify a price as low as the market is demonstrating. Therefore, the model returns an estimate of intrinsic value well above the current price, indicating the company is significantly undervalued at the present time.  (See the full valuation on Seeking Alpha)

Michael Kors Holdings Ltd (KORS)

MK_COOL_GRAY_7CMichael Kors Holdings Limited qualifies for the Enterprising Investor but not for the Defensive Investor.  The Defensive Investor is concerned by the insufficient earnings stability, short earnings history, lack of dividends, and the high PEmg and PB ratios.  The Enterprising Investor is only concerned by the lack of dividends.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel very comfortable proceeding with further research and comparing the company to other opportunities.  As for a valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $0.19 in 2011 to an estimated $2.75 for 2015.  This level of demonstrated growth is greater than the market’s implied estimate of 9.21% earnings growth and leads the ModernGraham valuation model, based on Benjamin Graham’s formula, to return an estimate of intrinsic value above the price.  (See the full valuation)

Lincoln National Corporation (LNC)

LfglogoLincoln National Corporation is suitable for the Enterprising Investor but not the Defensive Investor.  The Defensive Investor is concerned by the lack of stable earnings over the last ten years, and the low level of growth in earnings over the last ten years while the company passes all of the Enterprising Investor’s requirements.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company and comparing it to other opportunities.  As for a valuation, the company appears undervalued after growing its EPSmg (normalized earnings) from $1.25 in 2010 to an estimated $4.28 for 2014.  This level of demonstrated growth outpaces the market’s implied estimate of 2.33% earnings growth and leads the ModernGraham valuation model, which is based on Benjamin Graham’s formula, to return an estimate of intrinsic value above the market price. (See the full valuation)

Joy Global Inc. (JOY)

2012_JGI_logo_wikipediaJoy Global Inc. achieves the rare feat of passing all of the requirements of both the Defensive Investor and the Enterprising Investor, so neither investor type has any initial concerns with the company.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company and comparing it to other opportunities.  From a valuation side of things, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $3.89 in 2010 to an estimated $4.85 for 2014.  This level of demonstrated growth outpaces the market’s implied estimate of 1.08% earnings growth and leads the ModernGraham valuation model, based on Benjamin Graham’s formula, to return an estimate of intrinsic value above the price.  (See the full valuation)

What do you think?  Are these companies a good value for Defensive Investors and Enterprising Investors?  Is there a company you like better?  Leave a comment on our Facebook page or mention @ModernGraham on Twitter to discuss.

Disclaimer:  The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing those holdings within the next 72 hours.

November 2014 in Review

image (8)Site News

November was a great month for ModernGraham.  We had over 24,000 visits by 11,600 unique visitors, while the number of people who have signed up for the free daily email list grew from 3,630 to 3,851!  We also now have over 140 premium subscribers, 1380 Twitter followers, 195 Facebook likes, 120 Instagram followers, and 40 followers on Pinterest! We released the thirteenth issue of ModernGraham Stocks & Screens for premium subscribers listing all of the valuations and screens them for various criteria including Low PEmg, Undervalued Companies, Low Beta, etc.  This month’s edition includes over 470 companies.

Most Popular Content from November out of 135 posts:

  1. 10 Companies Benjamin Graham Would Invest in Today – November 2014
  2. 5 Most Undervalued Companies for the Defensive Investor – November 2014
  3. 5 Undervalued Companies for the Defensive Investor Near 52 Week Lows – November 2014
  4. 5 Highest Dividend Yields Among Undervalued Companies for the Defensive Investor – November 2014
  5. 5 Undervalued Companies for the Enterprising Investor Near 52 Week Lows – November 2014

Companies Reviewed in November

Ticker Name with Link
ACE ACE Limited
ADSK Autodesk, Inc.
AEP American Electric Power Company Inc
AIZ Assurant, Inc.
AKAM Akamai Technologies, Inc.
AMP Ameriprise Financial, Inc.
AMT American Tower Corp
AN AutoNation, Inc.
AON Aon plc Class A Ordinary Shares (UK)
ATI Allegheny Technologies Incorporated
BA The Boeing Company
BAX Baxter International Inc.
BBBY Bed Bath & Beyond Inc.
BEN Franklin Resources, Inc.
BHI Baker Hughes Incorporated
BMS Bemis Company, Inc.
BRCM Broadcom Corporation
CA CA, Inc.
CELG Celgene Corporation
CERN Cerner Corporation
CMI Cummins Inc.
CMS CMS Energy Corporation
CNP CenterPoint Energy, Inc.
CNX CONSOL Energy Inc.
CSCO Cisco Systems, Inc.
CVS CVS Caremark Corporation
CVX Chevron Corporation
DD E I Du Pont De Nemours And Co
DFS Discover Financial Services
DHR Danaher Corporation
DIS The Walt Disney Company
DO Diamond Offshore Drilling Inc
DOV Dover Corp
DUK Duke Energy Corp
DVA DaVita HealthCare Partners Inc
EMN Eastman Chemical Company
ETN Eaton Corporation, PLC Ordinary Shares
ETR Entergy Corporation
EW Edwards Lifesciences Corp
EXC Exelon Corporation
F Ford Motor Company
FAST Fastenal Company
FB Facebook Inc
FIS Fidelity National Information Services
FLS Flowserve Corporation
FTR Frontier Communications Corp
GS Goldman Sachs Group Inc
HAS Hasbro, Inc.
HD The Home Depot, Inc.
HES Hess Corp.
HRB H & R Block Inc
IBM International Business Machines Corp.
IFF International Flavors & Fragrances Inc
INTC Intel Corporation
JNJ Johnson & Johnson
JPM JPMorgan Chase & Co.
L Loews Corporation
LNC Lincoln National Corporation
LYB LyondellBasell Industries NV
MCD McDonald’s Corporation
MRK Merck & Co., Inc.
MSFT Microsoft Corporation
MTB M&T Bank Corporation
MU Micron Technology, Inc.
MUR Murphy Oil Corporation
MWV MeadWestvaco Corp.
NFLX Netflix, Inc.
NKE Nike Inc
NOC Northrop Grumman Corporation
NTAP NetApp Inc.
NWSA News Corp
PBCT People’s United Financial, Inc.
PCP Precision Castparts Corp.
PGR The Progressive Corporation
PLL Pall Corporation
PNC PNC Financial Services Group Inc
PNR Pentair, Ltd. Registered Share
PNW Pinnacle West Capital Corporation
RHI Robert Half International Inc.
ROST Ross Stores, Inc.
SNA Snap-on Incorporated
SNDK SanDisk Corporation
STI SunTrust Banks, Inc.
STJ St. Jude Medical, Inc.
STT State Street Corporation
STX Seagate Technology PLC
T AT&T Inc.
TAP Molson Coors Brewing Company
TEL TE Connectivity Ltd
TRIP Tripadvisor Inc
TRV Travelers Companies Inc
TWC Time Warner Cable Inc
TXT Textron Inc.
TYC Tyco International Ltd.
UNH UnitedHealth Group Inc.
UNM Unum Group
USB U.S. Bancorp
UTX United Technologies Corporation
V Visa Inc
VAR Varian Medical Systems, Inc.
WFC Wells Fargo & Co
WMT Wal-Mart Stores, Inc.
YHOO Yahoo! Inc.

Thank You to Our Biggest Referrals

  1. Seeking Alpha
  2. StockTwits
  3. Twitter
  4. Yahoo Finance

Thank You to Our Top Commentators:

  1. Nathan
  2. William McDuff

If you like this site, here are a few things you can do to help support ModernGraham:

Thank you all for taking the time to visit this site and read the work I’ve put together!

