Portfolio holdings of Robert Olstein - Olstein Capital Management. Robert Olstein - Olstein Capital Management stock picks:. Stock Holdings page.
Robert Olstein - Olstein Capital Management
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Philosophy
There is a strong correlation between above-average investment performance and error avoidance. To achieve long-term success, an investor must first consider downside risk before considering the potential for appreciation.
A company’s stock price often falls below its private market value due to temporary problems such as missed earnings estimates, over-reaction to short-term results or overall negative market psychology. These short-term deviations may present viable opportunities for the patient, long-term investor.
Excess cash flow is the lifeblood of a business and is the primary determinant of a company's private market value. Companies that generate excess cash flow have the potential to enhance shareholder by increasing dividend payments, repurchasing company shares, reducing outstanding debt, engaging in strategic acquisitions, on withstanding economic downturns without adopting harmful short-term strategies.
Forensic analysis of financial statements reveals the Quality of a company’s Earnings, the success of its strategy, sustainability of its performance and impact of management decisions on future cash flow. Forensic analysis of financial statements is more useful to an investor than management forecasts or earnings guidance.
Emphasizes investments in undervalued equity securities of companies with discernible financial strength, unique business fundamentals, competitive edge and ability to generate free cash flow
Analysis focuses on how a company’s operations generate sustainable free cash flow; how much of that cash is available to investors and the level of ongoing investment required to maintain and grow free cash flow
Valuations based on free cash flow. Reliable valuations require determining if a company’s accounting policies reflect business reality; assessing a company’s Quality of Earnings; accounting adjustments to eliminate management bias, and identifying positive or negative factors that may affect future free cash flow
There is a strong correlation between above-average investment performance and error avoidance. To achieve long-term success, an investor must first consider downside risk before considering the potential for appreciation.
A company’s stock price often falls below its private market value due to temporary problems such as missed earnings estimates, over-reaction to short-term results or overall negative market psychology. These short-term deviations may present viable opportunities for the patient, long-term investor.
Excess cash flow is the lifeblood of a business and is the primary determinant of a company's private market value. Companies that generate excess cash flow have the potential to enhance shareholder by increasing dividend payments, repurchasing company shares, reducing outstanding debt, engaging in strategic acquisitions, on withstanding economic downturns without adopting harmful short-term strategies.
