Could we go back to test the March 2009 low again? To Arnold van den Berg the chance is very low. Maybe that is why he has been buying a lot. This is the Q2 portfolio update his value composite.
Arnold van den Berg argued that companies reacted quickly to cut costs, they get in good shape. The balance sheet got most cash in 22 years. Profit margin is as high as 2007. In 2007 US corps earn $1.4 tr, this year is $1.417 tr. Corporate earnings are back to where they were in 2007. GDP is also higher than it was in 2007.
Furthermore, Valuation of the market measured by S&P500 P/B and P/S is lowest relative to BAA rate. At P/B=2 S&P just spent a year and half in last 20 years. This will give a S&P500 above current value. Using P/S, cheapest point are 0.84 in 1990 and 0.74 in March 2009. They never stay there for long.
To learn more about his current thoughts on valuation, Europe, inflation etc., watch the videos here.
Arnold Van Den Berg buys Tidewater Inc., Harsco Corp., Verizon Communications Inc., Exelon Corp., Exxon Mobil Corp., Core Mark Holding Co Inc, Medtronic Inc., At&t Inc., Lydall Inc., Thermo Fisher Scientific Inc., Campbell Soup Company, Powell Industries Inc., Rudolph Technologies Inc., Astec Industries Inc., Molex Inc., Korn/ferry International, sells Gannett Co. Inc., Usg Corp., Pool Corp., Ethan Allen Interiors Inc. during the 3-months ended 06/30/2010, according to the most recent filings of his investment company, Century Management. Arnold Van Den Berg owns 96 stocks with a total value of $1.1 billion. These are the details of the buys and sells.
This is the sector weightings of his portfolio:
These are the top 5 holdings of Arnold Van Den Berg
Seabright Insurance Holdings, Inc. is an insurance holding company whose wholly owned subsidiary, SeaBright Insurance Company, operates as a specialty provider of multi-jurisdictional workers' compensation insurance. Seabright Insurance Holdings Inc has a market cap of $215 million; its shares were traded at around $9.77 with a P/E ratio of 16.3 and P/S ratio of 0.8. The dividend yield of Seabright Insurance Holdings Inc stocks is 2%.
M.D.C. HOLDINGS, INC. is engaged in the construction, sale and related financing of residential housing and the acquisition and development of land for use in its homebuilding activities and sale to others, in the Denver, Phoenix, Maryland, Virginia, mid Atlantic region, Las Vegas, Dallas, California metropolitan areas. M.d.c. Holdings Inc. has a market cap of $1.31 billion; its shares were traded at around $27.72 with and P/S ratio of 1.5. The dividend yield of M.d.c. Holdings Inc. stocks is 3.6%.
Maxwell Technologies, Inc. is a developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. Maxwell Technologies Inc. has a market cap of $307.5 million; its shares were traded at around $11.64 with and P/S ratio of 3.1.
Lawson Products, Inc. is a distributor of expendable maintenance, repair & replacement products. Lawson Products Inc. has a market cap of $126.9 million; its shares were traded at around $14.89 with a P/E ratio of 21.3 and P/S ratio of 0.3. The dividend yield of Lawson Products Inc. stocks is 1.7%.
The L.S. Starrett Company is engaged in the business of manufacturing industrial, professional, and consumer products. The L.s. Starrett Company has a market cap of $59 million; its shares were traded at around $8.85 with and P/S ratio of 0.3. The dividend yield of The L.s. Starrett Company stocks is 2.7%.
Tidewater, Inc. owns and operates one of the world's largest fleets serving the international offshore energy industry. Tidewater Inc. has a market cap of $2.08 billion; its shares were traded at around $40.1 with a P/E ratio of 7.7 and P/S ratio of 1.8. The dividend yield of Tidewater Inc. stocks is 2.5%. Tidewater Inc. had an annual average earning growth of 15% over the past 10 years. GuruFocus rated Tidewater Inc. the business predictability rank of 1-star.
Harsco Corporation is a services and engineered products company. Harsco Corp. has a market cap of $1.95 billion; its shares were traded at around $24.17 with a P/E ratio of 14.5 and P/S ratio of 0.6. The dividend yield of Harsco Corp. stocks is 3.4%. Harsco Corp. had an annual average earning growth of 8.3% over the past 10 years. GuruFocus rated Harsco Corp. the business predictability rank of 2.5-star.
Verizon Communications, formed by the merger of Bell Atlantic and GTE, is one of the world's providers of high-growth communications services. Verizon Communications Inc. has a market cap of $74.97 billion; its shares were traded at around $26.52 with a P/E ratio of 11.4 and P/S ratio of 0.7. The dividend yield of Verizon Communications Inc. stocks is 7.1%. Verizon Communications Inc. had an annual average earning growth of 2.3% over the past 10 years.