22 Companies in the Spotlight This Week – 11/29/14

image (7)We evaluated 22 different companies this week to determine whether they are suitable for Defensive Investors, those unwilling to do substantial research, or Enterprising Investors, those who are willing to do such research. We also put each company through the ModernGraham valuation model based on Benjamin Graham’s value investing formulas in order to determine an intrinsic value for each. Here’s a summary of the ModernGraham Valuations. To see a listing and screenings of all the valuations, be sure to sign up to be a premium subscriber!

The Elite (Defensive or Enterprising and Undervalued)

CA Inc. (CA)

500px-CA_Technologies_brand.svgCA Inc. is suitable for the Defensive Investor or the Enterprising Investor.  The Defensive Investor is concerned by the low current ratio, while the Enterprising Investor is willing to overlook concerns since the company qualifies for the more conservative Defensive Investor.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should feel very comfortable proceeding with further research and comparing the company to other opportunities.  From a valuation side of things, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $1.33 in 2011 to an estimated $2.10 for 2015.  This level of demonstrated growth outpaces the market’s implied estimate of 3.05% earnings growth and leads the ModernGraham valuation model, based on Benjamin Graham’s formula, to return an estimate of intrinsic value above the price.  (See the full valuation)

Dover Corporation (DOV)

Dover-co-logoDover Corporation passes the initial requirements of both the Defensive Investor and the Enterprising Investor. The Defensive Investor’s only concern is the high PB ratio, while the Enterprising Investor is only worried about the level of debt relative to the net current assets. As a result, value investors should feel very comfortable proceeding to the next part of the analysis, which is a determination of the company’s intrinsic value.

When it comes to that valuation, it is critical to consider the company’s earnings history. In this case, the company has grown its EPSmg (normalized earnings) from $2.98 in 2010 to an estimated $4.88 for 2014. This is a fairly strong level of demonstrated growth which is well above the market’s implied estimate for earnings growth of 4.2% over the next 7-10 years. In fact, the historical growth is around 12.7% per year, so the market is expecting a very significant drop in earnings growth. The ModernGraham valuation model reduces the historical growth to a more conservative figure, assuming that some slowdown will occur, and therefore returns an estimate of intrinsic value falling above the current price, indicating the company is undervalued at the present time.  (See the full valuation on Seeking Alpha)

Ford Motor Company (F)

500px-Ford_Motor_Company_Logo.svgFord continues to fare very well in the ModernGraham model, and is suitable for Enterprising Investors. The Defensive Investor is concerned with the lack of earnings stability over the last ten years and the inconsistent dividend record over that time period, while the Enterprising Investor has no initial concerns. As a result, Enterprising Investors should feel very comfortable proceeding to the next part of the analysis, which is a determination of the company’s intrinsic value.

When it comes to that valuation, it is critical to consider the company’s earnings history. In this case, the company has grown its EPSmg (normalized earnings) from a loss of $1.15 in 2010 to an estimated gain of $1.87 for 2014. This is a fairly strong level of demonstrated growth which is well above the market’s implied estimate for earnings loss of 0.1% over the next 7-10 years. It is true that the company has seen somewhat flat EPSmg over the last couple of years, but it is critical for investors to have a longer frame of reference when considering a company’s long-term prospects. Here, the historical growth in EPSmg over the last five years is around 52.53% per year, so the market is expecting a very significant drop in earnings growth. The ModernGraham valuation model reduces the historical growth to a more conservative figure, assuming that some slowdown will occur, but it is unrealistic that a company this strong would see negative growth over the long-term. Therefore, the model returns an estimate of intrinsic value well above the current price, indicating the company is significantly undervalued at the present time.  (See the full valuation on Seeking Alpha)

Franklin Resources Inc. (BEN)

Franklin_Resources_LogoFranklin Resources qualifies for the Defensive Investor or the Enterprising Investor.  The Defensive Investor is concerned by the high PB ratio, but the Enterprising Investor has no initial concerns.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should feel very comfortable proceeding with further research and comparing the company to other opportunities.  As for a valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $1.91 in 2010 to $3.28 for 2014.  This level of demonstrated growth outpaces the market’s implied estimate of 4.44% earnings growth and leads the ModernGraham valuation model, based on Benjamin Graham’s formula, to return an estimate of intrinsic value above the price.  (See the full valuation)

JP Morgan Chase (JPM)

500px-J_P_Morgan_Chase_Logo_2008_1.svgJPMorgan Chase performs extremely well in the initial stages of the analysis, passing all of the requirements of both the Enterprising Investor and the Defensive Investor. Any value investor following the ModernGraham approach based on Benjamin Graham’s teachings should feel very comfortable proceeding to the next part of the analysis, which is a determination of the company’s intrinsic value.

To determine an estimate of the intrinsic value, one must consider the company’s earnings. Here, the company has grown its EPSmg (normalized earnings) from $3.05 in 2010 to an estimated $4.83 for 2014. This is a strong level of growth, approximately 11.66% each year. Even adjusting for a margin of safety to assume the company will not do as well in the future, a conservative growth estimate may be around 8.74%, which is well above the market’s implied forecast of only 2.01% earnings growth over the next 7-10 years. The company would have to see a significant slowdown in growth in order to be valued at the market’s current price. As a result, the ModernGraham valuation model returns an estimate of intrinsic value well above the price, supporting a clear conclusion that the company is significantly undervalued. All value investors are therefore encouraged to proceed with further research to determine whether JPMorgan Chase is suitable for their own individual portfolios.  (See the full valuation on Seeking Alpha)

MeadWestvaco Co. (MWV)

MeadWestvaco_logoMeadWestvaco Co. is suitable for the Defensive Investor or the Enterprising Investor.  The Defensive Investor is concerned by the low current ratio, and the Enterprising Investor is also concerned with the level of debt relative to the current assets.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should feel very comfortable proceeding with further research and comparing the company to other opportunities.  From a valuation side of things, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $0.90 in 2010 to an estimated $2.31 for 2014.  This level of demonstrated growth outpaces the market’s implied estimate of 5.48% earnings growth and leads the ModernGraham valuation model, based on Benjamin Graham’s formula, to return an estimate of intrinsic value above the price.  (See the full valuation)

Seagate Technology plc (STX)

220px-Seagate_logo.svgSeagate Technology is suitable for the Enterprising Investor but not for the Defensive Investor.  The Defensive Investor is concerned by the lack of earnings or dividend stability over the last ten years as well as the high PB ratio, while the Enterprising Investor is only concerned by the level of debt relative to the net current assets.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should feel very comfortable proceeding with further research and comparing the company to other opportunities.  As for a valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $0.34 in 2011 to an estimated $4.72 for 2015.  This level of demonstrated growth outpaces the market’s implied estimate of 2.77% earnings growth and leads the ModernGraham valuation model, based on Benjamin Graham’s formula, to return an estimate of intrinsic value above the price.  (See the full valuation)

The Good (Defensive or Enterprising and Fairly Valued)

Akamai Technologies Inc. (AKAM)

Akamai Technologies qualifies for the Enterprising Investor but not the Defensive Investor.  The Defensive Investor is concerned by the lack of dividend payments as well as the high PEmg and PB ratios, while the Enterprising Investor is only concerned by the lack of dividend payments.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel very comfortable proceeding with further research and comparing the company to other opportunities.  From a valuation side of things, the company appears to be fairly valued after growing its EPSmg (normalized earnings) from $0.76 in 2010 to an estimated $1.66 for 2014.  This level of demonstrated growth supports the market’s implied estimate of 14.99% earnings growth and leads the ModernGraham valuation model, based on Benjamin Graham’s formula, to return an estimate of intrinsic value within a margin of safety relative to the price.  (See the full valuation)

Baxter Corporation (BAX)

After reviewing the data, Baxter should satisfy the Enterprising Investor, but not the Defensive Investor. The Defensive Investor is concerned with the low current ratio as well as the high PB ratio, while the Enterprising Investor’s only issue with the company is the high level of debt relative to the net current assets. Therefore, Enterprising Investors should feel very comfortable proceeding to the next part of the analysis, which is a determination of the company’s intrinsic value.