Forensic analysis of financial statements reveals the Quality of a company’s Earnings, the success of its strategy, sustainability of its performance and impact of management decisions on future cash flow. Forensic analysis of financial statements is more useful to an investor than management forecasts or earnings guidance.
Emphasizes investments in undervalued equity securities of companies with discernible financial strength, unique business fundamentals, competitive edge and ability to generate free cash flow
Analysis focuses on how a company’s operations generate sustainable free cash flow; how much of that cash is available to investors and the level of ongoing investment required to maintain and grow free cash flow
Valuations based on free cash flow. Reliable valuations require determining if a company’s accounting policies reflect business reality; assessing a company’s Quality of Earnings; accounting adjustments to eliminate management bias, and identifying positive or negative factors that may affect future free cash flow
Period: Q1 2024
Portfolio date: 31 Mar 2024
No. of stocks: 98
Portfolio value: $611,353,000
History | Stock | % of Portfolio |
RecentActivity | Shares | ReportedPrice* | Value | Current Price |
+/-Reported Price |
52Week Low |
52Week High |
|
≡ | DIS - Walt Disney Co. | 2.38 | Reduce 14.39% | 119,000 | $122.36 | $14,561,000 | $113.66 | -7.11% | $78.48 | $123.74 | |
≡ | ST - Sensata Technologies Holding | 2.27 | Add 10.56% | 377,000 | $36.74 | $13,851,000 | $40.11 | 9.17% | $30.45 | $47.10 | |
≡ | ABM - ABM Industries | 2.12 | Add 18.35% | 289,953 | $44.62 | $12,938,000 | $44.77 | 0.34% | $37.02 | $52.52 | |
≡ | CFG - Citizens Financial Group Inc. | 1.94 | Reduce 5.51% | 326,000 | $36.29 | $11,831,000 | $35.40 | -2.45% | $21.82 | $35.94 | |
≡ | WCC - WESCO International Inc. | 1.82 | Add 85.71% | 65,000 | $171.28 | $11,133,000 | $167.82 | -2.02% | $121.72 | $194.94 | |
≡ | MHK - Mohawk Industries | 1.76 | Reduce 24.77% | 82,000 | $130.89 | $10,733,000 | $116.39 | -11.08% | $76.02 | $131.19 | |
≡ | DIN - Dine Brands Global Inc. | 1.72 | Add 5.12% | 226,000 | $46.48 | $10,504,000 | $43.80 | -5.77% | $41.11 | $66.39 | |
≡ | CVS - CVS Health Corp. | 1.68 | Reduce 9.15% | 129,000 | $79.76 | $10,289,000 | $55.90 | -29.91% | $53.70 | $81.71 | |
≡ | KLIC - Kulicke & Soffa Ind. | 1.65 | Add 15.91% | 201,000 | $50.31 | $10,112,000 | $47.03 | -6.52% | $39.75 | $59.29 | |
≡ | SSNC - SS&C Technologies Holdings Inc. | 1.64 | Reduce 1.59% | 155,483 | $64.37 | $10,008,000 | $61.86 | -3.90% | $45.86 | $65.86 | |
≡ | USB - U.S. Bancorp | 1.58 | 215,660 | $44.70 | $9,640,000 | $41.41 | -7.36% | $27.07 | $44.91 | ||
≡ | BAX - Baxter International Inc. | 1.55 | Reduce 10.84% | 222,000 | $42.74 | $9,488,000 | $36.90 | -13.66% | $30.55 | $49.12 | |
≡ | JNJ - Johnson & Johnson | 1.55 | 60,000 | $158.18 | $9,491,000 | $149.33 | -5.59% | $142.71 | $172.01 | ||