Exelon Corporation is a utility holding company. Its subsidiaries are engaged principally in the production, purchase, transmission, distribution and sale of electricity to residential, commercial, industrial and wholesale customers and the distribution and sale of natural gas to residential, commercial and industrial customers. Exelon Corp. has a market cap of $26.19 billion; its shares were traded at around $39.65 with a P/E ratio of 10.4 and P/S ratio of 1.6. The dividend yield of Exelon Corp. stocks is 5.3%.
Exxon Mobil Corporation's principal business is energy, involving exploration for, and production of, crude oil and natural gas, manufacturing of petroleum products and transportation and sale of crudeoil, natural gas and petroleum products. Exxon Mobil Corp. has a market cap of $297.89 billion; its shares were traded at around $58.43 with a P/E ratio of 13.2 and P/S ratio of 0.9. The dividend yield of Exxon Mobil Corp. stocks is 3%. Exxon Mobil Corp. had an annual average earning growth of 11.2% over the past 10 years. GuruFocus rated Exxon Mobil Corp. the business predictability rank of 3.5-star.
Core-Mark is one of the largest broad-line, full-service wholesale distributors of packaged consumer products to the convenience retail industry in North America. Core Mark Holding Co Inc has a market cap of $289.2 million; its shares were traded at around $27.15 with a P/E ratio of 9.7. Core Mark Holding Co Inc had an annual average earning growth of 3.9% over the past 5 years.
Medtronic is the world's medical technology company, pioneeringdevice-based therapies that restore health, extend life and alleviate pain. Medtronic Inc. has a market cap of $40.81 billion; its shares were traded at around $37.05 with a P/E ratio of 11.5 and P/S ratio of 2.6. The dividend yield of Medtronic Inc. stocks is 2.2%. Medtronic Inc. had an annual average earning growth of 11.5% over the past 10 years. GuruFocus rated Medtronic Inc. the business predictability rank of 4.5-star.
AT&T Inc. is a premier communications holding company. At&t Inc. has a market cap of $143.77 billion; its shares were traded at around $24.33 with a P/E ratio of 11.3 and P/S ratio of 1.2. The dividend yield of At&t Inc. stocks is 6.9%. At&t Inc. had an annual average earning growth of 2.8% over the past 10 years.
Lydall, Inc. and its subsidiaries are manufacturers of engineered products for demanding specialty applications. Lydall Inc. has a market cap of $126.8 million; its shares were traded at around $7.43 with and P/S ratio of 0.5.
Thermo Fisher Scientific is the world leader in serving science, enabling our customers to make the world healthier, cleaner and safer. Thermo Fisher Scientific Inc. has a market cap of $19.96 billion; its shares were traded at around $48.64 with a P/E ratio of 14.9 and P/S ratio of 2. Thermo Fisher Scientific Inc. had an annual average earning growth of 10.8% over the past 10 years.
Campbell Soup Company, together with its consolidated subsidiaries, is a global manufacturer and marketer of high quality, branded convenience food products. Campbell Soup Company has a market cap of $12.32 billion; its shares were traded at around $36.28 with a P/E ratio of 14.9 and P/S ratio of 1.6. The dividend yield of Campbell Soup Company stocks is 3%. Campbell Soup Company had an annual average earning growth of 1.2% over the past 10 years.
Molex is one of the manufacturers of electronic, electrical and fiber optic interconnection products and systems; switches; value-added assemblies; and application tooling. Molex Inc. has a market cap of $3.18 billion; its shares were traded at around $18.25 with a P/E ratio of 30.4 and P/S ratio of 1.2. The dividend yield of Molex Inc. stocks is 3.3%.
Astec Industries Inc. designs, engineers, manufactures, markets, and finances equipment and components used primarily in road building and related construction activities. Astec Industries Inc. has a market cap of $629.7 million; its shares were traded at around $27.86 with a P/E ratio of 34.9 and P/S ratio of 0.8. Astec Industries Inc. had an annual average earning growth of 8.1% over the past 5 years.
Rudolph Technologies is a worldwide leader in the design, development, manufacture and support of high-performance process control metrology, defect inspection and data analysis systems used by semiconductor device manufacturers. Rudolph Technologies Inc. has a market cap of $235.2 million; its shares were traded at around $7.54 with and P/S ratio of 3.
Powell Industries, Inc. sells, designs, develops, manufactures, packages and services systems and equipment for the distribution, control and management of electrical energy and other dynamic processes. Powell Industries Inc. has a market cap of $316 million; its shares were traded at around $27.29 with a P/E ratio of 7.8 and P/S ratio of 0.5. Powell Industries Inc. had an annual average earning growth of 8.9% over the past 10 years.
Korn/Ferry International is the world's and largestexecutive recruitment firm with the broadest global presence in the executive recruitment industry. Korn/ferry International has a market cap of $645.6 million; its shares were traded at around $14.04 with a P/E ratio of 41.3 and P/S ratio of 1.
Johnson & Johnson is engaged in the manufacture and sale of a broad range of products in the health care field in many countries of the world. Johnson & Johnson has a market cap of $167.17 billion; its shares were traded at around $60.61 with a P/E ratio of 13 and P/S ratio of 2.7. The dividend yield of Johnson & Johnson stocks is 3.6%. Johnson & Johnson had an annual average earning growth of 10.8% over the past 10 years. GuruFocus rated Johnson & Johnson the business predictability rank of 4.5-star.
