10 Undervalued Companies for the Enterprising Investor

stockmarket This screen is of the Modern Graham valuation database’s most undervalued companies suitable for the enterprising investor.  Later today I will have another post that updates the Modern Graham Enterprising Value Portfolio.

The first step for the screen is to determine which companies pass the tests for the enterprising investor, updated from Benjamin Graham’s tests presented in The Intelligent Investor.

Specifically, here are the tests required for the enterprising investor:

Enterprising Investor – must pass at least 4 of the following 5 tests:

  1. Sufficiently Strong Financial Condition, Part 1 – current ratio greater than 1.5
  2. Sufficiently Strong Financial Condition, Part 2 – Debt to Net Current Assets ratio less than 1.1
  3. Earnings Stability – positive earnings per share for at least 5 years
  4. Dividend Record – currently pays a dividend
  5. Earnings growth – EPSmg greater than 5 years ago

Additionally, a company can qualify for the enterprising investor if it passes the tests for the defensive investor.

From there, the 10 companies trading at the greatest discount to their intrinsic value (as calculated using Graham’s Value = EPS x (8.5 + 2g) formula – see Methods for more information) are selected for this screen.

It is important to note that any screen should be the first step in a bottom up approach to investing and further research by an intelligent investor is necessary.

This month, the screen produced the following companies:

  • TDW – Tidewater Inc – Tidewater provides vessels and support services to the offshore energy industry.  The company passes all of the requirements of both the defensive and enterprising investors, indicating it has a very strong financial condition and a history of stability.  Though the earnings per share are likely to be lower this year than last, I estimate the normalized earnings per share to be $6.10 for the 2010 fiscal year.  My system indicates a high estimate of growth based on historical performance, leading to a valuation of $235.  Even at a much, much more conservative estimate of 3% growth, the valuation comes to $88, which is twice what the company is trading at today.
  • ISH – International Shipholding Corp – International Shipholding Corp is a similar business to Tidewater, but this company owns and operates vessels that are usually chartered out to the government and commercial enterprises through long-term charters.  The company fails quite a few of the tests for the defensive investor, but is suitable for the enterprising investor.  I estimate normalized earnings per share to be $3.50 for fiscal year 2009 and calculate a value to be $135 based on strong historical growth.  At the conservative 3% growth estimate level, the valuation comes to $51.  The company is currently trading around $34.
  • BHI – Baker Hughes Inc – Baker Hughes is engaged in providing various services to the oilfield industry from drilling products to consulting services.  The company passes all the tests for both the defensive and enterprising investors.  Despite a significant drop in earnings per share from $5.30 in 2008 to $1.52 in 2009, I estimate the normalized earnings per share to be $4.00 for 2009.  In addition, the normalized earnings per share have grown significantly over the last few years, a trend I expect to continue.  The Modern Graham estimate of value is $154, while a conservative estimate based on 3% growth is $58.  The company is currently trading around $41.
  • GRMN – Garmin Limited – Garmin has taken a bit of a hit in the market the last few weeks, presumably because of the introduction of Google’s map services.  However, it seems Mr. Market is forgetting Garmin’s other segments – including aviation and marine – which continue to hold strong profit margins and market share.  The company passes the tests for both the defensive and enterprising investors.  Normalized earnings per share should be around $2.86 for 2009, leading to a Modern Graham valuation of $110.  A conservative 3% growth estimate would lead to a valuation of $42.  The company is currently trading near $30.
  • CB – Chubb Corp – Chubb is a holding company for a group of insurance companies.  The company passes the tests for the defensive investor, which makes it automatically suitable for the enterprising investor.  The company’s earnings have taken a hit the last couple of years, but the normalized earnings per share of $5.42 are still high compared to five years ago.  The estimate of value is $167 based on the higher estimate of growth, and $79 based on only 3% growth.  The company currently trades around $51.
  • OLN – Olin Corp – Olin is a chemical company.  The company passes the tests for the enterprising investor but is unsuitable for the defensive investor based on market cap and a lack of earnings stability over a 10 year period.  The earnings likely will drop to a 6 year low this year, but normalized earnings shouldn’t see as much of a decline and remain at $1.37.  The valuation comes to $53 based on my estimate of growth, and $20 based on 3% growth.  The company is trading at $16.50.
  • NOV – National Oilwell Varco, Inc – National Oilwell Varco is another provider of products and services for the oilwell industry (see BHI, above).  The company passes the tests for the enterprising investor, though it would be even stronger if it paid a dividend.  Though earnings per share dropped in 2009, the normalized earnings are still higher than 2008 and come in at $3.36.  Based on incredible growth over the past 5 years, the valuation estimate is $129.  The 3% growth valuation is $49.  The company currently trades around $44.
  • GR – Goodrich Company – Goodrich provides products and services to the aviation markets as well as the defense and space markets.  The company is very strong and passes all of the tests for both the defensive and enterprising investors.  Normalized earnings per share in 2009 should be $4.28, a significant increase from the $1.19 seen in 2003.  With such strong growth, the company is valued at $165.  The more conservative estimate of 3% growth brings a value of $62.  The company is currently trading at around $59.
  • GD – General Dynamics Corp – General Dynamics is a business very similar to Goodrich, providing products and services to aviation, defense, shipbuilding and other markets.  The company passes the tests for the defensive investor, automatically qualifying it for the enterprising investor, but the current ratio could be improved.  The earnings in 2009 should actually not drop very much from 2008 levels, if they drop at all.  As a result, the normalized earnings per share do increase to $5.49.  The Modern Graham valuation of the company comes to $186, and a conservative 3% growth estimate leads to a valuation of $80.  The company currently trades at $67.50.
  • UNH – UnitedHealth Group – United Heatlh Group is a diversified health and well-being company.  The company passes the tests for the defensive investor, though the current ratio could be improved.  Earnings per share in 2009 should be higher than 2008, though remain below 2007.  Normalized earnings should be $2.87, leading to a valuation of $80.  At 3% growth, the valuation would be $42.  The company currently trades at $29.