≡ | IFF - International Flavors & Fragrances Inc. | 1.52 | Reduce 12.90% | 108,000 | $85.99 | $9,287,000 | $86.64 | 0.76% | $60.50 | $93.97 | |
≡ | JLL - Jones Lang Lasalle Inc. | 1.52 | Reduce 0.42% | 47,636 | $195.08 | $9,293,000 | $185.51 | -4.91% | $119.46 | $200.14 | |
≡ | CTVA - Corteva Inc. | 1.48 | Reduce 21.50% | 157,000 | $57.67 | $9,054,000 | $57.18 | -0.85% | $42.94 | $58.32 | |
≡ | FITB - Fifth Third Bancorp | 1.47 | Reduce 5.84% | 242,000 | $37.21 | $9,005,000 | $37.58 | 0.99% | $21.08 | $37.67 | |
≡ | DGX - Quest Diagnostics | 1.46 | Add 15.52% | 67,000 | $133.10 | $8,918,000 | $137.45 | 3.27% | $117.60 | $143.16 | |
≡ | WBD - Warner Bros. Discovery Inc. | 1.46 | 1,024,200 | $8.73 | $8,941,000 | $7.96 | -8.82% | $7.34 | $14.76 | ||
≡ | MDT - Medtronic plc | 1.45 | 102,000 | $87.15 | $8,889,000 | $81.69 | -6.27% | $67.71 | $88.75 | ||
≡ | CSCO - Cisco Systems | 1.44 | 176,000 | $49.91 | $8,784,000 | $47.12 | -5.59% | $43.34 | $56.01 | ||
≡ | RTX - RTX Corp. | 1.44 | Reduce 6.25% | 90,000 | $97.53 | $8,778,000 | $101.40 | 3.97% | $67.61 | $103.89 | |
≡ | OMC - Omnicom Group | 1.42 | Reduce 8.16% | 90,000 | $96.76 | $8,708,000 | $92.78 | -4.11% | $71.07 | $97.49 | |
≡ | UPS - United Parcel Service | 1.41 | Add 20.83% | 58,000 | $148.64 | $8,621,000 | $146.44 | -1.48% | $130.67 | $186.94 | |
≡ | IVZ - Invesco Ltd | 1.40 | Reduce 3.38% | 514,946 | $16.59 | $8,543,000 | $14.84 | -10.55% | $12.13 | $18.04 | |
≡ | REYN - Reynolds Consumer Products Inc. | 1.40 | Reduce 11.28% | 299,000 | $28.56 | $8,539,000 | $28.46 | -0.35% | $24.18 | $29.72 | |
≡ | ZBH - Zimmer Biomet Holdings | 1.40 | Reduce 2.45% | 65,000 | $131.98 | $8,579,000 | $121.71 | -7.78% | $101.61 | $146.61 | |
≡ | GLW - Corning Inc. | 1.39 | 257,000 | $32.96 | $8,471,000 | $33.74 | 2.37% | $24.80 | $35.06 | ||
≡ | LHX - L3Harris Technologies Inc. | 1.39 | Reduce 3.61% | 40,000 | $213.10 | $8,524,000 | $212.17 | -0.44% | $158.42 | $217.60 | |
≡ | DE - Deere & Co. | 1.38 | Add 7.89% | 20,500 | $410.73 | $8,420,000 | $400.98 | -2.37% | $340.76 | $445.13 | |
≡ | GM - General Motors | 1.34 | Reduce 35.73% | 180,607 | $45.35 | $8,191,000 | $44.86 | -1.08% | $26.15 | $46.17 | |
≡ | SLB - Schlumberger Ltd. | 1.34 | Add 10.37% | 149,000 | $54.81 | $8,167,000 | $47.66 | -13.05% | $41.88 | $61.47 | |
≡ | DAL - Delta Air Lines Inc. | 1.32 | Reduce 30.00% | 168,000 | $47.87 | $8,042,000 | $51.58 | 7.75% | $30.53 | $51.65 | |
≡ | KFY - Korn Ferry | 1.30 | Reduce 25.31% | 121,000 | $65.76 | $7,957,000 | $62.20 | -5.41% | $43.98 | $69.33 | |
≡ | LKQ - LKQ Corp. | 1.29 | 147,619 | $53.41 | $7,884,000 | $43.86 | -17.88% | $40.48 | $57.64 | ||
≡ | LUV - Southwest Airlines | 1.29 | Add 4.65% | 270,000 | $29.19 | $7,881,000 | $26.14 | -10.45% | $21.67 | $38.86 | |
≡ | FDX - FedEx Corp. | 1.28 | Add 20.00% | 27,000 | $289.74 | $7,823,000 | $260.74 | -10.01% | $209.51 | $291.27 | |
≡ | CBRE - CBRE Group | 1.27 | 80,000 | $97.24 | $7,779,000 | $86.59 | -10.95% | $64.63 | $98.65 | ||
≡ | AVTR - Avantor arinc. | 1.23 | Reduce 6.61% | 294,184 | $25.57 | $7,522,000 | $24.74 | -3.25% | $16.63 | $26.11 | |