Lowe's Companies Inc. is a retailer of home improvement products in the world, with specific emphasis on retail do-it-yourself and commercial business customers. Lowe's Companies Inc. has a market cap of $29.14 billion; its shares were traded at around $20.39 with a P/E ratio of 16.3 and P/S ratio of 0.6. The dividend yield of Lowe's Companies Inc. stocks is 1.8%. Lowe's Companies Inc. had an annual average earning growth of 11.8% over the past 10 years.
Jacobs Engineering Group Inc. is one of the largest professional service firms in the United States providing engineering, design and consulting services; construction and construction management services; and process plant maintenance services to a broad range of industrial, commercialand governmental clients. Jacobs Engineering Group Inc. has a market cap of $4.66 billion; its shares were traded at around $37.31 with a P/E ratio of 14.2 and P/S ratio of 0.4. Jacobs Engineering Group Inc. had an annual average earning growth of 18.5% over the past 10 years. GuruFocus rated Jacobs Engineering Group Inc. the business predictability rank of 3.5-star.
E.I. DuPont de Nemours is involved in science and technology in a range of disciplines including high-performance materials, specialty chemicals, pharmaceuticals and biotechnology. E.i. Du Pont De Nemours And Co. has a market cap of $31.94 billion; its shares were traded at around $35.25 with a P/E ratio of 12.8 and P/S ratio of 1.2. The dividend yield of E.i. Du Pont De Nemours And Co. stocks is 4.6%.
Arctic Cat, Inc. operates in a single industry segment and designs, engineers , manufactures and markets snowmobiles and all-terrain vehicles under the Arctic Cat brand name, as well as related parts, garments and accessories. Arctic Cat Inc. has a market cap of $158.4 million; its shares were traded at around $8.73 with a P/E ratio of 87.3 and P/S ratio of 0.3.
General Mills, Inc. is one of the producers of packaged consumer foods and markets its products primarily through its own sales organizations, supported by advertising and other promotional activities. General Mills Inc. has a market cap of $24.18 billion; its shares were traded at around $36.44 with a P/E ratio of 15.8 and P/S ratio of 1.6. The dividend yield of General Mills Inc. stocks is 2.7%. General Mills Inc. had an annual average earning growth of 7.4% over the past 10 years. GuruFocus rated General Mills Inc. the business predictability rank of 4-star.
American Express Company is primarily engaged in the business of providing travel related services, financial advisory services and international banking services throughout the world. American Express Company has a market cap of $49.43 billion; its shares were traded at around $41.15 with a P/E ratio of 22.2 and P/S ratio of 2. The dividend yield of American Express Company stocks is 1.7%.
USG Corp., through its subsidiaries, is a manufacturer and distributor of building materials producing a wide range of products for use in new residential, new nonresidential and repair and remodel construction, as well as products used in certain industrial processes. Usg Corp. has a market cap of $1.23 billion; its shares were traded at around $12.36 with and P/S ratio of 0.4.
Gannett Co., Inc. is an international news and information company that publishes daily newspapers in the USA, including USA TODAY, the nation'slargest-selling daily newspaper. Gannett Co. Inc. has a market cap of $3.37 billion; its shares were traded at around $14.16 with a P/E ratio of 6.7 and P/S ratio of 0.6. The dividend yield of Gannett Co. Inc. stocks is 1.1%.
Ethan Allen Inc. is a manufacturer and retailer of quality home furnishings, offering a full range of furniture products and accessories. Ethan Allen Interiors Inc. has a market cap of $398.6 million; its shares were traded at around $13.69 with and P/S ratio of 0.5. The dividend yield of Ethan Allen Interiors Inc. stocks is 1.5%.
SCP Pool Corporation distributes swimming pool supplies and related products to swimming pool remodelers and builders, independent retail stores and swimming pool repair and service companies. Pool Corp. has a market cap of $1.06 billion; its shares were traded at around $21.3 with a P/E ratio of 22.4 and P/S ratio of 0.7. The dividend yield of Pool Corp. stocks is 2.4%. Pool Corp. had an annual average earning growth of 10.9% over the past 10 years.
Arnold van den Berg argued that companies reacted quickly to cut costs, they get in good shape. The balance sheet got most cash in 22 years. Profit margin is as high as 2007. In 2007 US corps earn $1.4 tr, this year is $1.417 tr. Corporate earnings are back to where they were in 2007. GDP is also higher than it was in 2007.
Furthermore, Valuation of the market measured by S&P500 P/B and P/S is lowest relative to BAA rate. At P/B=2 S&P just spent a year and half in last 20 years. This will give a S&P500 above current value. Using P/S, cheapest point are 0.84 in 1990 and 0.74 in March 2009. They never stay there for long.
To learn more about his current thoughts on valuation, Europe, inflation etc., watch the videos here.