Full Disclosure:  At time of publication, author was long GRMN and TDW.  See a list of the author’s current holdings.

Photo by Perpetualtourist2000.

Enterprising Value Portfolio – 10 Undervalued Companies for the Enterprising Investor

dollarOn the second Thursday of every month, we will screen our database for the 10 companies trading at the lowest ratio to their intrinsic value, as determined by our formula, and that are suitable for the enterprising investor.  These 10 companies will be placed in a mock portfolio and rebalanced to have a 10% allocation to each company. The starting value of the portfolio is $100,000.00. Dividends will be reinvested in the portfolio.

To see the portfolio, you can view this google spreadsheet.

This month, the screen resulted in the following companies being targeted:

The following transactions were made this month:

  • Bought 212 shares of TDW for $9,983.08.
  • Bought 325 shares of ISH for $10,013.25.
  • Bought 234 shares of BHI for $9,982.44.
  • Bought 198 shares of CB for $9,981.18.
  • Bought 400 shares of UNH for $10,016.00.
  • Bought 573 shares of OLN for $9,993.12.
  • Bought 184 shares of GR for $9,998.56.
  • Bought 265 shares of GRMN for $10,001.10.
  • Bought 232 shares of NOV for $10,006.16.
  • Bought 116 shares of NPK for $10,035.16.

Photo provided by psyberartist.

Added and Updated Valuations – 9/28/09

Here are the new valuations added to our site in the past week.  To view more, click on browse valuations in our navbar.  We now have 100 in the database including all 30 components of the Dow Jones Industrial Average!  In addition, to now when we add the valuations immediately, be sure to follow ModernGraham on Twitter!

These companies were updated in our database this past week.

Don’t forget to check out the valuation calculator.

In addition, we are looking for more contributors.  If you’re interested in being a guest writer or a full-time contributor, please contact us.

Enterprising Investor Screens – 7/2/09

These screens are for companies that may be suitable for the enterprising investor. The requirements of such an investor are that the company in question pass at least 4 of the following 5 tests:

  1. Sufficiently Strong Financial Condition, Part 1 – current ratio greater than 1.5
  2. Sufficiently Strong Financial Condition, Part 2 – Debt to Net Current Assets ratio less than 1.1
  3. Earnings Stability – positive earnings per share for at least 5 years
  4. Dividend Record – currently pays a dividend
  5. Earnings growth – EPSmg greater than 5 years ago

Here is this week’s list of 20 enterprising investor companies with a high dividend yield, with the yield listed:

  1. Teekay Tankers Limited (TNK) – 26.22%
  2. EV Energy Partners LP (EVEP) – 15.63%
  3. Williams Partners LP (WPZ) – 14.28%
  4. Hi Shear Technology Corp (HSR) – 12.20%
  5. Nordic American Tanker Shipping Limited (NAT) – 10.89%
  6. National Resource Partners Units (NRP) – 10.38%
  7. Psychemedics Corp (PMD) – 10.04%
  8. Alliance Resource Partners LP (ARLP) – 9.11%
  9. Alliance Holdings GP LP (AHGP) – 8.76%
  10. Precision Drilling Trust Units (PDS) – 8.56%
  11. Wayside Technology Group Inc. (WSTG) – 8.56%
  12. Textainer Group Holdings Limited (TGH) – 8.30%
  13. B&G Foods Inc. (BGS) – 8.07%
  14. Great Northern Iron Ore Properties (GNI) – 8.05%
  15. NuStar Energy LP (NS) – 7.91%
  16. Western Gas Partners LP (WES) – 7.88%
  17. Suburban Propane Partners (SPH) – 7.67%
  18. RRSat Global Communications Network Limited (RRST) – 7.52%
  19. El Paso Pipeline Partners LP (EPB) – 7.41%
  20. International Shipholding Corp (ISH) – 7.29%

And here are 20 enterprising companies with low current P/E ratios, with the P/E ratio listed:

  1. EV Energy Partners LP (EVEP) – 1.31
  2. Friedman Industries Inc. (FRD) – 2.39
  3. Precision Drilling Trust Units (PDS) – 3.15
  4. Overseas Shipholding Group Inc (OSG) – 3.49
  5. Steris Corp (STE) – 4.05
  6. Alon USA Energy Inc. (ALJ) – 4.05
  7. Ensco International Inc (ESV) – 4.52
  8. Teekay Tankers Limited (TNK) – 4.54
  9. Air T Inc (AIRT) – 4.61
  10. International Shipholding Corp (ISH) – 4.67
  11. Noble Corp (NE) – 5.14
  12. Servotronics Inc. (SVT) – 5.50
  13. Tidewater Inc. (TDW) – 5.51
  14. Olin Corp (OLN) – 5.67
  15. Knightsbridge Tankers Ltd (VLCCF) – 6.11
  16. Textainer Group Holdings Limited (TGH) – 6.39
  17. Great Northern Iron Ore Properties (GNI) – 6.45
  18. Skywest Inc. (SKYW) – 6.55
  19. Harley-Davidson Inc. (HOG) – 6.59
  20. Helmerich & Payne Inc. (HP) – 6.71

Enterprising Investor Screens – 6/25/09

These screens are for companies that may be suitable for the enterprising investor. The requirements of such an investor are that the company in question pass at least 4 of the following 5 tests:

  1. Sufficiently Strong Financial Condition, Part 1 – current ratio greater than 1.5
  2. Sufficiently Strong Financial Condition, Part 2 – Debt to Net Current Assets ratio less than 1.1
  3. Earnings Stability – positive earnings per share for at least 5 years
  4. Dividend Record – currently pays a dividend
  5. Earnings growth – EPSmg greater than 5 years ago

Here is this week’s list of 20 enterprising investor companies with a high dividend yield, with the yield listed:

  1. Teekay Tankers Limited (TNK) – 25.65%
  2. EV Energy Partners LP (EVEP) – 15.68%
  3. Hi Shear Technology Corp (HSR) – 13.24%
  4. Nordic American Tanker Shipping Limited (NAT) – 10.94%
  5. Psychemedics Corp (PMD) – 10.15%
  6. National Resource Partners Units (NRP) – 9.82%
  7. B&G Foods Inc. (BGS) – 8.55%
  8. International Shipholding Corp (ISH) – 8.53%
  9. Alliance Resource Partners LP (ARLP) – 8.51%
  10. Textainer Group Holdings Limited (TGH) – 8.42%
  11. Wayside Technology Group Inc. (WSTG) – 8.39%
  12. Western Gas Partners LP (WES) – 8.35%
  13. Precision Drilling Trust Units (PDS) – 8.17%
  14. NuStar Energy LP (NS) – 8.15%
  15. Alliance Holdings GP LP (AHGP) – 8.07%
  16. Suburban Propane Partners (SPH) – 8.02%
  17. Great Northern Iron Ore Properties (GNI) – 7.91%
  18. RRSat Global Communications Network Limited (RRST) – 7.60%
  19. El Paso Pipeline Partners LP (EPB) – 7.56%
  20. Knightsbridge Tankers Ltd (VLCCF) – 7.01%

And here are 20 enterprising companies with low current P/E ratios, with the P/E ratio listed:

  1. EV Energy Partners LP (EVEP) – 1.24
  2. Friedman Industries Inc. (FRD) – 2.43
  3. Precision Drilling Trust Units (PDS) – 2.93
  4. Overseas Shipholding Group Inc (OSG) – 3.42
  5. Alon USA Energy Inc. (ALJ) – 3.87
  6. Steris Corp (STE) – 3.91
  7. International Shipholding Corp (ISH) – 4.08
  8. Air T Inc (AIRT) – 4.33
  9. Ensco International Inc (ESV) – 4.35
  10. Teekay Tankers Limited (TNK) – 4.39
  11. Servotronics Inc. (SVT) – 4.92
  12. Olin Corp (OLN) – 5.02
  13. Noble Corp (NE) – 5.13
  14. Tidewater Inc. (TDW) – 5.49
  15. Textainer Group Holdings Limited (TGH) – 5.58
  16. Knightsbridge Tankers Ltd (VLCCF) – 6.00
  17. Skywest Inc. (SKYW) – 6.11
  18. Helmerich & Payne Inc. (HP) – 6.41
  19. Harley-Davidson Inc. (HOG) – 6.49
  20. Great Northern Iron Ore Properties (GNI) – 6.53

Enterprising Investor Screens

These screens are for companies that may be suitable for the enterprising investor.  The requirements of such an investor are that the company in question pass at least 4 of the following 5 tests:

  1. Sufficiently Strong Financial Condition, Part 1 – current ratio greater than 1.5
  2. Sufficiently Strong Financial Condition, Part 2 – Debt to Net Current Assets ratio less than 1.1
  3. Earnings Stability – positive earnings per share for at least 5 years
  4. Dividend Record – currently pays a dividend
  5. Earnings growth – EPSmg greater than 5 years ago

Here is this week’s list of 20 enterprising investor companies with a high dividend yield, with the yield listed:

  1. Teekay Tankers Limited (TNK) – 20.14%
  2. EV Energy Partners LP (EVEP) – 14.90%
  3. Champion Industries, Inc. (CHMP) – 14.20%
  4. Hi Shear Technology Corp (HSR) – 13.33%
  5. Nordic American Tanker Shipping Limited (NAT) – 10.87%
  6. Psychemedics Corp (PMD) – 10.21%
  7. National Resource Partners Units (NRP) – 9.40%
  8. B&G Foods Inc. (BGS) – 8.92%
  9. International Shipholding Corp (ISH) – 8.85%
  10. Wayside Technology Group Inc. (WSTG) – 8.68%
  11. Alliance Resource Partners LP (ARLP) – 8.13%
  12. Western Gas Partners LP (WES) – 8.11%
  13. Great Northern Iron Ore Properties (GNI) – 8.00%
  14. NuStar Energy LP (NS) – 7.86%
  15. Suburban Propane Partners (SPH) – 7.86%
  16. Precision Drilling Trust Units (PDS) – 7.68%
  17. RRSat Global Communications Network Limited (RRST) – 7.67%
  18. Textainer Group Holdings Limited (TGH) – 7.62%
  19. El Paso Pipeline Partners LP (EPB) – 7.54%
  20. Olin Corp (OLN) – 6.42%

And here are 20 enterprising companies with low current P/E ratios, with the P/E ratio listed:

  1. EV Energy Partners LP (EVEP) – 1.24
  2. Friedman Industries Inc. (FRD) – 2.72
  3. Precision Drilling Trust Units (PDS) – 3.21
  4. Overseas Shipholding Group Inc (OSG) – 3.70
  5. International Shipholding Corp (ISH) – 3.93
  6. Steris Corp (STE) – 4.00
  7. Champion Industries, Inc. (CHMP) – 4.09
  8. Alon USA Energy Inc. (ALJ) – 4.23
  9. Ensco International Inc (ESV) – 4.69
  10. Air T Inc (AIRT) – 4.85
  11. Servotronics Inc. (SVT) – 4.97
  12. Teekay Tankers Limited (TNK) – 5.10
  13. Noble Corp (NE) – 5.54
  14. Olin Corp (OLN) – 5.60
  15. Tidewater Inc. (TDW) – 5.73
  16. Textainer Group Holdings Limited (TGH) – 6.23
  17. Skywest Inc. (SKYW) – 6.23
  18. Harley-Davidson Inc. (HOG) – 6.58
  19. Helmerich & Payne Inc. (HP) – 6.59
  20. Great Northern Iron Ore Properties (GNI) – 6.76

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
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