Glance at the Dow – February 2014

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As one of the features in each month’s issue of ModernGraham Stocks & Screens, I take a look at the Dow Jones Industrial Average, listing out each individual component in an easy to read table, and calculate a value for the index that is based on the ModernGraham valuation model’s estimates for intrinsic values for each component.  Starting with this month, I will now go through this process twice a month.  “Glance at the Dow” will be included in a regular post on the blog on the second Wednesday of each month, and will continue to be included in each month’s ModernGraham Stocks & Screens, which is released on the fourth Wednesday of every month and includes screens of all the companies reviewed by ModernGraham.  I hope this is useful to all my subscribers, as another tool for evaluating Mr. Market’s current prices.
Dow Jones Industrial Average Chart

Dow Jones Industrial Average data by YCharts

At the time of writing, the Dow Jones Industrial Average (DJIA) was at 15,994.77. The ModernGraham Valuation of the DJIA was 18,377.34. As a result, the DJIA was trading at 87.04% of its estimated value. This figure is within the ModernGraham margin of error, and therefore it appears the DJIA is presently fairly valued.  To see the individual valuation articles, please click on the company name in the table below.

Ticker Company Name Investor Type Latest Valuation Date ModernGraham Valuation Current Price Price as a percent of Value Price/EPSmg
AXP American Express Company E 1/23/2014 $115.45 $88.58 76.73% 21.93
BA The Boeing Company E 10/29/2013 $127.00 $130.16 102.49% 25.83
CAT Caterpillar Inc. D 1/29/2014 $161.33 $94.96 58.86% 15.05
CSCO Cisco Systems, Inc. D 2/1/2014 $31.26 $22.71 72.65% 13.93
CVX Chevron Corporation D 10/31/2013 $255.00 $113.58 44.54% 9.72
DD E I Du Pont De Nemours And Co E 2/6/2014 $45.79 $64.29 140.40% 21.36
DIS The Walt Disney Company S 11/19/2013 $71.18 $77.79 109.29% 25.84
GE General Electric Company D 11/6/2013 $3.77 $25.43 674.54% 19.12
GS Goldman Sachs Group Inc S 11/6/2013 $23.03 $164.39 713.81% 11.90
HD The Home Depot, Inc. S 11/6/2013 $68.76 $76.70 111.55% 26.72
IBM International Business Machines Corp. S 11/8/2013 $381.67 $179.70 47.08% 13.16
INTC Intel Corporation D 11/6/2013 $76.44 $24.47 32.01% 12.30
JNJ Johnson & Johnson E 11/8/2013 $38.67 $92.97 240.42% 22.03
JPM JPMorgan Chase & Co. D 11/11/2013 $143.27 $57.43 40.09% 12.82
KO The Coca-Cola Company E 11/4/2013 $49.45 $38.64 78.14% 19.42
MCD McDonald’s Corporation S 11/11/2013 $142.46 $95.34 66.92% 18.30
MMM 3M Co E 1/21/2014 $100.49 $130.98 130.34% 21.26
MRK Merck & Co., Inc. S 11/12/2013 $0.00 $55.70 N/A 26.91
MSFT Microsoft Corporation D 2/9/2014 $49.37 $37.17 75.29% 15.11
NKE Nike Inc E 2/10/2014 $61.49 $73.98 120.31% 28.67
PFE Pfizer Inc. E 11/13/2013 $16.12 $31.88 197.77% 23.27
PG The Procter & Gamble Company S 2/11/2014 $44.92 $78.84 175.51% 27.96
T AT&T Inc. S 10/28/2013 $12.00 $32.95 274.58% 17.53
TRV Travelers Companies Inc D 11/14/2013 $85.94 $83.21 96.82% 12.57
UNH UnitedHealth Group Inc. D 11/15/2013 $140.16 $70.62 50.39% 14.32
UTX United Technologies Corporation S 11/15/2013 $89.99 $112.96 125.53% 19.99
V Visa Inc E 11/18/2013 $197.20 $222.33 112.74% 43.42
VZ Verizon Communications Inc. D 11/18/2013 $99.76 $47.21 47.32% 14.66
WMT Wal-Mart Stores, Inc. S 11/19/2013 $101.49 $74.80 73.70% 15.71
XOM Exxon Mobil Corporation D 11/5/2013 $128.15 $90.84 70.89% 11.33

Disclaimer:  The author held a long position in DIS and HD at the time of publication.

November 2013 in Review

Site News

November has been a great month for ModernGraham.  We’ve had over 11,000 visits by nearly 7,500 unique visitors.  The last week of November also saw the launching of our new monthly eBook, ModernGraham Stocks & Screens, a publication that lists all of the valuations and screens them for various criteria.