Arnold Van Den Berg buys Tidewater Inc., Harsco Corp., Verizon Communications Inc., Exelon Corp., Exxon Mobil Corp., Core Mark Holding Co Inc, Medtronic Inc., At&t Inc., Lydall Inc., Thermo Fisher Scientific Inc., Campbell Soup Company, Powell Industries Inc., Rudolph Technologies Inc., Astec Industries Inc., Molex Inc., Korn/ferry International, sells Gannett Co. Inc., Usg Corp., Pool Corp., Ethan Allen Interiors Inc. during the 3-months ended 06/30/2010, according to the most recent filings of his investment company, Century Management. Arnold Van Den Berg owns 96 stocks with a total value of $1.1 billion. These are the details of the buys and sells.
- New Purchases: ASTE, CORE, CPB, EXC, HSC, KFY, LDL, MDT, MOLX, POWL, RTEC, T, TDW, TMO, VZ, XOM,
- Added Positions: LAWS, MDC, MXWL, SBX, SCX,
- Reduced Positions: ACAT, AXP, DD, GIS, JEC, JNJ, LOW,
- Sold Out: ETH, GCI, POOL, USG,
This is the sector weightings of his portfolio:
| Industrials | 21.5% |
| Technology | 20.3% |
| Consumer Services | 18.1% |
| Consumer Goods | 14% |
| Financials | 7.9% |
| Oil & Gas | 6.3% |
| Health Care | 5.7% |
| Telecommunications | 2.6% |
| Utilities | 1.2% |
These are the top 5 holdings of Arnold Van Den Berg
- Microsoft Corp. (MSFT) - 2,868,467 shares, 5.85% of the total portfolio. Shares reduced by 8.38%
- WalMart Stores Inc. (WMT) - 1,181,335 shares, 5.04% of the total portfolio. Shares reduced by 6.56%
- UnitedHealth Group Inc. (UNH) - 1,825,047 shares, 4.6% of the total portfolio. Shares reduced by 13.87%
- The CocaCola Company (KO) - 976,775 shares, 4.34% of the total portfolio. Shares reduced by 9.73%
- ColgatePalmolive Company (CL) - 557,283 shares, 3.89% of the total portfolio. Shares reduced by 8.79%
Added: Seabright Insurance Holdings Inc (SBX, Financial)
Arnold Van Den Berg added to his holdings in Seabright Insurance Holdings Inc by 423.54%. His purchase prices were between $9.64 and $11.46, with an estimated average price of $10.6. The impact to his portfolio due to this purchase was 0.74%. His holdings were 1,085,299 shares as of 06/30/2010.Seabright Insurance Holdings, Inc. is an insurance holding company whose wholly owned subsidiary, SeaBright Insurance Company, operates as a specialty provider of multi-jurisdictional workers' compensation insurance. Seabright Insurance Holdings Inc has a market cap of $215 million; its shares were traded at around $9.77 with a P/E ratio of 16.3 and P/S ratio of 0.8. The dividend yield of Seabright Insurance Holdings Inc stocks is 2%.
Added: M.d.c. Holdings Inc. (MDC, Financial)
Arnold Van Den Berg added to his holdings in M.d.c. Holdings Inc. by 17%. His purchase prices were between $26.8 and $38.94, with an estimated average price of $32.23. The impact to his portfolio due to this purchase was 0.29%. His holdings were 823,111 shares as of 06/30/2010.M.D.C. HOLDINGS, INC. is engaged in the construction, sale and related financing of residential housing and the acquisition and development of land for use in its homebuilding activities and sale to others, in the Denver, Phoenix, Maryland, Virginia, mid Atlantic region, Las Vegas, Dallas, California metropolitan areas. M.d.c. Holdings Inc. has a market cap of $1.31 billion; its shares were traded at around $27.72 with and P/S ratio of 1.5. The dividend yield of M.d.c. Holdings Inc. stocks is 3.6%.
Added: Maxwell Technologies Inc. (MXWL, Financial)
Arnold Van Den Berg added to his holdings in Maxwell Technologies Inc. by 19.28%. His purchase prices were between $11.18 and $14.64, with an estimated average price of $12.61. The impact to his portfolio due to this purchase was 0.22%. His holdings were 1,346,467 shares as of 06/30/2010.Maxwell Technologies, Inc. is a developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. Maxwell Technologies Inc. has a market cap of $307.5 million; its shares were traded at around $11.64 with and P/S ratio of 3.1.
Added: Lawson Products Inc. (LAWS, Financial)
Arnold Van Den Berg added to his holdings in Lawson Products Inc. by 32.05%. His purchase prices were between $12.68 and $18.47, with an estimated average price of $15.33. The impact to his portfolio due to this purchase was 0.04%. His holdings were 105,539 shares as of 06/30/2010.Lawson Products, Inc. is a distributor of expendable maintenance, repair & replacement products. Lawson Products Inc. has a market cap of $126.9 million; its shares were traded at around $14.89 with a P/E ratio of 21.3 and P/S ratio of 0.3. The dividend yield of Lawson Products Inc. stocks is 1.7%.
