Divestitures Top Robert Olstein's 4th-Quarter Activity

Guru acquires stake in Macy's, reduces holding in Intel

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Feb 10, 2016
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Robert Olstein (Trades, Portfolio), chairman, CEO, CIO, secretary and lead portfolio manager at Olstein Capital Management LP, made five new buys in the fourth quarter, but his most significant transactions were divestitures.

Olstein sold his 485,000-share stake in Teradata Corp. (TDC, Financial), a Miamisburg, Ohio-based computer company that sells analytic data platforms, marketing applications and related services, for an average price of $28.22 per share. The transaction had a -1.75% impact on Olstein’s portfolio.

First Eagle Investment (Trades, Portfolio) is Teradata’s leading shareholder among the gurus. First Eagle has 1,149,513 shares in its portfolio. The stake is 12.89% of Teradata’s outstanding shares and 1.14% of First Eagle’s total assets.

Teradata has a forward P/E of 9.5, a P/B of 3.1 and a P/S of 1.3. GuruFocus gives Teradata a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.

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Teradata sold for $23.44 per share Wednesday afternoon.

Olstein sold his 178,000-share stake in Fossil Group Inc. (FOSL, Financial), a Richardson, Texas-based designer and manufacturer of accessories such as watches and jewelry, for an average price of $45.22 per share. The divestiture had a -1.24% impact on Olstein’s portfolio.

Columbia Wanger (Trades, Portfolio) is Fossil’s leading shareholder among the gurus with 1,534,706 shares in its portfolio. The stake is 3.19% of Fossil’s outstanding shares and 0.56% of Columbia Wanger (Trades, Portfolio)’s total assets.

Fossil has a P/E of 5.5, a forward P/E of 10, a P/B of 1.9 and a P/S of 0.5. GuruFocus gives Fossil a Financial Strength rating of 8/10 and a Profitability and Growth rating of 8/10.

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Fossil sold for $33.37 per share Wednesday afternoon.

Olstein sold his 241,000-share stake in ABM Industries Inc. (ABM, Financial), a New York-based facility management provider, for an average price of $28.83 per share. The deal had a -0.82% impact on Olstein’s portfolio.

Chuck Royce (Trades, Portfolio) is ABM Industries’ leading shareholder among the gurus with a stake of 972,560 shares. The holding is 1.73% of ABM Industries’ outstanding shares and 0.17% of Royce’s total assets.

ABM Industries has a P/E of 26.2, a forward P/E of 14.1, a P/B of 17 and a P/S of 0.4. GuruFocus gives ABM Industries a Financial Strength rating of 8/10 and a Profitability and Growth rating of 5/10.

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ABM Industries sold for $30.17 per share Wednesday afternoon.

Olstein sold his 163,000-share stake in National Oilwell Varco Inc. (NOV, Financial), a Houston-based oilfield services and equipment company, for an average price of $37.16 per share. The divestiture had a -0.76% impact on Olstein’s portfolio.

Dodge & Cox is National Oilwell Varco’s leading shareholder among the gurus with 21,682,683 shares in its portfolio. The stake is 5.77% of National Oilwell Varco’s outstanding shares and 0.82% of Dodge & Cox’s total assets.

National Oilwell Varco has a P/E of 8.4, a forward P/E of 38.8, a P/B of 0.6 and a P/S of 0.6. GuruFocus gives National Oilwell Varco a Financial Strength rating of 3/10 and a Profitability and Growth rating of 7/10.

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National Oilwell Varco sold for $26.78 per share Wednesday afternoon.

Olstein sold his 85,000-share stake in TE Connectivity Ltd. (TEL, Financial), a Swiss electronics company, for an average price of $64.6 per share. The transaction had a -0.63% impact on Olstein’s portfolio.

Dodge & Cox is TE Connectivity’s leading shareholder among the gurus with 35,309,351 shares in its portfolio. The stake is 9.55% of TE Connectivity’s outstanding shares and 2.13% of Dodge & Cox’s total assets.

TE Connectivity has a P/E of 9.4, a forward P/E of 11.7, a P/B of 2.3 and a P/S of 1.8. GuruFocus gives TE Connectivity a Financial Strength rating of 8/10 and a Profitability and Growth rating of 7/10.

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TE Connectivity sold for $53.33 per share Wednesday afternoon.

Olstein invested in a 211,000-share stake in Macy’s Inc. (M, Financial), a Cincinnati-based retail company, for an average price of $43.05 per share. The deal had a 0.95% impact on Olstein’s portfolio.

Olstein’s stake is 0.07% of Macy’s outstanding shares and 0.95% of the guru’s total assets. T Rowe Price Equity Income Fund (Trades, Portfolio) is Macy’s leading shareholder among the gurus with a stake of 3,516,200 shares. The stake is 1.12% of Macy’s outstanding shares and 0.55% of the guru’s total assets.