Most Popular Content from November

  1. ModernGraham Valuation: Du Pont (DD)
  2. ModernGraham Valuation: Intel Corp (INTC)
  3. ModernGraham Valuation: Cisco (CSCO)
  4. ModernGraham Valuation: Coca-Cola (KO)
  5. ModernGraham Valuation: Chevron (CVX)

Companies Reviewed in November

Thank You to Our Biggest Referrals

  1.  Seeking Alpha
  2. Market Folly
  3. Value Investing News
  4. CS Investing
  5. Value Walk 

10 Companies in the Spotlight This Week – 11/15/13

We looked at 10 different companies this week, each of which is a component of the Dow Jones Industrial Average.  Here’s a summary of the ModernGraham Valuations.  For more detailed analysis, click on the name of the company.

The Elite (Defensive or Enterprising and Undervalued)

  • JP Morgan Chase (JPM) - JP Morgan Chase is a very intriguing financial company, based on its earnings growth over the last 10 years.  The company passes all of the tests required for both the Defensive and Enterprising Investor because it has strong financials.  From a valuation perspective, the company fares well in the ModernGraham valuation model after achieving significant growth in EPSmg (normalized earnings) of $2.62 in 2008 to an estimated $4.48 in 2013.  The market is currently implying further growth of only 1.78%, which should be easily beatable by such a large bank.  As a result, investors of all kinds should be interested in JP Morgan Chase and should do further research to determine whether it would be a suitable investment for them individually.
  • UnitedHealth Group (UNH) - UnitedHealth is a very attractive company based on both its financials and its valuation.  The company passes most of the tests of the Defensive Investor and the Enterprising Investor, with its only downside the poor current ratio.  The company has a strong dividend history and stable earnings history.  From a valuation standpoint, the company’s growth in EPSmg (normalized earnings) from $2.77 in 2008 to an estimated $4.93 for 2013 is impressive.  As a result of this strong history of growth, the ModernGraham valuation model looks favorably upon UnitedHealth and the company appears to be undervalued.  Investors should pay close attention to UnitedHealth and continue with further evaluation of the company when considering making an investment, while keeping in mind the 7 Key Tips to Value Investing.

The Good (Defensive or Enterprising and Fairly Valued)

  • Microsoft Corp. (MSFT) - Microsoft is an intriguing and strong company that may be suitable for either the Defensive Investor or the Enterprising Investor.  The company passes all of the preliminary requirements for these types of Intelligent Investors, with strong financials and stable earnings growth.  Microsoft’s EPSmg (normalized earnings) have grown every year at least as far back as ModernGraham has tracked, which is 2003.  From a valuation standpoint, the ModernGraham model estimates that the company is currently fairly valued by the market because the price is currently trading within the model’s margin of safety regarding the intrinsic value.  Any Intelligent Investor considering purchasing shares of Microsoft should proceed with further research to determine whether the opportunity is right.
  • Travelers Companies (TRV) - As a financial or insurance company, Travelers is subject to some minor changes to the initial requirements for Defensive or Enterprising Investors.  The requirements utilizing the current assets and current liabilities have been eliminated in order to allow investors to use readily available information, and those items are not expressly listed in the balance sheets for financial and insurance companies.  With that in mind, such a company must pass all of the requirements for either type of investor and Travelers does.  As a result, Travelers may be suitable for either investor type to do further research.

The Mediocre (Defensive or Enterprising and Overvalued)