≡ | WFC - Wells Fargo | 1.23 | Reduce 18.75% | 130,000 | $57.96 | $7,535,000 | $59.92 | 3.38% | $36.31 | $61.76 | |
≡ | DENN - Denny's Corp. | 1.20 | Reduce 2.51% | 815,813 | $8.96 | $7,310,000 | $8.10 | -9.60% | $7.83 | $12.53 | |
≡ | FIS - Fidelity National Information Services | 1.20 | Reduce 6.60% | 99,000 | $74.18 | $7,344,000 | $70.74 | -4.64% | $46.26 | $74.75 | |
≡ | TGT - Target Corp. | 1.19 | Reduce 32.79% | 41,000 | $177.22 | $7,266,000 | $158.04 | -10.82% | $101.13 | $181.86 | |
≡ | WTW - Willis Towers Watson plc | 1.19 | 26,500 | $275.02 | $7,288,000 | $252.01 | -8.37% | $191.15 | $277.07 | ||
≡ | HOLX - Hologic Inc. | 1.17 | 92,000 | $77.96 | $7,172,000 | $76.54 | -1.82% | $64.02 | $86.74 | ||
≡ | TRV - Travelers Companies Inc. | 1.17 | Reduce 24.39% | 31,000 | $230.13 | $7,134,000 | $213.84 | -7.08% | $155.76 | $232.75 | |
≡ | UNH - United Health Group Inc. | 1.17 | Add 93.33% | 14,500 | $494.69 | $7,173,000 | $492.56 | -0.43% | $436.38 | $552.52 | |
≡ | SWK - Stanley Black & Decker Inc. | 1.15 | Add 5.88% | 72,000 | $97.93 | $7,051,000 | $85.80 | -12.39% | $71.18 | $102.00 | |
≡ | CMI - Cummins Inc. | 1.13 | Reduce 24.19% | 23,500 | $294.64 | $6,924,000 | $280.65 | -4.75% | $198.93 | $304.25 | |
≡ | BDX - Becton Dickinson | 1.09 | 27,000 | $247.44 | $6,681,000 | $234.64 | -5.17% | $228.00 | $284.02 | ||
≡ | GS - Goldman Sachs Group | 1.09 | Reduce 8.57% | 16,000 | $417.69 | $6,683,000 | $438.24 | 4.92% | $284.98 | $442.30 | |
≡ | VNT - Vontier Corp. | 1.09 | Add 38.21% | 146,500 | $45.36 | $6,645,000 | $39.42 | -13.10% | $27.02 | $45.62 | |
≡ | KMB - Kimberly-Clark | 1.02 | 48,000 | $129.35 | $6,209,000 | $136.10 | 5.22% | $114.07 | $140.46 | ||
≡ | CBRL - Cracker Barrel Old Cntry Store | 1.01 | Reduce 5.92% | 85,000 | $72.73 | $6,182,000 | $56.12 | -22.84% | $54.87 | $102.58 | |
≡ | MIDD - Middleby Corp. | 1.00 | Buy | 38,000 | $160.79 | $6,110,000 | $140.08 | -12.88% | $109.59 | $161.01 | |
≡ | EBAY - eBay Inc. | 0.97 | Reduce 31.84% | 111,784 | $52.78 | $5,900,000 | $49.64 | -5.95% | $36.52 | $52.93 | |
≡ | GOOG - Alphabet Inc. CL C | 0.95 | Reduce 19.15% | 38,000 | $152.26 | $5,786,000 | $169.00 | 10.99% | $104.74 | $176.42 | |
≡ | BRK.B - Berkshire Hathaway CL B | 0.93 | Reduce 20.59% | 13,500 | $420.52 | $5,677,000 | $400.67 | -4.72% | $317.71 | $430.00 | |
≡ | DOV - Dover Corp. | 0.90 | 31,000 | $177.19 | $5,493,000 | $179.02 | 1.03% | $126.39 | $182.33 | ||
≡ | EMN - Eastman Chemical | 0.89 | Reduce 1.82% | 54,000 | $100.22 | $5,412,000 | $97.51 | -2.70% | $67.67 | $102.71 | |
≡ | AXTA - Axalta Coating Systems Ltd. | 0.78 | 139,105 | $34.39 | $4,784,000 | $35.21 | 2.38% | $25.03 | $35.31 | ||
≡ | TXN - Texas Instruments | 0.76 | 26,500 | $174.23 | $4,617,000 | $178.92 | 2.69% | $135.45 | $179.81 | ||
≡ | AXP - American Express | 0.69 | Reduce 40.32% | 18,500 | $227.68 | $4,212,000 | $230.77 | 1.36% | $140.02 | $240.55 | |
≡ | CARR - Carrier Global Corp. | 0.69 | Reduce 1.35% | 73,000 | $58.12 | $4,243,000 | $62.10 | 6.85% | $39.92 | $63.59 | |