From a valuation side of things, the company has grown its EPSmg (normalized earnings) from $2.88 in 2010 to an estimated $4.11 for 2014. This is a fairly strong level of demonstrated growth which is in line with the market’s implied estimate for earnings growth of 4.55% over the next 7-10 years. The ModernGraham valuation model therefore returns an estimate of intrinsic value falling within a margin of safety relative to the current price, indicating the company is fairly valued at the present time.  (See the full valuation on Seeking Alpha)

The Mediocre (Defensive or Enterprising and Overvalued)

Bemis Company Inc. (BMS)

Bemis Company Inc. qualifies for both the Defensive Investor and the Enterprising Investor.  The Defensive Investor is concerned with the level of earnings growth over the last ten years, while the Enterprising Investor is only concerned with the level of debt relative to the net current assets.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should feel very comfortable proceeding with further research and comparing the company to other opportunities.  From a valuation side of things, the company appears to be overvalued after growing its EPSmg (normalized earnings) from $1.65 in 2010 to only an estimated $2.04 for 2014.  This level of demonstrated growth does not support the market’s implied estimate of 5.47% earnings growth and leads the ModernGraham valuation model, based on Benjamin Graham’s formula, to return an estimate of intrinsic value below the price.  (See the full valuation)

Broadcom Corporation (BRCM)

After looking over the company’s fundamentals, Broadcom does not qualify for the Defensive Investor as there are concerns regarding the company’s short dividend history and high PEmg and PB ratios. In contrast, the Enterprising Investor has no initial concerns. As a result, Enterprising Investors should feel very comfortable proceeding to the next part of the analysis, which is a determination of the company’s intrinsic value.

Estimating the intrinsic value requires examining the company’s earnings history. Broadcom has seen its EPSmg (normalized earnings) grow from $0.87 in 2010 to only an estimated $1.33 for 2014. This level of demonstrated earnings does not support the market’s implied estimate of 11.6% earnings growth. As a result, the ModernGraham valuation model returns an estimate of intrinsic value below the market price at this time, and the company appears to be overvalued by the market.  (See the full valuation on Seeking Alpha)

Cerner Corporation (CERN)

After looking over the company’s fundamentals, Cerner qualifies for the Enterprising Investor, as the investor type’s only concern is the lack of dividend payments. As for the Defensive Investor, there are numerous concerns including the lack of dividends, along with the high PEmg and PB ratios. As a result, only Enterprising Investors should feel comfortable proceeding to the next part of the analysis, which is a determination of the company’s intrinsic value.

Estimating the intrinsic value requires examining the company’s earnings history. Cerner has grown its EPSmg (normalized earnings) from $0.58 in 2010 to only an estimated $1.24 for 2014. This demonstrated level of earnings growth does not support the market’s implied estimate of 21.41% earnings growth. In recent years, the company has seen an average annual growth in earnings of around 23.15%. However, such a high rate is not sustainable for a long period of time, and value investors who are conservative by nature will be very cautious regarding an earnings growth estimate. The ModernGraham model limits the growth to only 15% to create an additional safety margin. As a result, the ModernGraham valuation model returns an estimate of intrinsic value below the market price at this time, and the company appears to be overvalued by the market.  (See the full valuation on Seeking Alpha)

Diamond Offshore Drilling Inc. (DO)

Diamond Offshore Drilling qualifies for both the Defensive Investor and the Enterprising Investor.  The Defensive Investor is concerned with the level of earnings growth over the last ten years, while the Enterprising Investor is willing to overlook concerns with growth and debt levels because the company passes the more conservative Defensive Investor requirements.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should feel very comfortable proceeding with further research and comparing the company to other opportunities.  From a valuation side of things, the company appears to be overervalued after seeing its EPSmg (normalized earnings) drop from $7.97 in 2010 to only an estimated $4.43 for 2014.  This level of demonstrated growth does not even support the market’s implied estimate of an annual drop of 0.13% in earnings and leads the ModernGraham valuation model, based on Benjamin Graham’s formula, to return an estimate of intrinsic value below the price.  (See the full valuation)

Facebook Inc. (FB)

Facebook is suitable for the Enterprising Investor, but not the Defensive Investor, who is concerned with the short earnings history, lack of dividend payments and the high PEmg and PB ratios. The Enterprising Investor’s only issue with the company is the lack of dividend payments. As a result, the Enterprising Investor should feel very comfortable proceeding to the next part of the analysis, which is a determination of the company’s intrinsic value.

From a valuation side of things, it is important to consider the company’s demonstrated growth in comparison to the market’s implied estimate for future growth. In this case, the company has grown its EPSmg (normalized earnings) from $0.11 in 2010 to an estimated $0.77 for 2014. While this demonstrated growth is strong, it does not support the market’s implied estimate of 44.04%. Such a high growth rate is most likely unsustainable, and conservative investors will be very hesitant to proceed with using any rate that high. As a result, the ModernGraham valuation model returns an estimate of intrinsic value below the market price at this time, and the company appears to be overvalued by the market.  (See the full valuation on Seeking Alpha)

International Flavors & Fragrances (IFF)

International Flavors & Fragrances qualifies for the Enterprising Investor but not the Defensive Investor.  The Defensive Investor is concerned by the high PEmg and PB ratios, while the Enterprising Investor has no initial concerns.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel very comfortable proceeding with further research and comparing the company to other opportunities.  From a valuation side of things, the company appears to be overervalued after growing its EPSmg (normalized earnings) from $2.86 in 2010 to an estimated $4.09 for 2014.  This level of demonstrated growth does not quite support the market’s implied estimate of 7.99% earnings growth and leads the ModernGraham valuation model, based on Benjamin Graham’s formula, to return an estimate of intrinsic value below the price.  (See the full valuation)

Johnson & Johnson (JNJ)

Johnson & Johnson is suitable for the Enterprising Investor but not the Defensive Investor, who is concerned with the high PEmg and PB ratios. The Enterprising Investor, on the other hand, has no initial concerns with the company. As a result, the Enterprising Investor should feel very comfortable proceeding to the next part of the analysis, which is a determination of the company’s intrinsic value.

From a valuation side of things, the company has grown its EPSmg (normalized earnings) from $4.41 in 2010 to only an estimated $4.81 for 2014. This demonstrated growth does not support the market’s implied estimate of 6.87%. In fact, the demonstrated growth over the last several years is only 1.79% per year. The company would have to see a significant change in its level of growth in order to meet the market’s estimated growth level. As a result, the ModernGraham valuation model returns an estimate of intrinsic value below the market price at this time, and the company appears to be overvalued by the market.  (See the full valuation on Seeking Alpha)

The Bad (Speculative and Undervalued or Fairly Valued)

AutoNation Inc. (AN)

AutoNation Inc. is not suitable for either the Defensive Investor or the Enterprising Investor.  The Defensive Investor is concerned by the low current ratio, lack of earnings stability over the last ten years, lack of dividends and the high PEmg and PB ratios.  The Enterprising Investor is concerned by the level of debt relative to the current assets along with the lack of dividends.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should explore other opportunities at this time.  From a valuation side of things, the company appears to be undervalued after growing its EPSmg (normalized earnings) from a loss of $0.35 in 2010 to an estimated gain of $2.77 for 2014.  This level of demonstrated growth is greater than the market’s implied estimate of 6.23% earnings growth and leads the ModernGraham valuation model, based on Benjamin Graham’s formula, to return an estimate of intrinsic value above the price.  (See the full valuation)

CVS Health Corp (CVS)

As shown by the data, it is clear that conservative value investors may wish to seek other opportunities. The Defensive Investor is concerned with the low current ratio in combination with the high PEmg and PB ratios, while the Enterprising Investor has concerns with the high level of debt relative to the current assets. As a result, both investor types would find the company to be too risky to proceed. That said, any investors willing to speculate about the future of the company may go ahead with the next step of the analysis, which is a determination of the company’s intrinsic value.