Added: The L.s. Starrett Company (SCX, Financial)
Arnold Van Den Berg added to his holdings in The L.s. Starrett Company by 26.26%. His purchase prices were between $9.24 and $12.32, with an estimated average price of $10.5. The impact to his portfolio due to this purchase was 0.01%. His holdings were 33,611 shares as of 06/30/2010.The L.S. Starrett Company is engaged in the business of manufacturing industrial, professional, and consumer products. The L.s. Starrett Company has a market cap of $59 million; its shares were traded at around $8.85 with and P/S ratio of 0.3. The dividend yield of The L.s. Starrett Company stocks is 2.7%.
New Purchase: Tidewater Inc. (TDW, Financial)
Arnold Van Den Berg initiated holdings in Tidewater Inc.. His purchase prices were between $39.12 and $53.61, with an estimated average price of $46.13. The impact to his portfolio due to this purchase was 2.56%. His holdings were 746,180 shares as of 06/30/2010.Tidewater, Inc. owns and operates one of the world's largest fleets serving the international offshore energy industry. Tidewater Inc. has a market cap of $2.08 billion; its shares were traded at around $40.1 with a P/E ratio of 7.7 and P/S ratio of 1.8. The dividend yield of Tidewater Inc. stocks is 2.5%. Tidewater Inc. had an annual average earning growth of 15% over the past 10 years. GuruFocus rated Tidewater Inc. the business predictability rank of 1-star.
New Purchase: Harsco Corp. (HSC, Financial)
Arnold Van Den Berg initiated holdings in Harsco Corp.. His purchase prices were between $23.85 and $34.7, with an estimated average price of $28.72. The impact to his portfolio due to this purchase was 1.88%. His holdings were 903,115 shares as of 06/30/2010.Harsco Corporation is a services and engineered products company. Harsco Corp. has a market cap of $1.95 billion; its shares were traded at around $24.17 with a P/E ratio of 14.5 and P/S ratio of 0.6. The dividend yield of Harsco Corp. stocks is 3.4%. Harsco Corp. had an annual average earning growth of 8.3% over the past 10 years. GuruFocus rated Harsco Corp. the business predictability rank of 2.5-star.
New Purchase: Verizon Communications Inc. (VZ, Financial)
Arnold Van Den Berg initiated holdings in Verizon Communications Inc.. His purchase prices were between $26.93 and $31.46, with an estimated average price of $28.79. The impact to his portfolio due to this purchase was 1.85%. His holdings were 745,495 shares as of 06/30/2010.Verizon Communications, formed by the merger of Bell Atlantic and GTE, is one of the world's providers of high-growth communications services. Verizon Communications Inc. has a market cap of $74.97 billion; its shares were traded at around $26.52 with a P/E ratio of 11.4 and P/S ratio of 0.7. The dividend yield of Verizon Communications Inc. stocks is 7.1%. Verizon Communications Inc. had an annual average earning growth of 2.3% over the past 10 years.
New Purchase: Exelon Corp. (EXC, Financial)
Arnold Van Den Berg initiated holdings in Exelon Corp.. His purchase prices were between $37.63 and $45.08, with an estimated average price of $41.38. The impact to his portfolio due to this purchase was 1.2%. His holdings were 355,125 shares as of 06/30/2010.Exelon Corporation is a utility holding company. Its subsidiaries are engaged principally in the production, purchase, transmission, distribution and sale of electricity to residential, commercial, industrial and wholesale customers and the distribution and sale of natural gas to residential, commercial and industrial customers. Exelon Corp. has a market cap of $26.19 billion; its shares were traded at around $39.65 with a P/E ratio of 10.4 and P/S ratio of 1.6. The dividend yield of Exelon Corp. stocks is 5.3%.
New Purchase: Exxon Mobil Corp. (XOM, Financial)
Arnold Van Den Berg initiated holdings in Exxon Mobil Corp.. His purchase prices were between $57.29 and $69.29, with an estimated average price of $64.08. The impact to his portfolio due to this purchase was 1.19%. His holdings were 235,060 shares as of 06/30/2010.Exxon Mobil Corporation's principal business is energy, involving exploration for, and production of, crude oil and natural gas, manufacturing of petroleum products and transportation and sale of crudeoil, natural gas and petroleum products. Exxon Mobil Corp. has a market cap of $297.89 billion; its shares were traded at around $58.43 with a P/E ratio of 13.2 and P/S ratio of 0.9. The dividend yield of Exxon Mobil Corp. stocks is 3%. Exxon Mobil Corp. had an annual average earning growth of 11.2% over the past 10 years. GuruFocus rated Exxon Mobil Corp. the business predictability rank of 3.5-star.