Macy’s has a P/E of 10.3, a forward P/E of 10, a P/B of 3.1 and a P/S of 0.5. GuruFocus gives Macy’s a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.

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Macy’s sold for $39.38 per share Wednesday afternoon.

Olstein acquired a 336,000-share stake in Kennametal Inc. (KMT, Financial), a Latrobe, Pennsylvania-based supplier of tooling and industrial materials, for an average price of $25.79 per share. The transaction had a 0.83% impact on Olstein’s portfolio.

Olstein’s stake is 0.42% of Kennametal’s outstanding shares and 0.83% of Olstein’s total assets. Kennametal’s largest shareholder among the gurus is John Rogers (Trades, Portfolio) with a stake of 9,612,523 shares. The stake is 12.07% of Kennametal’s outstanding shares and 2.98% of Rogers’ total assets.

Kennametal has a forward P/E of 13.5, a P/B of 1.2 and a P/S of 0.6. GuruFocus gives Kennametal a Financial Strength rating of 3/10 and a Profitability and Growth rating of 6/10.

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Kennametal sold for $17.22 per share Wednesday afternoon.

Olstein purchased 49,000 shares of Express Scripts Holding Co. (ESRX, Financial), a St. Louis-based health care company, for an average price of $85.77 per share. The deal had a 0.55% impact on Olstein’s portfolio.

Olstein’s stake is 0.01% of Express Scripts’ outstanding shares and 0.55% of Olstein’s total assets. Express Scripts’ leading shareholder among the gurus is Dodge & Cox with 28,405,375 shares in its portfolio. The stake is 4.2% of Express Scripts’ outstanding shares and 2.31% of Dodge & Cox’s total assets.

Express Scripts has a P/E of 21.3, a forward P/E of 9.8, a P/B of 2.8 and a P/S of 0.5. GuruFocus gives Express Scripts a Financial Strength rating of 7/10 and a Profitability and Growth rating of 8/10.

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Express Scripts sold for $68.44 per share Wednesday afternoon.

Olstein reduced his stake in Intel Corp. (INTC, Financial), a Santa Clara, California-based semiconductor company, by nearly 36%. Olstein sold 138,000 shares for an average price of $33.89 per share. The transaction had a -0.52% impact on Olstein’s portfolio.

Olstein’s stake in Intel is now 250,000 shares, which is 0.01% of Intel’s outstanding shares and 1.11% of Olstein’s total assets. PRIMECAP Management (Trades, Portfolio) is Intel’s leading shareholder among the gurus with 29,982,535 shares in its portfolio. PRIMECAP’s stake is 0.64% of Intel’s outstanding shares and 1% of PRIMECAP’s total assets.

Intel has a P/E of 12.2, a forward P/E of 10.9, a P/B of 2.2 and a P/S of 2.5. GuruFocus gives Intel a Financial Strength rating of 9/10 and a Profitability and Growth rating of 8/10.

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Intel sold for $28.66 per share Wednesday afternoon.

Olstein boosted his stake in Spirit Airlines Inc. (SAVE, Financial), a Miramar, Florida-based low-cost air carrier with regularly scheduled flights in the U.S., Caribbean, Mexico and Latin America, by nearly 29%. Olstein purchased 100,700 shares for an average price of $40.51 per share. The deal had a 0.52% impact on Olstein’s portfolio.

Olstein’s stake, now 448,700 shares, is 0.63% of Spirit’s outstanding shares and 2.31% of Olstein’s total assets. Spirit’s leading shareholder among the gurus is Manning & Napier Advisors Inc. with a 912,600-share stake that represents 1.28% of Spirit’s outstanding shares and 0.23% of Manning & Napier’s total assets.

Spirit has a P/E of 10.7, a forward P/E of 10.4, a P/B of 2.8 and a P/S of 1.5. GuruFocus gives Spirit a Financial Strength rating of 8/10 and a Profitability and Growth rating of 6/10.

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Spirit sold for $44.06 per share Wednesday afternoon.

Olstein raised his stake in Zebra Technologies Corp. (ZBRA, Financial), a Lincolnshire, Illinois-based computer hardware company, by more than 46%. Olstein acquired 58,000 shares for an average price of $74.91 per share. The transaction had a 0.52% impact on Olstein’s portfolio.

Olstein’s stake of 184,000 shares is 0.35% of Zebra’s outstanding shares and 1.66% of the guru’s total assets. Meridian Funds (Trades, Portfolio) is Zebra’s leading shareholder among the gurus with a stake of 635,900 shares. Meridian’s stake is 1.22% of Zebra’s outstanding shares and 1% of Meridian’s total assets.

Zebra has a forward P/E of 6.9, a P/B of 3.3 and a P/S of 0.8. GuruFocus gives Zebra a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.

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Zebra sold for $58.16 per share Wednesday afternoon.

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