When calculating an estimate of intrinsic value, it is important to consider the historical earnings results along with the market’s implied estimate for future growth. Here, the company has grown its EPSmg (normalized earnings) from $2.31 in 2010 to an estimated $3.61 for 2014. This level of demonstrated growth is fairly strong, and is within a margin of safety relative to the market’s implied estimate of 8.35%. As a result, the company appears to be fairly valued at the present time.  (See the full valuation on Seeking Alpha)

Pinnacle West Capital Corporation (PNW)

After reviewing the data, it is clear that conservative value investors may wish to seek other opportunities. The Defensive Investor is concerned with the low current ratio, along with the lack of sufficient earnings growth over the last ten years, while the Enterprising Investor has concerns with the high level of debt relative to the current assets. As a result, both investor types would find the company to be too risky to proceed. That said, any investor willing to speculate about the future of the company may go ahead with the next step of the analysis, which is a determination of the company’s intrinsic value.

When calculating an estimate of intrinsic value, it is important to consider the historical earnings results along with the market’s implied estimate for future growth. Here, the company has grown its EPSmg (normalized earnings) from $2.37 in 2010 to an estimated $3.52 for 2014. This level of demonstrated growth is fairly strong, particularly for utilities which do not usually demonstrate significant growth, and is within a margin of safety relative to the market’s implied estimate of 4.55%. As a result, the company appears to be fairly valued at the present time.  (See the full valuation on Seeking Alpha)

The Ugly (Speculative and Overvalued)

Mr. Market

American Electric Power Company (AEP)

American Electric Power Company presents a speculative situation, as it does not qualify for either the Defensive Investor or the Enterprising Investor. The Defensive Investor is concerned with the low current ratio, and an insufficient level of earnings growth over the last ten years. The Enterprising Investor takes issue with the level of debt relative to the current assets. As a result, any purchase of American Electric Power Company stock is made with a speculative nature behind it. That said, any speculator interested in pursuing the company should still proceed to the next part of the analysis, which is a determination of the company’s intrinsic value.

With regard to that intrinsic value, the company has grown its EPSmg (normalized earnings) from $2.85 in 2010 to only an estimated $3.13 for 2014. This level of demonstrated growth does not support the market’s implied estimate for earnings growth of 4.86% over the next 7-10 years. The ModernGraham valuation model therefore returns an estimate of intrinsic value below the current price, indicating the company is overvalued at the present time.  (See the full valuation on Seeking Alpha)

Consol Energy Inc. (CNX)

Consol Energy does not qualify for either the Defensive Investor or the Enterprising Investor.  The Defensive Investor is concerned by the low current ratio, lack of earnings growth over the last ten years, and the high PEmg ratio.  The Enterprising Investor is concerned by the level of debt relative to the current assets and the lack of earnings growth over the last five years.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should explore other opportunities at this time.  From a valuation side of things, the company appears to be overvalued after seeing its EPSmg (normalized earnings) drop from $2.14 in 2010 to only an estimated $1.82 for 2014.  This lack of demonstrated growth does not support the market’s implied estimate of 7.15% earnings growth and leads the ModernGraham valuation model, based on Benjamin Graham’s formula, to return an estimate of intrinsic value below the price.  (See the full valuation)

Exelon Corporation (EXC)

Exelon Corporation does not qualify for either the Defensive Investor or the Enterprising Investor.  The Defensive Investor is concerned by the low current ratio, and the lack of earnings growth over the last ten years.  The Enterprising Investor is concerned by the level of debt relative to the current assets and the lack of earnings growth over the last five years.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should explore other opportunities at this time.  From a valuation side of things, the company appears to be overvalued after seeing its EPSmg (normalized earnings) drop from $3.90 in 2010 to only an estimated $2.36 for 2014.  This lack of demonstrated growth does not support the market’s implied estimate of 3.31% earnings growth and leads the ModernGraham valuation model, based on Benjamin Graham’s formula, to return an estimate of intrinsic value below the price.  (See the full valuation)

Disclaimer: The author held a long position in Dover Corporation (DOV) and Ford Motor Company (F) but did not hold a position in any of the other companies listed in this article at the time of publication and had no intention of changing that position within the next 72 hours. Logos taken from either the company website or Wikipedia; this article is not affiliated with the companies in any manner.

Valuation Index

Updated as of July 20, 2017:

Here is a list of all companies currently covered by ModernGraham, as of the date listed above.  Clicking on the company name will bring you to the latest valuation of the company published by ModernGraham.

