Robert Olstein Adds to Stake in Keysight Technologies

Aug 18, 2015

It is likely that no other guru we follow knows as much about corporate financial disclosure and reporting practices as Robert Olstein (Trades, Portfolio), chairman and CIO of the Olstein Financial Alert Fund, and he uses that knowledge to effectively choose investment opportunities. His Olstein All Cap Value Fund recorded returns of 15.03% last year, 36.41% in 2013 and 15.3% in 2012.

Olstein’s most significant second-quarter purchase was his acquisition of 276,000 shares of Keysight Technologies Inc. (KEYS, Financial), a Santa Rosa, Calif., electronics company, for an average price of $34.22 per share. The transaction had a 0.9% impact on Olstein’s portfolio.

Keysight is expected to post its quarterly earnings on Wednesday, Aug. 19. Analysts anticipate earnings per share to be $0.46 with revenue of $657 million.

Olstein also added to his existing stake in Vishay Intertechnology Inc. (VSH, Financial), a Pennsylvania-based electronics company. Olstein purchased 572,000 shares for an average price of $12.89 per share. The deal had a 0.69% impact on his portfolio.

Vishay Intertechnology has a market cap of $1.55 billion and an enterprise value of $921.54 million. It has a P/E of 14.3, a Price/Book of 0.9 and a Price/Sales of 0.7. Chuck Royce (Trades, Portfolio), James Barrow (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Howard Marks (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), David Dreman (Trades, Portfolio), Jim Simons (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Scott Black (Trades, Portfolio).

Olstein purchased 101,000 shares to add to his stake in Spirit Airlines Inc. (SAVE, Financial), a Florida-based air carrier, for an average price of $68.31 per share. The transaction had a 0.65% impact on Olstein’s portfolio.

Spirit Airlines has a market cap of $4.45 billion and an enterprise value of $4.11 billion. It has a P/E of 16.7, a Price/Book of 4.1 and a Price/Sales of 2.2. Manning & Napier Advisors, Inc, PRIMECAP Management (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Ronald Muhlenkamp (Trades, Portfolio) and John Burbank (Trades, Portfolio) have shares of Spirit Airlines in their portfolios.

Olstein also added to his stakes in 53 other companies, including Dillards Inc. (DDS, Financial), Brady Corp. (BRC, Financial), Oshkosh Corp. (OSK, Financial) and DSW Inc. (DSW, Financial).

Olstein invested in eight new stakes in the second quarter. He acquired a 92,000-share stake in Visa Inc. (V, Financial), a California-based financial services company, for an average price of $67.73 per share. The acquisition had a 0.64% impact on Olstein’s portfolio.

Target (TGT, Financial) has reached a settlement with Visa that will reimburse card issuers up to $67 million for the 2013 holiday season security breach that affected as many as 40 million customers.

Olstein bought 45,000 shares of United Parcel Service Inc. (UPS, Financial), a Georgia-based package delivery company, for an average price of $99.32 per share. The acquisition had a 0.45% impact on Olstein’s portfolio.

Other new stakes in Olstein’s portfolio are JetBlue Airways Corp. (JBLU, Financial), MSC Industrial Direct Co. Inc. (MSM, Financial), Cynosure Inc. (CYNO), Lands' End Inc. (LE), Vasco Data Security International Inc. (VDSI) and Towne Bank (TOWN).

Reductions and divestitures

Olstein reduced his positions in two dozen companies in the second quarter. He sold 402,499 shares of Express, Inc. (EXPR), a fashion retailer with headquarters in Columbus, Ohio, and New York City, representing more than 70% of his stake. Olstein sold the shares for an average price of $17.45 per share. The sale had a -0.72% impact on his portfolio.

Express has a market cap of $1.64 billion and an enterprise value of $1.51 billion. It has a P/E of 21.8, a Price/Book of 2.9 and a Price/Sales of 0.8. NWQ Managers (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), John Hussman (Trades, Portfolio), Westport Asset Management (Trades, Portfolio), James Barrow (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Express in their portfolios.

Olstein also reduced his position in Zoetis Inc. (ZTS), a New Jersey-based pharmaceutical company specializing in vaccinations and medicines for domestic animals, by 141,000 shares. Olstein sold the shares for an average price of $47.71 per share. The deal had a -0.6% impact on Olstein’s portfolio.

Zoetis confirmed that it will participate in the 2015 Morgan Stanley (MS) Global Healthcare Conference in New York, N.Y., next month.

Among the other stakes that Olstein reduced in the second quarter were Smith & Wesson Holding Corp. (SWHC), Towers Watson & Co. (TW), National Oilwell Varco Inc. (NOV) and Universal Health Services Inc. (UHS).

Olstein sold out five stakes in his portfolio in the second quarter – Jones Lang LaSalle Inc. (JLL), Avery Dennison Corp. (AVY), Deere & Co. (DE), Culp Inc. (CFI) and Steelcase Inc. (SCS).

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