New Purchase: Core Mark Holding Co Inc (CORE, Financial)
Arnold Van Den Berg initiated holdings in Core Mark Holding Co Inc. His purchase prices were between $26.76 and $31.67, with an estimated average price of $28.88. The impact to his portfolio due to this purchase was 1.09%. His holdings were 448,265 shares as of 06/30/2010.Core-Mark is one of the largest broad-line, full-service wholesale distributors of packaged consumer products to the convenience retail industry in North America. Core Mark Holding Co Inc has a market cap of $289.2 million; its shares were traded at around $27.15 with a P/E ratio of 9.7. Core Mark Holding Co Inc had an annual average earning growth of 3.9% over the past 5 years.
New Purchase: Medtronic Inc. (MDT, Financial)
Arnold Van Den Berg initiated holdings in Medtronic Inc.. His purchase prices were between $36.21 and $45.79, with an estimated average price of $41.44. The impact to his portfolio due to this purchase was 0.91%. His holdings were 282,760 shares as of 06/30/2010.Medtronic is the world's medical technology company, pioneeringdevice-based therapies that restore health, extend life and alleviate pain. Medtronic Inc. has a market cap of $40.81 billion; its shares were traded at around $37.05 with a P/E ratio of 11.5 and P/S ratio of 2.6. The dividend yield of Medtronic Inc. stocks is 2.2%. Medtronic Inc. had an annual average earning growth of 11.5% over the past 10 years. GuruFocus rated Medtronic Inc. the business predictability rank of 4.5-star.
New Purchase: At&t Inc. (T)
Arnold Van Den Berg initiated holdings in At&t Inc.. His purchase prices were between $24.13 and $26.66, with an estimated average price of $25.48. The impact to his portfolio due to this purchase was 0.77%. His holdings were 358,580 shares as of 06/30/2010.AT&T Inc. is a premier communications holding company. At&t Inc. has a market cap of $143.77 billion; its shares were traded at around $24.33 with a P/E ratio of 11.3 and P/S ratio of 1.2. The dividend yield of At&t Inc. stocks is 6.9%. At&t Inc. had an annual average earning growth of 2.8% over the past 10 years.
New Purchase: Lydall Inc. (LDL)
Arnold Van Den Berg initiated holdings in Lydall Inc.. His purchase prices were between $7.43 and $9.27, with an estimated average price of $8.24. The impact to his portfolio due to this purchase was 0.43%. His holdings were 628,172 shares as of 06/30/2010.Lydall, Inc. and its subsidiaries are manufacturers of engineered products for demanding specialty applications. Lydall Inc. has a market cap of $126.8 million; its shares were traded at around $7.43 with and P/S ratio of 0.5.
New Purchase: Thermo Fisher Scientific Inc. (TMO)
Arnold Van Den Berg initiated holdings in Thermo Fisher Scientific Inc.. His purchase prices were between $49.53 and $55.94, with an estimated average price of $52.52. The impact to his portfolio due to this purchase was 0.13%. His holdings were 30,665 shares as of 06/30/2010.Thermo Fisher Scientific is the world leader in serving science, enabling our customers to make the world healthier, cleaner and safer. Thermo Fisher Scientific Inc. has a market cap of $19.96 billion; its shares were traded at around $48.64 with a P/E ratio of 14.9 and P/S ratio of 2. Thermo Fisher Scientific Inc. had an annual average earning growth of 10.8% over the past 10 years.
New Purchase: Campbell Soup Company (CPB)
Arnold Van Den Berg initiated holdings in Campbell Soup Company. His purchase prices were between $34.88 and $37.49, with an estimated average price of $35.91. The impact to his portfolio due to this purchase was 0.11%. His holdings were 35,515 shares as of 06/30/2010.Campbell Soup Company, together with its consolidated subsidiaries, is a global manufacturer and marketer of high quality, branded convenience food products. Campbell Soup Company has a market cap of $12.32 billion; its shares were traded at around $36.28 with a P/E ratio of 14.9 and P/S ratio of 1.6. The dividend yield of Campbell Soup Company stocks is 3%. Campbell Soup Company had an annual average earning growth of 1.2% over the past 10 years.
New Purchase: Molex Inc. (MOLX)
Arnold Van Den Berg initiated holdings in Molex Inc.. His purchase prices were between $18.76 and $23.43, with an estimated average price of $21.2. The impact to his portfolio due to this purchase was 0.02%. His holdings were 10,815 shares as of 06/30/2010.Molex is one of the manufacturers of electronic, electrical and fiber optic interconnection products and systems; switches; value-added assemblies; and application tooling. Molex Inc. has a market cap of $3.18 billion; its shares were traded at around $18.25 with a P/E ratio of 30.4 and P/S ratio of 1.2. The dividend yield of Molex Inc. stocks is 3.3%.
New Purchase: Astec Industries Inc. (ASTE)
Arnold Van Den Berg initiated holdings in Astec Industries Inc.. His purchase prices were between $27.46 and $36.34, with an estimated average price of $30.87. The impact to his portfolio due to this purchase was 0.02%. His holdings were 7,810 shares as of 06/30/2010.Astec Industries Inc. designs, engineers, manufactures, markets, and finances equipment and components used primarily in road building and related construction activities. Astec Industries Inc. has a market cap of $629.7 million; its shares were traded at around $27.86 with a P/E ratio of 34.9 and P/S ratio of 0.8. Astec Industries Inc. had an annual average earning growth of 8.1% over the past 5 years.