Ticker Name with Link
A Agilent Technologies Inc
AA Alcoa Corp
AAL American Airlines Group Inc
AAN Aaron’s, Inc.
AAP Advance Auto Parts, Inc.
AAPL Apple Inc.
AAXN Axon Enterprise Inc
ABBV AbbVie Inc
ABC AmerisourceBergen Corp.
ABT Abbott Laboratories
ACC American Campus Communities, Inc.
ACIW ACI Worldwide Inc
ACM Aecom
ACN Accenture Plc
ACXM Acxiom Corporation
ADBE Adobe Systems Incorporated
ADI Analog Devices, Inc.
ADM Archer Daniels Midland Company
ADP Automatic Data Processing
ADS Alliance Data Systems Corporation
ADSK Autodesk, Inc.
AEE Ameren Corp
AEO American Eagle Outfitters
AEP American Electric Power Company Inc
AES AES Corp
AET Aetna Inc
AFG American Financial Group Inc
AFL AFLAC Incorporated
AGCO AGCO Corporation
AGN Allergan plc Ordinary Shares
AHL Aspen Insurance Holdings Limited
AIG American International Group Inc
AIV Apartment Investment and Management Co
AIZ Assurant, Inc.
AJG Arthur J Gallagher & Co
AKAM Akamai Technologies, Inc.
AKRX Akorn, Inc.
ALB Albemarle Corporation
ALEX Alexander & Baldwin Inc
ALGN Align Technology, Inc.
ALK Alaska Air Group, Inc.
ALL Allstate Corp
ALLE Allegion PLC
ALXN Alexion Pharmaceuticals, Inc.
AMAT Applied Materials, Inc.
AMCX AMC Networks Inc
AMD Advanced Micro Devices, Inc.
AME AMETEK, Inc.
AMG Affiliated Managers Group, Inc.
AMGN Amgen, Inc.
AMP Ameriprise Financial, Inc.
AMT American Tower Corp
AMZN Amazon.com, Inc.
AN AutoNation, Inc.
ANF Abercrombie & Fitch Co.
ANSS ANSYS, Inc.
ANTM Anthem Inc
AON Aon plc Class A Ordinary Shares (UK)
AOS A. O. Smith Corp
APA Apache Corporation
APC Anadarko Petroleum Corporation
APD Air Products & Chemicals, Inc.
APH Amphenol Corporation
APOL Apollo Education Group Inc
ARE Alexandria Real Estate Equities Inc
ARLP Alliance Resource Partners, L.P.
ARRS ARRIS International plc
ARW Arrow Electronics, Inc.
ASH Ashland Global Holdings Inc.
ATI Allegheny Technologies Incorporated
AVB AvalonBay Communities Inc
AVGO Broadcom Ltd
AVP Avon Products, Inc.
AVY Avery Dennison Corp
AWK American Water Works Company Inc
AXP American Express Company
AYI Acuity Brands, Inc.
AZO AutoZone, Inc.
BA Boeing Co
BAC Bank of America Corp
BAX Baxter International Inc
BBBY Bed Bath & Beyond Inc.
BBT BB&T Corporation
BBY Best Buy Co Inc
BCR C R Bard Inc
BDX Becton Dickinson and Co
BEN Franklin Resources, Inc.
BF.B Brown-Forman Corporation
BGS B&G Foods, Inc.
BHI Baker Hughes A GE Co
BIIB Biogen Inc
BK Bank of New York Mellon Corp
BLK BlackRock, Inc.
BLL Ball Corporation
BMS Bemis Company, Inc.
BMY Bristol-Myers Squibb Co
BRK.B Berkshire Hathaway Inc.
BSX Boston Scientific Corporation
BWA BorgWarner Inc.
BXP Boston Properties, Inc.
C Citigroup Inc
CA CA, Inc.
CAG Conagra Brands Inc
CAH Cardinal Health Inc
CAM Cameron International Corporation
CAT Caterpillar Inc.
CB Chubb Ltd
CBG CBRE Group Inc
CBS CBS Corporation
CCE Coca-Cola European Partners plc Ordinary Shares
CCI Crown Castle International Corp. (REIT)
CCL Carnival Corp
CELG Celgene Corporation
CENX Century Aluminum Co
CERN Cerner Corporation
CEVA CEVA, Inc.
CF CF Industries Holdings, Inc.
CFG Citizens Financial Group Inc
CFNL Cardinal Financial Corporation
CFR Cullen/Frost Bankers, Inc.
CGI Celadon Group, Inc.
CGNX Cognex Corporation
CHCO City Holding Company
CHD Church & Dwight Co., Inc.
CHE Chemed Corporation
CHK Chesapeake Energy Corporation
CHRW C.H. Robinson Worldwide Inc
CHS Chico’s FAS, Inc.
CHSP Chesapeake Lodging Trust
CHTR Charter Communications, Inc.
CHUY Chuy’s Holdings Inc
CI CIGNA Corporation
CIEN Ciena Corporation
CIG Companhia Energetica de Minas Gers CEMIG
CINF Cincinnati Financial Corporation
CIR CIRCOR International, Inc.
CKH Seacor Holdings, Inc.
CL Colgate-Palmolive Company
CLD Cloud Peak Energy Inc.
CLF Cliffs Natural Resources Inc
CLGX Corelogic Inc
CLH Clean Harbors Inc
CLI Mack Cali Realty Corp
CLMS Calamos Asset Management, Inc
CLW Clearwater Paper Corp
CLX Clorox Co
CMA Comerica Incorporated
CMC Commercial Metals Company
CMCSA Comcast Corporation
CME CME Group Inc
CMG Chipotle Mexican Grill, Inc.
CMI Cummins Inc.
CMO Capstead Mortgage Corporation
CMP Compass Minerals International, Inc.
CMS CMS Energy Corporation
CMTL Comtech Telecomm. Corp.
CNC Centene Corp
CNK Cinemark Holdings, Inc.
CNMD CONMED Corporation
CNO CNO Financial Group Inc
CNP CenterPoint Energy, Inc.
CNSL Consolidated Communications Holdings Inc
CNX CONSOL Energy Inc.
COF Capital One Financial Corp.
COG Cabot Oil & Gas Corporation
COH Coach Inc
COHR Coherent, Inc.
COHU Cohu, Inc.
COL Rockwell Collins, Inc.
COLB Columbia Banking System Inc
COO Cooper Companies Inc
COP ConocoPhillips
COR CoreSite Realty Corp
CORE Core-Mark Holding Company, Inc.
COST Costco Wholesale Corporation
COTY Coty Inc
CPB Campbell Soup Company
CPF Central Pacific Financial Corp.
CPLA Capella Education Company
CPRT Copart, Inc.
CPS Cooper-Standard Holdings Inc
CPSI Computer Programs & Systems, Inc.
CPT Camden Property Trust
CRAY Cray Inc.
CRC California Resources Corp
CREE Cree, Inc.
CRI Carter’s, Inc.
CRL Charles River Laboratories Intl. Inc
CRM salesforce.com, inc.
CROX Crocs, Inc.
CRR CARBO Ceramics Inc.
CRS Carpenter Technology Corporation
CRVL CorVel Corporation
CRY Cryolife Inc
CRZO Carrizo Oil & Gas Inc
CSCO Cisco Systems, Inc.
CSGS CSG Systems International, Inc.
CSL Carlisle Companies, Inc.
CSRA CSRA Inc
CST CST Brands Inc
CSX CSX Corporation
CTAS Cintas Corporation
CTL Centurylink Inc
CTRE Caretrust REIT Inc
CTS CTS Corporation
CTSH Cognizant Technology Solutions Corp
CTXS Citrix Systems, Inc.
CUB Cubic Corporation
CUBI Customers Bancorp Inc
CUZ Cousins Properties Inc
CVBF CVB Financial Corp.
CVCO Cavco Industries, Inc.
CVG Convergys Corp
CVGW Calavo Growers, Inc.
CVLT CommVault Systems, Inc.
CVS CVS Health Corp
CVX Chevron Corporation
CWT California Water Service Group
