Although some people invest in a company based on its name, stock investing is primarily about the numbers. Robert Olstein (Trades, Portfolio) of Olstein Capital Management likes to look behind the numbers of a company’s financial statement to evaluate the financial strength of a company and any risk involved in investing in it.
The strategy has been successful. The Olstein All Cap Value Fund registered returns exceeding 15% in 2014.
Olstein’s most noteworthy third-quarter transaction was the sale of his 181,000-share stake in Macy's Inc. (M, Financial), a Cincinnati-based holding company and owner of the Macy's and Bloomingdale's department store chains. Olstein received an average price of $62.72 per share. The deal had a -1.27% impact on Olstein’s portfolio.
Macy’s Inc. has a market cap of $15.78 billion and an enterprise value of $22.16 billion. It has a P/E of 11.7, a forward P/E of 9.9, a P/B of 3.3 and a P/S of 0.6. GuruFocus has given Macy’s a Financial Strength rating of 8/10 and a Profitability and Growth rating of 6/10.
Brian Rogers (Trades, Portfolio), David Einhorn (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Richard Snow (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Dodge & Cox and David Dreman (Trades, Portfolio) have shares of Macy’s in their portfolios.
Late Tuesday Macy’s sold for $47.28 per share.
Olstein also sold his 658,145-share stake in Smith & Wesson Holding Corp. (SWHC, Financial), a Springfield, Mass.-based firearms maker, for an average price of $16.97 per share. The transaction had a -1.13% impact on Olstein’s portfolio.
Smith & Wesson has a market cap of $973.22 million and an enterprise value of $1.1 billion. It has a P/E of 20.0, a forward P/E of 14.4, a P/B of 4.7 and a P/S of 1.7. GuruFocus has given Smith & Wesson a Financial Strength rating of 8/10 and a Profitability and Growth rating of 7/10.
Steven Cohen (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Joel Greenblatt (Trades, Portfolio) have shares of Smith & Wesson in their portfolios.
Smith & Wesson sold for $17.9 per share late Tuesday.
Olstein sold his 157,000-share stake in Dorman Products Inc. (DORM, Financial), a Colmar, Pa.-based supplier of original equipment automotive replacement parts, for an average price of $50.08 per share. The deal had a -0.78% impact on Olstein’s portfolio.
Dorman Products has a market cap of $1.74 billion and an enterprise value of $1.66 billion. It has a P/E of 19.6, a forward P/E of 17.5, a P/B of 3.3 and a P/S of 2.3. GuruFocus has given Dorman Products a Financial Strength rating of 9/10 and a Profitability and Growth rating of 8/10.
Chuck Royce (Trades, Portfolio), Columbia Wanger (Trades, Portfolio), Third Avenue Management (Trades, Portfolio), Murray Stahl (Trades, Portfolio) and Joel Greenblatt (Trades, Portfolio) have shares of Dorman Products in their portfolios.
Late Tuesday Dorman Products sold for $49.05 per share.
Olstein acquired a 126,000-share stake in Zebra Technologies Corp. (ZBRA, Financial), a Lincolnshire, Ill.-based computer hardware company, for an average price of $94.33 per share. The purchase had a 1.2% impact on Olstein’s portfolio.
Zebra Technologies has a market cap of $3.93 billion and an enterprise value of $6.76 billion. It has a forward P/E of 11.8, a P/B of 4.1 and a P/S of 1.4. GuruFocus has given Zebra Technologies a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.
Meridian Funds (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Columbia Wanger (Trades, Portfolio), John Rogers (Trades, Portfolio), Westport Asset Management (Trades, Portfolio), John Hussman (Trades, Portfolio), Mario Gabelli (Trades, Portfolio) and Joel Greenblatt (Trades, Portfolio) have shares of Zebra Technologies in their portfolios.
Zebra Technologies sold for $75.78 per share late Tuesday.
Olstein added 450,000 shares to his stake in Joy Global Inc. (JOY, Financial), a Milwaukee-based maker of heavy machinery used in mining, for an average price of $24.25 per share. The deal had a 0.84% impact on Olstein’s portfolio.
Joy Global has a market cap of $1.64 billion and an enterprise value of $2.77 billion. It has a P/E of 6.8, a forward P/E of 14.7, a P/B of 0.6 and a P/S of 0.5. GuruFocus has given Joy Global a Financial Strength rating of 5/10 and a Profitability and Growth rating of 6/10.
James Barrow (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Steven Romick (Trades, Portfolio), Brian Rogers (Trades, Portfolio), Manning & Napier Advisors Inc., Pioneer Investments (Trades, Portfolio), Chuck Royce (Trades, Portfolio) and Mark Hillman (Trades, Portfolio) have shares of Joy Global in their portfolios.
Late Tuesday Joy Global sold for $16.81 per share.
Olstein increased his stake in Vasco Data Security International Inc. (VDSI, Financial), an Oakbrook Terrace, Ill.-based provider of data security solutions for financial institutions, by more than 360% with the purchase of 318,800 shares at an average price of $20.55 per share. The transaction had a 0.67% impact on Olstein’s portfolio.
Vasco Data Security has a market cap of $776.65 million and an enterprise value of $541.73 million. It has a P/E of 15.3, a forward P/E of 16.6, a P/B of 3.2 and a P/S of 3.1. GuruFocus has given Vasco Data Security a Financial Strength rating of 9/10 and a Profitability and Growth rating of 8/10.
Chase Coleman (Trades, Portfolio), Private Capital (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), John Hussman (Trades, Portfolio), Bill Frels (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Chuck Royce (Trades, Portfolio) have shares of Vasco Data Security in their portfolios.
Vasco Data Security International sold for $19.5 per share late Tuesday.
Olstein also added to his stake in DSW Inc. (DSW, Financial), a Columbus, Ohio-based footwear retailer. Olstein bought 196,000 shares for an average price of $31.11 per share. The deal had a 0.67% impact on Olstein’s portfolio.
DSW has a market cap of $2.1 billion and an enterprise value of $1.81 billion. It has a P/E of 12.8, a forward P/E of 14.9, a P/B of 2.0 and a P/S of 0.8. GuruFocus has given DSW a Financial Strength rating of 8/10 and a Profitability and Growth rating of 7/10.
Chuck Royce (Trades, Portfolio), Meridian Funds (Trades, Portfolio), Jim Simons (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Murray Stahl (Trades, Portfolio) have shares of DSW in their portfolios.
Late Tuesday DSW sold for $23.66 per share.
Olstein reduced his position in First Niagara Financial Group Inc. (FNFG, Financial), a Buffalo, N.Y.-based banking and finance company. Olstein sold 836,000 shares for an average price of $9.49 per share. The deal had a -0.82% impact on Olstein’s portfolio.
First Niagara Financial Group has a market cap of $3.86 billion and an enterprise value of $9.65 billion. It has a P/E of 18.3, a forward P/E of 17.3, a P/B of 1.0 and a P/S of 2.8. GuruFocus has given First Niagara Financial Group a Financial Strength rating of 5/10 and a Profitability and Growth rating of 6/10.
James Barrow (Trades, Portfolio), Richard Snow (Trades, Portfolio), HOTCHKIS & WILEY, Arnold Schneider (Trades, Portfolio), David Dreman (Trades, Portfolio), Meridian Funds (Trades, Portfolio), Jim Simons (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Kahn Brothers (Trades, Portfolio) and John Keeley (Trades, Portfolio) have shares of First Niagara Financial Group in their portfolios.
First Niagara Financial Group sold for $10.88 per share late Tuesday.
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