Yacktman Asset Management, led by Donald Yacktman (Trades, Portfolio), added one new stock position and increased their position in six companies they already held in the third quarter as they saw the market environment become more favorable to their strategy than it had been earlier in the year.
Yacktman started a new position in Preformed Line Products Co. (PLPC, Financial) and added shares to America’s Car-Mart Inc. (CRMT, Financial), Mocon Inc. (MOCO, Financial), Twenty-First Century Fox Inc. (FOX, Financial), Raven Industries Inc. (RAVN, Financial), Twenty-First Century Fox Inc. (FOXA, Financial) and Johnson & Johnson (JNJ, Financial). The portfolio contained 48 stocks valued at $15.2 billion with 1% turnover from the previous quarter. Consumer Defensive stocks predominated at 41.7% of total holdings, followed by Technology at 18.8%.
“The investment environment was much more favorable to our approach during the third quarter,” fund managers said in their recent shareholder letter. “We believe the current market is a bit like the late 1990s, near the end of that expensive, long-running bull market. Our value style has lagged so far this year, as investors have chased a few high-priced growth stocks and shunned securities that offered compelling valuations but were undergoing near-term issues. Under a similar set of circumstances in the late 1990s, a period of underperformance set up exceptional outperformance over the long term.”
Managers’ investment style is typically to favor high-quality companies that the market may have mispriced and hold for the long term.
Line Products Co. (PLPC, Financial)
Yacktman bought 5,894 shares of Preformed Line Products, a less than 0.01% portfolio weight. The company’s average price was $35 for the quarter.
Preformed Line Products Co. was incorporated in Ohio in 1947. Preformed Line Products Co. has a market cap of $211.88 million; its shares were traded at around $42.05 with a P/E ratio of 26.74 and P/S ratio of 0.61. The dividend yield of Preformed Line Products Co. stocks is 1.92%. Preformed Line Products Co. had an annual average earnings growth of 8.10% over the past 10 years
America’s Car-Mart Inc. (CRMT, Financial)
Yacktman increased his holding in America’s Car-Mart by 31.5% to 19,200 shares, a less than 0.01% portfolio weight. Its share price was $41 on average.
America's Car-Mart Inc. is a Texas corporation formed in 1981. America's Car-mart Inc. has a market cap of $280.39 million; its shares were traded at around $33.67 with a P/E ratio of 11.37 and P/S ratio of 0.55. America's Car-mart Inc. had an annual average earnings growth of 14.1% over the past 10 years. GuruFocus rated America's Car-mart Inc. the business predictability rank of 3.5-star.
Yacktman increased his position in Mocon Inc. by 14.7% to 41,700 shares, a less than 0.01% portfolio weight. The stock’s average price was $15 per share on average.
Mocon Inc. was incorporated as a Minnesota corporation in February 1966. Mocon Inc. has a market cap of $78.98 million; its shares were traded at around $14.41 with a P/E ratio of 70.93 and P/S ratio of 1.3. The dividend yield of Mocon Inc. stocks is 3.06%. Mocon Inc. had an annual average earnings growth of 2.5% over the past 10 years.
Twenty-First Century Fox Inc. (FOX, Financial)
Yacktman increased his holding of Twenty-First Century Fox by 14.2% to 32,334,835 shares, a 5.74% portfolio weight. The stock price averaged $30 per share.
Twenty-First Century Fox Inc. a Delaware corporation was incorporated in 1979. Twenty-First Century Fox Inc. has a market cap of $61.57 billion; its shares were traded at around $29.70 with a P/E ratio of 7.88 and P/S ratio of 2.29. The dividend yield of Twenty-First Century Fox Inc. stocks is 1.02%. Twenty-First Century Fox Inc. had an annual average earnings growth of 11.6% over the past five years.
Raven Industries Inc. (RAVN, Financial)
Yacktman increased his position in Raven Industries by 6.45% to 33,000 shares, a less than 0.01% portfolio weight. The stock’s price averaged $18 per share.
Raven Industries Inc. is a South Dakota corporation was incorporated in February 1956. Raven Industries Inc has a market cap of $672.79 million; its shares were traded at around $18.64 with a P/E ratio of 32.03 and P/S ratio of 2.21. The dividend yield of Raven Industries Inc. stocks is 2.78%. Raven Industries Inc. had an annual average earnings growth of 8.6% over the past 10 years. GuruFocus rated Raven Industries Inc the business predictability rank of 4-star.
Twenty-First Century Fox Inc. (FOXA, Financial)
Yacktman increased his position in Twenty-First Century Fox A-shares by 6.38% to 40,611,243, a 7.2% portfolio weight. The stock’s share price averaged $30.
Twenty-First Century Fox Inc. a Delaware corporation was incorporated in 1979. Twenty-First Century Fox Inc. has a market cap of $61.02 billion; its shares were traded at around $29.37 with a P/E ratio of 7.88 and P/S ratio of 2.26. The dividend yield of Twenty-First Century Fox Inc. stocks is 1.04%. Twenty-First Century Fox Inc. had an annual average earnings growth of 11.6% over the past five years.
Johnson & Johnson (JNJ, Financial)
Yacktman increased his position in Johnson & Johnson by 1.59% to 7,560,334 shares, a 4.63% portfolio weight. The stock’s price averaged $97 per share.
Johnson & Johnson was incorporated in the State of New Jersey in 1887. Johnson & Johnson has a market cap of $276.58 billion; its shares were traded at around $100.84 with a P/E ratio of 19.27 and P/S ratio of 4.01. The dividend yield of Johnson & Johnson stocks is 2.88%. Johnson & Johnson had an annual average earnings growth of 4.3% over the past 10 years. GuruFocus rated Johnson & Johnson the business predictability rank of 3-star.
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