CXO Concho Resources Inc
CXW Corecivic Inc
CY Cypress Semiconductor Corporation
CYH Community Health Systems
D Dominion Energy Inc
DAKT Daktronics, Inc.
DAL Delta Air Lines, Inc.
DAN Dana Inc
DAR Darling Ingredients Inc
DBD Diebold Nixdorf Inc
DCI Donaldson Company, Inc.
DCOM Dime Community Bancshares, Inc.
DD E I Du Pont De Nemours And Co
DDD 3D Systems Corporation
DE Deere & Company
DEI Douglas Emmett, Inc.
DFS Discover Financial Services
DG Dollar General Corp.
DGX Quest Diagnostics Inc
DHI D.R. Horton, Inc.
DHR Danaher Corporation
DIS Walt Disney Co
DISCA Discovery Communications Inc.
DISCK Discovery Communications Inc.
DLPH Delphi Automotive PLC
DLR Digital Realty Trust, Inc.
DLTR Dollar Tree, Inc.
DNB Dun & Bradstreet Corp
DNR Denbury Resources Inc.
DO Diamond Offshore Drilling Inc
DOV Dover Corp
DOW Dow Chemical Co
DPS Dr Pepper Snapple Group Inc.
DRI Darden Restaurants, Inc.
DTE DTE Energy Co
DUK Duke Energy Corp
DVA Davita Inc
DVN Devon Energy Corp
EA Electronic Arts Inc.
EBAY eBay Inc
ECL Ecolab Inc.
ED Consolidated Edison, Inc.
EFX Equifax Inc.
EIX Edison International
EL Estee Lauder Companies Inc
EMN Eastman Chemical Company
EMR Emerson Electric Co.
ENDP Endo International plc – Ordinary Shares
EOG EOG Resources Inc
EPD Enterprise Products Partners L.P.
EQIX Equinix, Inc.
EQR Equity Residential
EQT EQT Corporation
ES Eversource Energy
ESRX Express Scripts Holding Company
ESS Essex Property Trust Inc
ESV ENSCO PLC
ETFC E*TRADE Financial Corp
ETN Eaton Corporation, PLC Ordinary Shares
ETR Entergy Corporation
EVHC Envision Healthcare Corporation
EW Edwards Lifesciences Corp
EXC Exelon Corporation
EXPD Expeditors International of Washington
EXPE Expedia Inc
EXR Extra Space Storage, Inc.
F Ford Motor Company
FAST Fastenal Company
FB Facebook Inc
FBHS Fortune Brands Home & Security Inc
FCX Freeport-McMoRan Inc
FDX FedEx Corporation
FE FirstEnergy Corp.
FFIV F5 Networks, Inc.
FIS Fidelity National Information Servcs Inc
FISV Fiserv Inc
FITB Fifth Third Bancorp
FL Foot Locker, Inc.
FLIR FLIR Systems, Inc.
FLR Fluor Corporation (NEW)
FLS Flowserve Corp
FMC FMC Corp
FOSL Fossil Group Inc
FOXA Twenty-First Century Fox Inc
FRT Federal Realty Investment Trust
FSLR First Solar, Inc.
FTI TechnipFMC plc Ordinary Share
FTR Frontier Communications Corp
FTV Fortive Corp
GAS AGL Resources Inc.
GD General Dynamics Corporation
GE General Electric Company
GG Goldcorp Inc. (USA)
GGP GGP Inc
GHC Graham Holdings Co
GILD Gilead Sciences, Inc.
GIS General Mills, Inc.
GLW Corning Incorporated
GM General Motors Company
GME GameStop Corp.
GNW Genworth Financial Inc
GOOG Alphabet Inc
GOOGL Alphabet Inc
GPC Genuine Parts Company
GPN Global Payments Inc
GPS Gap Inc
GRMN Garmin Ltd.
GS Goldman Sachs Group Inc
GT Goodyear Tire & Rubber Co
GWW W W Grainger Inc
HAL Halliburton Company
HAR Harman International Industries Inc
HAS Hasbro, Inc.
HBAN Huntington Bancshares Incorporated
HBI Hanesbrands Inc.
HCA HCA Healthcare Inc
HCN Welltower Inc
HCP HCP, Inc.
HD Home Depot Inc
HES Hess Corp.
HIG Hartford Financial Services Group Inc
HOG Harley-Davidson Inc
HOLX Hologic, Inc.
HON Honeywell International Inc.
HP Helmerich & Payne, Inc.
HPE Hewlett Packard Enterprise Co
HPQ HP Inc
HRB H & R Block Inc
HRL Hormel Foods Corp
HRS Harris Corporation
HSIC Henry Schein, Inc.
HST Host Hotels and Resorts Inc
HSY Hershey Co
HUM Humana Inc
IBM International Business Machines Corp.
ICE Intercontinental Exchange Inc
IDXX IDEXX Laboratories, Inc.
IFF International Flavors & Fragrances Inc
IIVI II-VI, Inc.
ILG ILG Inc
ILMN Illumina, Inc.
IM Ingram Micro Inc.
IMO Imperial Oil Ltd (USA)
INDB Independent Bank Corp
INFY Infosys Ltd ADR
INGN Inogen Inc
INGR Ingredion Inc
INN Summit Hotel Properties Inc
INT World Fuel Services Corp
INTC Intel Corporation
INTL INTL Fcstone Inc
INTU Intuit Inc.
IOSP Innospec Inc.
IP International Paper Co
IPAR Inter Parfums, Inc.
IPCC Infinity Property and Casualty Corp.
IPG Interpublic Group of Companies Inc
IPGP IPG Photonics Corporation
IPHS Innophos Holdings, Inc.
IPI Intrepid Potash, Inc.
IPXL Impax Laboratories Inc
IR Ingersoll-Rand PLC
IRBT iRobot Corporation
IRDM Iridium Communications Inc
IRM Iron Mountain Incorporated (Delaware) REIT
ISCA International Speedway Corp
ISRG Intuitive Surgical, Inc.
ITG Investment Technology Group
ITRI Itron, Inc.
ITT ITT Inc.
ITW Illinois Tool Works Inc.
IVC Invacare Corporation
IVZ Invesco Ltd.
JACK Jack in the Box Inc.
JBHT J B Hunt Transport Services Inc
JBL Jabil Inc
JBLU JetBlue Airways Corporation
JBT John Bean Technologies Corp
JCI Johnson Controls International plc Ordinary Share
JCP J C Penney Company Inc
JEC Jacobs Engineering Group Inc
JJSF J & J Snack Foods Corp
JKHY Jack Henry & Associates, Inc.
JLL Jones Lang LaSalle Inc
JNJ Johnson & Johnson
JNPR Juniper Networks, Inc.
JOY Joy Global Inc.
JPM JPMorgan Chase & Co.
JW.A John Wiley & Sons Inc
JWN Nordstrom, Inc.
K Kellogg Company
KALU Kaiser Aluminum Corp.
KAMN Kaman Corporation
KATE Kate Spade & Co
KBH KB Home
KBR KBR, Inc.
KELYA Kelly Services, Inc.
KEX Kirby Corporation
KEY KeyCorp
KEYS Keysight Technologies Inc
KFY Korn/Ferry International
KHC Kraft Heinz Co
KIM Kimco Realty Corp
KIRK Kirkland’s, Inc.
KKR KKR & Co. L.P.
KLAC KLA-Tencor Corp
KLIC Kulicke and Soffa Industries Inc.
KLXI KLX Inc
KMB Kimberly Clark Corp
KMI Kinder Morgan Inc
KMPR Kemper Corp
KMT Kennametal Inc.
KMX CarMax, Inc
KN Knowles Corp
KND Kindred Healthcare, Inc.
KNX Knight Transportation
KO The Coca-Cola Co
KOP Koppers Holdings Inc.
KOPN Kopin Corporation
KORS Michael Kors Holdings Ltd
KR Kroger Co
KRA Kraton Corp
KRC Kilroy Realty Corp
KRG Kite Realty Group Trust
KS KapStone Paper and Packaging Corp.
KSS Kohl’s Corporation
KSU Kansas City Southern
KWR Quaker Chemical Corp