  • Nike Inc. (NKE) - Nike is a company that has had good earnings growth over the years, but seems to be slightly overvalued by the market today.  Even though the EPSmg (normalized earnings) have grown from $1.55 in 2009 to an estimated $2.61 for fiscal year 2014, the market is implying a growth rate of about 10.5%.  This implied growth rate is actually right in line with what has been seen in EPSmg, but because of our margin of safety, an Intelligent Investor following Benjamin Graham’s principles will likely stay away from the company for now.  In addition, the company is trading at a high PEmg and high PB ratio, making it unsuitable for Defensive Investors.  It may be suitable for Enterprising Investors if the price drops below the margin of safety, but even so any investor should do further research before entering into any position.
  • Pfizer Inc (PFE) - Pfizer is a strong company based solely on its balance sheet, but the earnings growth has not been strong enough for the Defensive Investor.  Since 2008, the EPSmg (normalized earnings) has only grown from $1.25 to an estimated $1.37 for 2013.  As a result of this lackluster growth, coupled with the fact the company is currently trading at a high PEmg ratio, the company is not suitable for Defensive Investors.  However, the company does pass all of the requirements of the Enterprising Investor, whom is able to take on additional risk by doing substantially more research than his Defensive Investor counterpart.  From a valuation standpoint, the ModernGraham valuation model indicates that the company is overvalued at the present time.  Once again this comes back to the lack of earnings growth; if the company doesn’t grow its earnings, it will not be rewarded by the valuation model.  The market is implying a growth rate of over 7% when EPSmg have grown at just over 2%.  As a result, Pfizer may not be the best opportunity for investment at this time and any individual considering entering a position should do further research.
  • Proctor & Gamble (PG) - Proctor and Gamble has a very poor current ratio, which is a key fundamental analysis ratio in the requirements for Benjamin Graham Intelligent Investors.  For Defensive Investors, the current ratio combined with the high PEmg and PB ratios eliminates this company from potential investment.  For Enterprising Investors, those who are able to take on higher risk through further research, the company still qualifies as a possibility due to stable earnings growth and a strong dividend.  From a valuation standpoint, however, the company appears overvalued.  While earnings have consistently grown from an EPSmg (normalized earnings) of $3.30 in 2009 to an estimated $3.83 for fiscal year 2014, that growth is only at an average of 2.26% per year.  The market is implying a growth rate of 6.65%, well over what has been seen historically.  As a result, any Enterprising Investor considering investing in Proctor & Gamble should do considerably more research to determine if it is a good time to invest in the company.

The Bad (Speculative and Undervalued or Fairly Valued)

  • McDonald’s Corporation (MCD) - McDonald’s looks good when you consider the company only from a valuation perspective, after achieving earnings growth from an EPSmg (normalized earnings) of $2.62 in 2008 to an estimated $5.21 in 2013.  However, the company’s financials are not strong enough for either the Defensive or Enterprising Investor because the company holds too much debt at this time.  If McDonald’s could reduce the amount of debt on its books and improve its current ratio from a meager 1.24 to 1.5, then it would become much more attractive.  As it stands, Intelligent Investors can only speculate as to the intrinsic value of the company and should do considerable further research before making any investment into McDonald’s.

The Ugly (Speculative and Overvalued)

  • Merck & Co. (MRK) - Merck & Co. presents a rare scenario for the ModernGraham valuation model.  The company’s earnings growth has been so atrocious over the historical period the model reviews that the projected growth is that the company will continue to shrink its earnings.  In fact, the EPSmg (normalized earnings) in 2008 was $2.47, but the estimated EPSmg in 2013 is only $2.07.  Historically, the EPSmg has shrunk every year since 2009.  As a result, the model forecasts negative earnings growth and churns out a valuation of $0.  Obviously, the company probably isn’t worthless, but the Intelligent Investor would probably shy away from Merck anyway, based on the facts that the company failed to fulfill the requirements of either the Defensive or Enterprising Investor due to the poor earnings growth and high PB and PEmg ratios.
  • United Technologies Corp. (UTX) - United Technologies Corp. has had very stable earnings growth and in many respects is a very intriguing company, but it seems the market is overvaluing it at this time.  In the preliminary assessment, the company does not have a very strong current ratio and is trading at a high PB ratio.  These facts combined eliminate the company from contention for Defensive Investors and Enterprising Investors, and places it in our Speculative realm.  From a valuation standpoint, the market is implying a growth rate that simply has not been accomplished by United Technologies Corp.  The company has grown its EPSmg (normalized earnings) by an average of 4.94%, and while the market’s implied rate of 5.34% is not all that much higher than the average, it is still outside the margin of safety.  As a result, any investor looking to enter a position in United Technologies Corp. should do considerably more research.

Festival of Stocks #168

This week we have the honor of hosting the 168th edition of the Festival of Stocks.  According to the festival’s original sponsor, ValueInvestingNews, “The Festival of Stocks is a blog carnival dedicated to highlighting bloggers’ best articles on stock market related topics. This will include research and commentary on specific stocks, industry analysis, ETFs, REITs, stock derivatives, and other related topics.”  This is the ninth time ModernGraham has hosted the festival, and we are looking forward to hosting it again in the future.

Before I get to this week’s submissions from some of the best financial blogs on the web, I want to take a moment to introduce new readers to our site here at ModernGraham.  Since August of 2006 we have been devoted to the study and modernization of Benjamin Graham’s teachings from his classic book, The Intelligent Investor. Some features you may find interesting include our valuation calculator, where you can estimate the value of a company based on the formula Graham presented, our valuation database, a growing list of companies that we are tracking, and our ValueInvesting Search Engine, a search engine focused on providing content relevant to the value investor.  Please feel free to subscribe to our site, by RSS feed or email, and come back again to use our features.  In addition, we are currently looking for guest authors as well as full-time contributors.  If you are interested, please contact us.

