Markets

Robert Olstein Sells Jones Lang LaSalle, Deere & Co. in Second Quarter

Robert A. Olstein is the chairman and CIO of the Olstein Financial Alert Fund ( OFALX ). His portfolio is composed of 121 stocks with a total value of $962 million. During the second quarter he reduced 25 of his existing stakes and sold out five of them. The following are the five stakes he sold out.

He sold out his stake in Jones Lang LaSalle Inc. ( JLL ) with an impact of 0.66% on his portfolio.

The company is a financial and professional services firm specializing in real estate. It offers integrated services delivered by teams to clients seeking increased value by owning, occupying or investing in real estate.

During the last quarter, adjusted earnings per share was up 33 cents from the prior year and revenue was up by 17% compared to 2Q14.

The stock is trading with a P/E ratio of 15.12 and has been as high as $179.97 and as low as $118.79 in the past year. It is currently 20.19% below its 52-week high and 20.91% above its 52-week low. According to the DCF calculator, the company currently looks overpriced by 3%.

John Rogers ( Trades , Portfolio ) is the main guru shareholder of the company with 3.07% of outstanding shares, followed by Ken Heebner (Trades, Portfolio) with 1.78% and Meridian Funds (Trades, Portfolio) with 1.32% of outstanding shares.

Olstein sold out his stake in Avery Dennison Corp. ( AVY ) with an impact of 0.58% on his portfolio.

The company's businesses include the production of pressure-sensitive materials, office products and a variety of tickets, tags, labels and other converted products. Its reporting segments are Pressure-sensitive Materials, Retail Information Services and Retail Branding and Information Solutions.

The company reported net sales had declined 6% from the prior year quarter. During the first half of year, AVY repurchased 1.1 million shares and paid $66 million in dividends.

The stock is trading with a P/E ratio of 20.14 and has been as high as $64.81 and as low as $40.58 in the past year. It is currently 10.28% below its 52-week high and 43.30% above its 52-week low. According to the DCF calculator, the company currently looks overpriced by 36%.

Jim Simons (Trades, Portfolio) is the main guru shareholder of the company with 0.86% of outstanding shares, followed by the hedge fund NWQ Managers (Trades, Portfolio), which holds 0.54% of outstanding shares, and RS Investment Management (Trades, Portfolio) with 0.31%.

He also sold out his stake in Deere & Co. ( DE ) with an impact of 0.40% on his portfolio.

The company is a provider of advanced products and services for agriculture and forestry, as well as advanced products and services for construction, lawn and turf care, landscaping and irrigation.

The company reported net income had decreased by 62 cents per share, while worldwide net sales decreased 18% from the year-ago quarter.

The stock is trading with a P/E ratio of 11.15 and has been as high as $98.23 and as low as $72.19 in the past year. It is currently 25.80% below its 52-week high and 0.97% above its 52-week low. According to the DCF calculator, the company currently looks undervalued by 40%.

Warren Buffett (Trades, Portfolio) is the main guru shareholder of the company with 5.27% of outstanding shares, followed by First Eagle Investment (Trades, Portfolio) with 1.39% and PRIMECAP Management (Trades, Portfolio) with 0.84% of outstanding shares.

He sold out his stake in Culp Inc. ( CFI ) with an impact of 0.31% on his portfolio.

The company manufactures, sources and markets mattress fabrics used for covering mattresses, box springs, and foundations and upholstery fabrics for use in production of upholstered furniture. It has two operating segments - mattress fabrics and upholstery fabrics.

The company reported the highest sales level in 10 years with an increase of 4.8%. Mattress fabric sales were up 6.7%, and upholstery fabric sales were up 2.3% compared with the same quarter last year. Pre-tax income had increased by 1.6%.

The company's financial position remained strong with cash and cash equivalents and short term investments of $35.3 million. It also reported a 20% increase in its quarterly cash dividend from 5 cents to 6 cents per share.

The stock is trading with a P/E ratio of 23.97 and has been as high as $35.23 and as low as $17.29 in the past year. It is currently 9.82% below its 52-week high and 83.75% above its 52-week low. According to the DCF calculator, the company currently looks overpriced by 63%.

Jim Simons (Trades, Portfolio) is the main guru shareholder of the company with 5.94% of outstanding shares, followed by Chuck Royce (Trades, Portfolio) with 2.90% and John Keeley (Trades, Portfolio) with 0.45% of outstanding shares.

Olstein also sold his stake in Steelcase Inc. ( SCS ) with an impact of 0.07% on his portfolio.

The company is engaged in furnishing the work experience in business, education and healthcare environments.

EPS increased by 25% compared to the year-ago quarter. The company is expecting to report EPS between 29 cents to 33 cents for the third quarter. This was a remarkable quarter for the Americas segment, as adjusted operating margin reached a new 15-year high.

The stock is trading with a P/E ratio of 25.40 and has been as high as $20.45 and as low as $15.13 in the past year. It is currently 9.24% below its 52-week high and 22.67% above its 52-week low. According to the DCF calculator, the company currently looks overpriced by 70%.

RS Investment Management (Trades, Portfolio) is the main guru shareholder with 1.87% of outstanding shares, followed by Chuck Royce (Trades, Portfolio) with 1.45% and Meridian Funds (Trades, Portfolio) with 0.84%.

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This article first appeared on GuruFocus .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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