L Loews Corporation
LABL Multi-Color Corporation
LAD Lithia Motors Inc
LAMR Lamar Advertising Company
LANC Lancaster Colony Corp.
LB L Brands Inc
LCI Lannett Company, Inc.
LDL Lydall, Inc.
LDOS Leidos Holdings, Inc.
LDR Landauer Inc
LECO Lincoln Electric Holdings, Inc.
LEG Leggett & Platt, Inc.
LEN Lennar Corporation
LFUS Littelfuse, Inc.
LGIH LGI Homes Inc
LGND Ligand Pharmaceuticals Inc.
LH Laboratory Corp. of America Holdings
LHCG LHC Group, Inc.
LHO LaSalle Hotel Properties
LII Lennox International Inc.
LITE Lumentum Holdings Inc
LKQ LKQ Corporation
LL Lumber Liquidators Holdings Inc
LLL L3 Technologies Inc
LLTC Linear Technology Corporation
LLY Eli Lilly and Co
LM Legg Mason Inc
LMNX Luminex Corporation
LMOS Lumos Networks Corp
LMT Lockheed Martin Corporation
LNC Lincoln National Corporation
LNN Lindsay Corporation
LNT Alliant Energy Corporation
LOCO El Pollo LoCo Holdings Inc
LOGM LogMeIn Inc
LOW Lowe’s Companies, Inc.
LPNT LifePoint Health Inc
LPSN LivePerson, Inc.
LPT Liberty Property Trust
LPX Louisiana-Pacific Corporation
LQDT Liquidity Services, Inc.
LRCX Lam Research Corporation
LSTR Landstar System, Inc.
LTC LTC Properties Inc
LTXB LegacyTexas Financial Group Inc
LUK Leucadia National Corp.
LUV Southwest Airlines Co
LVLT Level 3 Communications, Inc.
LXP Lexington Realty Trust
LYB LyondellBasell Industries NV
LYV Live Nation Entertainment, Inc.
M Macy’s Inc
MA Mastercard Inc
MAA Mid-America Apartment Communities Inc
MAC Macerich Co
MAIN Main Street Capital Corporation
MAR Marriott International Inc
MAS Masco Corp
MAT Mattel, Inc.
MCD McDonald’s Corporation
MCHP Microchip Technology Inc.
MCK McKesson Corporation
MCO Moody’s Corporation
MDLZ Mondelez International Inc
MDT Medtronic plc. Ordinary Shares
MET Metlife Inc
MHK Mohawk Industries, Inc.
MKC McCormick & Company, Incorporated
MLM Martin Marietta Materials, Inc.
MMC Marsh & McLennan Companies, Inc.
MMM 3M Co
MMP Magellan Midstream Partners, L.P.
MNK Mallinckrodt PLC
MNST Monster Beverage Corporation
MO Altria Group Inc
MON Monsanto Company
MOS Mosaic Co
MPC Marathon Petroleum Corp
MRK Merck & Co., Inc.
MRO Marathon Oil Corporation
MS Morgan Stanley
MSFT Microsoft Corporation
MSI Motorola Solutions Inc
MTB M&T Bank Corporation
MTD Mettler-Toledo International Inc.
MTSC MTS Systems Corporation
MU Micron Technology, Inc.
MUR Murphy Oil Corporation
MYL Mylan N.V.
NAVI Navient Corp
NBL Noble Energy, Inc.
NBR Nabors Industries Ltd.
NDAQ Nasdaq Inc
NE Noble Corporation Ordinary Shares (UK)
NEE NextEra Energy Inc
NEM Newmont Mining Corp
NFLX Netflix, Inc.
NFX Newfield Exploration Co.
NI NiSource Inc.
NKE Nike Inc
NLSN Nielsen N.V. Ordinary Shares
NNN National Retail Properties, Inc.
NOC Northrop Grumman Corporation
NOV National-Oilwell Varco, Inc.
NPK National Presto Industries Inc.
NRP Natural Resource Partners LP
NSC Norfolk Southern Corp.
NTAP NetApp Inc.
NTRS Northern Trust Corporation
NUE Nucor Corporation
NVDA NVIDIA Corporation
NWL Newell Brands Inc
NWS News Corp
NWSA News Corp
O Realty Income Corp
OI Owens-Illinois Inc
OKE ONEOK, Inc.
OLN Olin Corporation
OMC Omnicom Group Inc.
ORCL Oracle Corporation
ORLY O’Reilly Automotive Inc
OXY Occidental Petroleum Corporation
PAYX Paychex, Inc.
PBCT People’s United Financial, Inc.
PBI Pitney Bowes Inc.
PCAR PACCAR Inc
PCG PG&E Corporation
PCLN Priceline Group Inc
PDCO Patterson Companies, Inc.
PEG Public Service Enterprise Group Inc.
PEP PepsiCo, Inc.
PFE Pfizer Inc.
PFG Principal Financial Group Inc
PG Procter & Gamble Co
PGR Progressive Corp
PH Parker-Hannifin Corp
PHM PulteGroup, Inc.
PKI PerkinElmer, Inc.
PLD Prologis Inc
PM Philip Morris International Inc.
PMD Psychemedics Corp.
PNC PNC Financial Services Group Inc
PNR Pentair plc. Ordinary Share
PNW Pinnacle West Capital Corporation
PPG PPG Industries, Inc.
PPL PPL Corp
PRGO Perrigo Company plc Ordinary Shares
PRU Prudential Financial Inc
PSA Public Storage
PSX Phillips 66
PVH PVH Corp
PWR Quanta Services Inc
PX Praxair, Inc.
PXD Pioneer Natural Resources
PYPL Paypal Holdings Inc
QCOM QUALCOMM, Inc.
QEP QEP Resources Inc
QRVO Qorvo Inc
R Ryder System, Inc.
RAI Reynolds American, Inc.
RAVN Raven Industries, Inc.
RBC Regal Beloit Corp
RDC Rowan Companies PLC
REGN Regeneron Pharmaceuticals Inc
RF Regions Financial Corp
RHI Robert Half International Inc.
RHT Red Hat Inc
RIG Transocean LTD
RL Ralph Lauren Corp
ROK Rockwell Automation
ROP Roper Technologies Inc
ROST Ross Stores, Inc.
RRC Range Resources Corp.
RSG Republic Services, Inc.
RTN Raytheon Company
SAIA Saia Inc
SAIC Science Applications International Corp
SAM Boston Beer Company Inc
SANM Sanmina Corp
SBNY Signature Bank
SBRA Sabra Health Care REIT Inc
SBSI Southside Bancshares, Inc.
SBUX Starbucks Corporation
SCAI Surgical Care Affiliates Inc
SCG SCANA Corporation
SCHL Scholastic Corp
SCHW Charles Schwab Corp
SCI Service Corporation International
SCLN SciClone Pharmaceuticals, Inc.
SCSC ScanSource, Inc.
SCSS Select Comfort Corp.
SCVL Shoe Carnival, Inc.
SE Spectra Energy Corp.
SEE Sealed Air Corp
SEIC SEI Investments Company
SEM Select Medical Holdings Corporation
SENEA Seneca Foods Corp
SF Stifel Financial Corp
SFBS ServisFirst Bancshares, Inc.
SFNC Simmons First National Corporation
SGMS Scientific Games Corp
SHLM A Schulman Inc
SHOO Steven Madden, Ltd.
SHW Sherwin-Williams Co
SIG Signet Jewelers Ltd.
SIGI Selective Insurance Group
SIVB SVB Financial Group
SJI South Jersey Industries Inc
SJM J M Smucker Co
SKT Tanger Factory Outlet Centers Inc.
SKYW SkyWest, Inc.
SLAB Silicon Laboratories
SLB Schlumberger Limited.
SLCA U.S. Silica Holdings Inc
SLG SL Green Realty Corp
SLGN Silgan Holdings Inc.
SLM SLM Corp
SLW SWISS LIFE HLDG SF 5,10
SM SM Energy Co
SMCI Super Micro Computer, Inc.
SMG Scotts Miracle-Gro Co
SMP Standard Motor Products, Inc.