New Purchase: Rudolph Technologies Inc. (RTEC)
Arnold Van Den Berg initiated holdings in Rudolph Technologies Inc.. His purchase prices were between $7.64 and $10.93, with an estimated average price of $8.91. The impact to his portfolio due to this purchase was 0.02%. His holdings were 29,770 shares as of 06/30/2010.Rudolph Technologies is a worldwide leader in the design, development, manufacture and support of high-performance process control metrology, defect inspection and data analysis systems used by semiconductor device manufacturers. Rudolph Technologies Inc. has a market cap of $235.2 million; its shares were traded at around $7.54 with and P/S ratio of 3.
New Purchase: Powell Industries Inc. (POWL)
Arnold Van Den Berg initiated holdings in Powell Industries Inc.. His purchase prices were between $27.38 and $35.74, with an estimated average price of $31.29. The impact to his portfolio due to this purchase was 0.02%. His holdings were 7,440 shares as of 06/30/2010.Powell Industries, Inc. sells, designs, develops, manufactures, packages and services systems and equipment for the distribution, control and management of electrical energy and other dynamic processes. Powell Industries Inc. has a market cap of $316 million; its shares were traded at around $27.29 with a P/E ratio of 7.8 and P/S ratio of 0.5. Powell Industries Inc. had an annual average earning growth of 8.9% over the past 10 years.
New Purchase: Korn/ferry International (KFY)
Arnold Van Den Berg initiated holdings in Korn/ferry International. His purchase prices were between $13.22 and $18.25, with an estimated average price of $15.78. The impact to his portfolio due to this purchase was 0.01%. His holdings were 10,185 shares as of 06/30/2010.Korn/Ferry International is the world's and largestexecutive recruitment firm with the broadest global presence in the executive recruitment industry. Korn/ferry International has a market cap of $645.6 million; its shares were traded at around $14.04 with a P/E ratio of 41.3 and P/S ratio of 1.
Reduced: Johnson & Johnson (JNJ)
Arnold Van Den Berg reduced to his holdings in Johnson & Johnson by 26.99%. His sale prices were between $58 and $66.03, with an estimated average price of $62.2. The impact to his portfolio due to this sale was -0.01%. Arnold Van Den Berg still held 10,453 shares as of 06/30/2010.Johnson & Johnson is engaged in the manufacture and sale of a broad range of products in the health care field in many countries of the world. Johnson & Johnson has a market cap of $167.17 billion; its shares were traded at around $60.61 with a P/E ratio of 13 and P/S ratio of 2.7. The dividend yield of Johnson & Johnson stocks is 3.6%. Johnson & Johnson had an annual average earning growth of 10.8% over the past 10 years. GuruFocus rated Johnson & Johnson the business predictability rank of 4.5-star.
Reduced: Lowe's Companies Inc. (LOW)
Arnold Van Den Berg reduced to his holdings in Lowe's Companies Inc. by 23.5%. His sale prices were between $20.6 and $28.22, with an estimated average price of $24.9. The impact to his portfolio due to this sale was -0.02%. Arnold Van Den Berg still held 39,310 shares as of 06/30/2010.Lowe's Companies Inc. is a retailer of home improvement products in the world, with specific emphasis on retail do-it-yourself and commercial business customers. Lowe's Companies Inc. has a market cap of $29.14 billion; its shares were traded at around $20.39 with a P/E ratio of 16.3 and P/S ratio of 0.6. The dividend yield of Lowe's Companies Inc. stocks is 1.8%. Lowe's Companies Inc. had an annual average earning growth of 11.8% over the past 10 years.
Reduced: Jacobs Engineering Group Inc. (JEC)
Arnold Van Den Berg reduced to his holdings in Jacobs Engineering Group Inc. by 36.9%. His sale prices were between $36.91 and $49.97, with an estimated average price of $43.89. The impact to his portfolio due to this sale was -0.03%. Arnold Van Den Berg still held 27,500 shares as of 06/30/2010.Jacobs Engineering Group Inc. is one of the largest professional service firms in the United States providing engineering, design and consulting services; construction and construction management services; and process plant maintenance services to a broad range of industrial, commercialand governmental clients. Jacobs Engineering Group Inc. has a market cap of $4.66 billion; its shares were traded at around $37.31 with a P/E ratio of 14.2 and P/S ratio of 0.4. Jacobs Engineering Group Inc. had an annual average earning growth of 18.5% over the past 10 years. GuruFocus rated Jacobs Engineering Group Inc. the business predictability rank of 3.5-star.