Now, on to this week’s submissions.  There are a lot of great posts included here from some great writers and thinkers.  Enjoy!

The Smarter Wallet presents Price Earnings Ratio: The Cyclically Adjusted P/E Ratio.

Bargaineering presents 2010 Roth IRA Conversion Rules.

Learning Stocks presents Starting Small.

MagicDiligence presents MFI Stock Review: Time Warner Inc (TWX).  Time Warner’s transformation is creating a very attractive pure content play going forward, and looks quite undervalued given the quality of the business.

ZachStocks presents Solar Manufacturers Draw Attention.  Suntech Power Holdings (STP) and Yingli Green Energy (YGE) have bolstered investor confidence in solar energy. Both companies have issued positive news and the sector is trading higher.

Dividends Value presents McDonald’s Corporation (MCD) Dividend Stock Analysis.  McDonald’s Corporation is the largest fast-food restaurant company in the world. Its restaurants serve a varied, yet limited, value-priced menu in more than 100 countries around the world. Linked here is a detailed analysis and commentary.

The Oblivious Investor presents Tax Diversification: Roth IRA vs. Traditional IRA.  Sometimes the best answer to “Roth IRA or Traditional IRA?” is “a little bit of both.”

Jeff Rose presents Municipal Budget Woes Return.

ETF database presents Ultimate Guide To China Yuan ETF Investing.

Darwin’s Finance presents 787 ETFs Listed – Every Exchange Traded Fund Known to Man.  The most comprehensive list of 750+ ETFs ranging from sector and country ETFs to short and leveraged ETFs. A quick one-stop bookmarkable reference list for future reference.

The Dividend Guy Blog presents Why I Allocate Part of My Portfolio to Small-Caps.  The Dividend Guy uses small-caps as part of his asset allocation – this post discusses why.

FastSwings presents Dell Falls on Poor Earnings.  Dell is moving into the services market with its recent acquisition of Perot Systems.

The Digerati Life presents Thoughts On Technical Analysis of the Investment Markets.  Wanted to share this discussion on technical analysis. The debate rages on!

Added and Updated Valuations – 10/19/09

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 110 in the database including all 30 components of the Dow Jones Industrial Average!

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.

Added and Updated Valuations – 7/13/09

Here is this week’s list of valuations that have been added to our site.  To view more, click on browse valuations in our navbar.  We now have 63 in the database!

There were no valuations in the database due for an update this week.

Don’t forget to check out the valuation calculator.

If you have a company that you’d like us to cover, please request it.

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.

Comparing Models with Dividends Value – 12 Dividend Stocks

Dividends Value made a great post today about 12 Dividend Stocks with a 5-Star Strong Buy Rating.  In the post, they went into a little detail about their model for determining ratings.  It got me thinking – how does their model compare to ours?

The key feature of their model incorporates a star rating.  They look at five important metrics and give a star for certain attributes in the company.  According to the post, the following earn a star:

  1. Fair Value: I look at five measures of fair value: 1.) Avg. High Yield Price, 2.) 20-Year DCF Price, 3.) Avg. P/E Price, 4.) Graham Number and 5.) NPV MMA Price. Of the first four, the highest and lowest fair values are excluded and the remaining two calculations are averaged to calculate the Mid-2 price. Then I compare it with the NPV MMA Price and use the lower of the two.
  2. Free Cash Flow Payout: A Star is awarded if the Free Cash Flow Payout is less than 60% and there were no negative free cash flows during the last 10 years.
  3. Debt To Total Capital: Having less debt provides a company more financial flexibility. A Star is awarded if the Debt To Total Capital is less than 45%.
  4. NPV MMA Diff: The value calculated is the net present value (NPV) of the difference between the dividend earnings of this investment and the interest income from the MMA over 20 years.  A  Star is added for amounts in excess of the target amount.
  5. Key Metrics: “Dividend Growth Rate”, “Years of Div. Growth”, “Rolling 4-yr Div. > 15%” and “Years to >MMA” are considered Key Metrics. A Star is awarded if 2 of the 4 Key Metrics are true.