SMRT Stein Mart, Inc.
SMTC Semtech Corporation
SNA Snap-on Incorporated
SNCR Synchronoss Technologies, Inc.
SNH Senior Housing Properties Trust
SNI Scripps Networks Interactive, Inc.
SNPS Synopsys, Inc.
SNV Synovus Financial Corp.
SO Southern Co
SON Sonoco Products Co
SONC Sonic Corporation
SPG Simon Property Group Inc
SPGI S&P Global Inc
SPH Suburban Propane Partners LP
SPLS Staples, Inc.
SPN Superior Energy Services, Inc.
SPOK Spok Holdings, Inc.
SPPI Spectrum Pharmaceuticals, Inc.
SPSC SPS Commerce, Inc.
SPTN SpartanNash Co
SPXC SPX Corp
SR Spire Inc
SRCL Stericycle Inc
SRDX SurModics, Inc.
SRE Sempra Energy
SSD Simpson Manufacturing Co, Inc.
SSI Stage Stores Inc
SSP E. W. Scripps Co
SSTK Shutterstock Inc
STBA S & T Bancorp Inc
STC Stewart Information Services Corp
STE Steris PLC
STI SunTrust Banks, Inc.
STL Sterling Bancorp
STLD Steel Dynamics, Inc.
STMP Stamps.com Inc.
STRA Strayer Education Inc
STT State Street Corp
STWD Starwood Property Trust, Inc.
STX Seagate Technology PLC
STZ Constellation Brands, Inc.
SUP Superior Industries International Inc
SUPN Supernus Pharmaceuticals Inc
SVU SUPERVALU INC.
SWK Stanley Black & Decker, Inc.
SWKS Skyworks Solutions Inc
SWM Schweitzer-Mauduit International, Inc.
SWN Southwestern Energy Company
SXC SunCoke Energy Inc
SXI Standex Int’l Corp.
SXT Sensient Technologies Corporation
SYF Synchrony Financial
SYK Stryker Corporation
SYKE Sykes Enterprises, Incorporated
SYMC Symantec Corporation
SYY SYSCO Corporation
T AT&T Inc.
TAP Molson Coors Brewing Co
TBI Trueblue Inc
TCBI Texas Capital Bancshares Inc
TCF TCF Financial Corporation
TCO Taubman Centers, Inc.
TDC Teradata Corporation
TDG TransDigm Group Incorporated
TDS Telephone & Data Systems, Inc.
TDW Tidewater Inc.
TDY Teledyne Technologies Incorporated
TECD Tech Data Corp
TECH BIO-TECHNE Corp
TEL TE Connectivity Ltd
TER Teradyne, Inc.
TESO Tesco Corporation (USA)
TEX Terex Corporation
TFX Teleflex Incorporated
TGNA Tegna Inc
TGT Target Corporation
THC Tenet Healthcare Corp
TIF Tiffany & Co.
TJX TJX Companies Inc
TMK Torchmark Corporation
TMO Thermo Fisher Scientific Inc.
TRIP Tripadvisor Inc
TROW T. Rowe Price Group Inc
TRV Travelers Companies Inc
TSCO Tractor Supply Company
TSE:ARE Aecon Group Inc
TSE:CEU CES Energy Solutions Corp
TSE:CFP Canfor Corporation
TSE:CG Centerra Gold Inc.
TSE:CGX Cineplex Inc
TSE:CHE.UN Chemtrade Logistics Income Fund
TSE:CIX CI Financial Corp
TSE:CJR.B Corus Entertainment Inc.
TSE:CLS Celestica Inc
TSE:CM Canadian Imperial Bank of Commerce
TSE:CNQ Canadian Natural Resources Limited
TSE:CNR Canadian National Railway Company
TSE:CP Canadian Pacific Railway Limited
TSE:CPG Crescent Point Energy Corp
TSE:CPX Capital Power Corp
TSE:CR Crew Energy Inc
TSE:CRR.UN Crombie Real Estate Investment Trust
TSE:CSH.UN Chartwell Retirement Residences
TSE:CSU Constellation Software Inc.
TSE:CTC.A Canadian Tire Corporation Limited
TSE:CU Canadian Utilities Limited
TSE:CUF.UN Cominar REIT
TSE:CVE Cenovus Energy Inc
TSE:CWB Canadian Western Bank
TSE:DDC Dominion Diamond Corp
TSE:D.UN Dream Office Real Estate Investment Trst
TSE:IGM IGM Financial Inc.
TSE:IMG IAMGOLD Corp
TSE:INE Innergex Renewable Energy Inc
TSE:IPL Inter Pipeline Ltd
TSE:ITP Intertape Polymer Group
TSE:IVN Ivanhoe Mines Ltd
TSE:JE Just Energy Group Inc
TSE:KDX Klondex Mines Ltd
TSE:KEL Kelt Exploration Ltd
TSE:KL KIRKLAND LAKE GOLD LTD
TSE:KXS Kinaxis Inc
TSE:LIF LABRADOR IRON ORE ROYALTY CORPORATION
TSE:LNR Linamar Corporation
TSE:LUC Lucara Diamond Corp
TSE:LUN Lundin Mining Corporation
TSE:SAP Saputo Inc.
TSE:SCL Shawcor Ltd
TSE:SES Secure Energy Services Inc
TSE:SGY Surge Energy Inc
TSE:SJ Stella-Jones Inc
TSE:SJR.B Shaw Communications Inc
TSE:SLF Sun Life Financial Inc
TSE:SMF Semafo Inc.
TSE:SNC Snc-Lavalin Group Inc
TSE:SPB Superior Plus Corp.
TSE:SPE Spartan Energy Corp
TSE:SRU.UN Smart REIT
TSE:SSL Sandstorm Gold Ltd
TSE:SSO Silver Standard Resources Inc.
TSE:STN Stantec Inc.
TSE:SU Suncor Energy Inc.
TSE:SW Sierra Wireless, Inc.
TSE:TA TransAlta Corporation
TSE:TCL.A Transcontinental Inc.
TSE:TCN Tricon Capital Group Inc
TSE:TD Toronto-Dominion Bank
TSE:TECK.B Teck Resources Ltd
TSE:tFII TFI International Inc
TSN Tyson Foods, Inc.
TSO Tesoro Corporation
TSS Total System Services, Inc.
TWX Time Warner Inc
TXN Texas Instruments Incorporated
TXT Textron Inc.
UA Under Armour Inc
UAA Under Armour Inc
UDR UDR, Inc.
UHS Universal Health Services, Inc.
ULTA Ulta Beauty Inc
UNH UnitedHealth Group Inc
UNIT Uniti Group Inc
UNM Unum Group
UNP Union Pacific Corporation
UPS United Parcel Service, Inc.
URBN Urban Outfitters, Inc.
URI United Rentals, Inc.
USB U.S. Bancorp
UTX United Technologies Corporation
V Visa Inc
VAR Varian Medical Systems, Inc.
VFC VF Corp
VIAB Viacom, Inc.
VLO Valero Energy Corporation
VMC Vulcan Materials Company
VNO Vornado Realty Trust
VRSK Verisk Analytics, Inc.
VRSN Verisign, Inc.
VRTX Vertex Pharmaceuticals Incorporated
VTR Ventas, Inc.
VZ Verizon Communications Inc.
WAT Waters Corporation
WBA Walgreens Boots Alliance Inc
WDC Western Digital Corp
WEC WEC Energy Group Inc
WFC Wells Fargo & Co
WFM Whole Foods Market, Inc.
WHR Whirlpool Corporation
WIN Windstream Holdings, Inc.
WM Waste Management, Inc.
WMB Williams Companies Inc
WMT Wal-Mart Stores Inc
WNR Western Refining, Inc.
WPX WPX Energy Inc
WR Westar Energy Inc
WRK WestRock Co
WU The Western Union Company
WWW Wolverine World Wide, Inc.
WY Weyerhaeuser Co
WYN Wyndham Worldwide Corporation
WYNN Wynn Resorts, Limited
X United States Steel Corporation
XEL Xcel Energy Inc
XL XL Group Ltd.
XLNX Xilinx, Inc.
XOM Exxon Mobil Corporation
XRAY DENTSPLY SIRONA Inc
XRX Xerox Corp
XYL Xylem Inc
YUM Yum! Brands, Inc.
ZBH Zimmer Biomet Holdings Inc
ZION Zions Bancorp
ZTS Zoetis Inc
Back To Top