Reduced: E.i. Du Pont De Nemours And Co. (DD)
Arnold Van Den Berg reduced to his holdings in E.i. Du Pont De Nemours And Co. by 98.18%. His sale prices were between $34.09 and $40.95, with an estimated average price of $37.65. The impact to his portfolio due to this sale was -0.03%. Arnold Van Den Berg still held 8,520 shares as of 06/30/2010.E.I. DuPont de Nemours is involved in science and technology in a range of disciplines including high-performance materials, specialty chemicals, pharmaceuticals and biotechnology. E.i. Du Pont De Nemours And Co. has a market cap of $31.94 billion; its shares were traded at around $35.25 with a P/E ratio of 12.8 and P/S ratio of 1.2. The dividend yield of E.i. Du Pont De Nemours And Co. stocks is 4.6%.
Reduced: Arctic Cat Inc. (ACAT)
Arnold Van Den Berg reduced to his holdings in Arctic Cat Inc. by 30.23%. His sale prices were between $8.87 and $15.62, with an estimated average price of $11.66. The impact to his portfolio due to this sale was -0.05%. Arnold Van Den Berg still held 210,225 shares as of 06/30/2010.Arctic Cat, Inc. operates in a single industry segment and designs, engineers , manufactures and markets snowmobiles and all-terrain vehicles under the Arctic Cat brand name, as well as related parts, garments and accessories. Arctic Cat Inc. has a market cap of $158.4 million; its shares were traded at around $8.73 with a P/E ratio of 87.3 and P/S ratio of 0.3.
Reduced: General Mills Inc. (GIS)
Arnold Van Den Berg reduced to his holdings in General Mills Inc. by 35.19%. His sale prices were between $34.735 and $38.93, with an estimated average price of $36.32. The impact to his portfolio due to this sale was -0.32%. Arnold Van Den Berg still held 284,653 shares as of 06/30/2010.General Mills, Inc. is one of the producers of packaged consumer foods and markets its products primarily through its own sales organizations, supported by advertising and other promotional activities. General Mills Inc. has a market cap of $24.18 billion; its shares were traded at around $36.44 with a P/E ratio of 15.8 and P/S ratio of 1.6. The dividend yield of General Mills Inc. stocks is 2.7%. General Mills Inc. had an annual average earning growth of 7.4% over the past 10 years. GuruFocus rated General Mills Inc. the business predictability rank of 4-star.
Reduced: American Express Company (AXP)
Arnold Van Den Berg reduced to his holdings in American Express Company by 50.78%. His sale prices were between $37.71 and $48.05, with an estimated average price of $42.51. The impact to his portfolio due to this sale was -0.65%. Arnold Van Den Berg still held 362,161 shares as of 06/30/2010.American Express Company is primarily engaged in the business of providing travel related services, financial advisory services and international banking services throughout the world. American Express Company has a market cap of $49.43 billion; its shares were traded at around $41.15 with a P/E ratio of 22.2 and P/S ratio of 2. The dividend yield of American Express Company stocks is 1.7%.
Sold Out: Usg Corp. (USG)
Arnold Van Den Berg sold out his holdings in Usg Corp.. His sale prices were between $12.53 and $24.97, with an estimated average price of $18.55.USG Corp., through its subsidiaries, is a manufacturer and distributor of building materials producing a wide range of products for use in new residential, new nonresidential and repair and remodel construction, as well as products used in certain industrial processes. Usg Corp. has a market cap of $1.23 billion; its shares were traded at around $12.36 with and P/S ratio of 0.4.
Sold Out: Gannett Co. Inc. (GCI)
Arnold Van Den Berg sold out his holdings in Gannett Co. Inc.. His sale prices were between $13.73 and $18.67, with an estimated average price of $16.28.Gannett Co., Inc. is an international news and information company that publishes daily newspapers in the USA, including USA TODAY, the nation'slargest-selling daily newspaper. Gannett Co. Inc. has a market cap of $3.37 billion; its shares were traded at around $14.16 with a P/E ratio of 6.7 and P/S ratio of 0.6. The dividend yield of Gannett Co. Inc. stocks is 1.1%.
Sold Out: Ethan Allen Interiors Inc. (ETH)
Arnold Van Den Berg sold out his holdings in Ethan Allen Interiors Inc.. His sale prices were between $14.05 and $25.19, with an estimated average price of $19.72.Ethan Allen Inc. is a manufacturer and retailer of quality home furnishings, offering a full range of furniture products and accessories. Ethan Allen Interiors Inc. has a market cap of $398.6 million; its shares were traded at around $13.69 with and P/S ratio of 0.5. The dividend yield of Ethan Allen Interiors Inc. stocks is 1.5%.
Sold Out: Pool Corp. (POOL)
Arnold Van Den Berg sold out his holdings in Pool Corp.. His sale prices were between $22.5 and $25.89, with an estimated average price of $23.93.SCP Pool Corporation distributes swimming pool supplies and related products to swimming pool remodelers and builders, independent retail stores and swimming pool repair and service companies. Pool Corp. has a market cap of $1.06 billion; its shares were traded at around $21.3 with a P/E ratio of 22.4 and P/S ratio of 0.7. The dividend yield of Pool Corp. stocks is 2.4%. Pool Corp. had an annual average earning growth of 10.9% over the past 10 years.