This method caught my attention because of its similarity in style to what we do here at ModernGraham.  We require companies to pass a number of tests to qualify as suitable to the Defensive or Enterprising Investors.  Here are the tests that we require:

Defensive Investor – must pass at least 6 of the following 7 tests:

  1. Adequate Size of Enterprise – market capitalization of at least $2 billion
  2. Sufficiently Strong Financial Condition – current ratio greater than 2
  3. Earnings Stability – positive earnings per share for at least 10 straight years
  4. Dividend Record – has paid a dividend for at least 10 straight years
  5. Earnings Growth – earnings per share has increased by at least 1/3 over the last 10 years using 3 year averages at beginning and end of period
  6. Moderate PEmg ratio – PEmg is less than 20
  7. Moderate Price to Assets – PB ratio is less than 2.5 or PB x PEmg is less than 50

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

While the two methods are similar, we do have one main difference.  We focus a lot of our criteria on balance sheet issues; Dividends Value tends to base more on dividend payout and cash flow.  However, after a little bit of comparison, it seems that we come to the same conclusion.

I looked at all 12 of the companies Dividends Value wrote about today, and the result is that 8 of the 12 would be suitable for the defensive investor.  4 of the 12 would be suitable for the enterprising investor.  Also, 9 of the 12 are considered undervalued based on our intrinsic value formula.  The other 3 are fairly valued (only because of our margin of safety, though – none are actually priced higher than the intrinsic value).

Here are the detailed results:

Thanks to Dividends Value for the great work today.  It was fun to find a model that obtains such similar results to ours!

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
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.
AMG Affiliated Managers Group, Inc.
AMGN Amgen, Inc.
AMP Ameriprise Financial, Inc.
AMT American Tower Corp
AMZN, Inc.
AN AutoNation, Inc.
ANF Abercrombie & Fitch Co.
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
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, 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.
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
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
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)
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
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
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
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.
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
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.
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.
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
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.
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.
PRGO Perrigo Company plc Ordinary Shares
PRU Prudential Financial Inc
PSA Public Storage
PSX Phillips 66
PWR Quanta Services Inc
PX Praxair, Inc.
PXD Pioneer Natural Resources
PYPL Paypal Holdings 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.
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
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.
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
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
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: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: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:KXS Kinaxis Inc
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: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
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.
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
XRX Xerox Corp
XYL Xylem Inc
YUM Yum! Brands, Inc.
ZBH Zimmer Biomet Holdings Inc
ZION Zions Bancorp
ZTS Zoetis Inc

Glance at the Dow

I decided to put together a list of the Dow Jones Industrial Average and see how our valuation formula values each component.  I’ve listed the result below.  I also ran the test for each component to determine if it would pass our list of guidelines for the defensive and enterprising investors and calculated how the current price compares to the valuation.  Please note that by no means do we ever make any recommendations to buy or to sell and take a moment to read our disclaimer while you’re at it.

Dow Component Symbol Defensive Enterprising Value Price
3M MMM No Yes $137 $76.51
Alcoa AA Yes Yes $85 $36.60
American Express AXP No No $60 $41.53
American International Group AIG Yes Yes $15 $42.88
AT&T T No Yes $68 $35.01
Bank of America BAC Yes Yes $68 $36.74
Boeing BA No Yes $135 $76.60
Caterpillar CAT No Yes $172 $69.84
Chevron Corp CVX Yes Yes $284 $85.26
Citigroup C Yes Yes n/a $20.91
Coca-Cola KO No Yes $54 $58.85
DuPont DD No Yes $104 $45
ExxonMobil XOM No Yes $233 $82.49
General Electric GE No Yes $46 $32.23
General Motors GM No No n/a $21.96
Hewlett-Packard HPQ No Yes $71 $47.31
Home Depot HD Yes Yes $61 $25.88
Intel INTC No Yes $34 $20.07
IBM IBM No Yes $154 $113.94
Johnson & Johnson JNJ No Yes $66 $61.51
JPMorgan Chase JPM Yes Yes $130 $37.56
McDonald’s MCD No Yes $46 $52.27
Merck MRK No No n/a $41.75
Microsoft MSFT No Yes $35 $27.87
Pfizer PFE Yes Yes $47 $21.35
Proctor & Gamble PG No Yes $98 $65.80
United Technologies Corp UTX No Yes $109 $67.49
Verizon Communications VZ No Yes $63 $35.08
Wal-mart WMT No Yes $65 $49.90
Walt Disney DIS Yes Yes $63 $30.76

You’ll notice that a great deal of these are significantly undervalued currently according to our formula.  This is evidence that quantitative studies are only part of the requirements of prudent investing.  The intelligent investor must also take into account management styles and determine the likelihood of the market eventually meeting the estimated value.

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