≡ | FTV - Fortive Corp. | 0.69 | 49,059 | $86.02 | $4,220,000 | $76.06 | -11.58% | $62.92 | $87.10 | ||
≡ | WGO - Winnebago Industries Inc. | 0.69 | 57,000 | $74.00 | $4,218,000 | $62.72 | -15.24% | $53.72 | $74.75 | ||
≡ | CMCSA - Comcast Corp. | 0.64 | Reduce 15.89% | 90,000 | $43.36 | $3,902,000 | $38.70 | -10.75% | $36.43 | $46.42 | |
≡ | GTES - Gates Industrial Corp. | 0.59 | Reduce 13.56% | 204,000 | $17.71 | $3,613,000 | $16.17 | -8.70% | $10.68 | $17.99 | |
≡ | BLBD - Blue Bird Corp. | 0.58 | Reduce 35.92% | 92,000 | $38.34 | $3,527,000 | $35.44 | -7.56% | $17.59 | $39.01 | |
≡ | IART - Integra LifeSciences Holdings | 0.58 | Add 35.14% | 100,000 | $35.45 | $3,545,000 | $28.88 | -18.53% | $27.18 | $51.12 | |
≡ | SHYF - Shyft Group Inc. | 0.58 | Add 16.33% | 285,000 | $12.42 | $3,540,000 | $12.50 | 0.64% | $9.81 | $26.79 | |
≡ | APTV - Aptiv PLC | 0.55 | Buy | 42,000 | $79.64 | $3,345,000 | $80.81 | 1.47% | $68.84 | $113.60 | |
≡ | META - Meta Platforms Inc. | 0.52 | Reduce 48.00% | 6,500 | $485.54 | $3,156,000 | $452.20 | -6.87% | $229.36 | $531.49 | |
≡ | GD - General Dynamics | 0.51 | Buy | 11,000 | $282.45 | $3,107,000 | $288.15 | 2.02% | $197.87 | $295.05 | |
≡ | CENTA - Central Garden & Pet | 0.50 | Add 13.70% | 83,000 | $36.92 | $3,064,000 | $36.29 | -1.71% | $27.02 | $39.55 | |
≡ | HRL - Hormel Foods Corp. | 0.48 | 84,000 | $34.89 | $2,931,000 | $35.17 | 0.80% | $28.28 | $40.68 | ||
≡ | MSFT - Microsoft Corp. | 0.48 | Reduce 33.33% | 7,000 | $420.71 | $2,945,000 | $406.75 | -3.32% | $300.63 | $430.82 | |
≡ | V - Visa Inc. | 0.48 | Reduce 16.00% | 10,500 | $279.05 | $2,930,000 | $268.45 | -3.80% | $214.88 | $290.96 | |
≡ | PBH - Prestige Consumer Healthcare | 0.46 | Reduce 9.30% | 39,000 | $72.56 | $2,830,000 | $70.01 | -3.51% | $55.96 | $75.31 | |
≡ | SPGI - S&P Global Inc. | 0.45 | Reduce 7.14% | 6,500 | $425.38 | $2,765,000 | $425.29 | -0.02% | $339.05 | $460.20 | |
≡ | EFX - Equifax Inc. | 0.44 | Reduce 25.93% | 10,000 | $267.50 | $2,675,000 | $227.04 | -15.13% | $159.41 | $275.10 | |
≡ | MCO - Moody's Corp. | 0.42 | Reduce 7.14% | 6,500 | $393.08 | $2,555,000 | $380.63 | -3.17% | $297.55 | $406.70 | |
≡ | AAPL - Apple Inc. | 0.41 | 14,500 | $171.45 | $2,486,000 | $183.36 | 6.95% | $164.08 | $199.11 | ||
≡ | CWK - Cushman & Wakefield Plc | 0.40 | Reduce 7.17% | 233,000 | $10.46 | $2,437,000 | $10.02 | -4.21% | $6.24 | $11.76 | |
≡ | MA - Mastercard Inc. | 0.40 | Reduce 21.65% | 5,093 | $481.64 | $2,453,000 | $443.58 | -7.90% | $355.76 | $489.32 | |
≡ | VSH - Vishay Intertechnology | 0.39 | Add 26.83% | 104,000 | $22.68 | $2,359,000 | $22.76 | 0.35% | $20.72 | $29.73 | |
≡ | JOUT - Johnson Outdoors Inc. | 0.38 | Add 15.91% | 51,000 | $46.12 | $2,352,000 | $37.76 | -18.13% | $37.76 | $61.47 | |
≡ | BRC - Brady Corp. | 0.36 | Reduce 7.50% | 37,000 | $59.27 | $2,193,000 | $59.47 | 0.34% | $46.13 | $62.77 | |
≡ | UHS - Universal Health Services Inc. | 0.36 | Reduce 38.46% | 12,000 | $182.50 | $2,190,000 | $167.76 | -8.08% | $119.58 | $183.61 | |
≡ | FHB - First Hawaiian Inc. | 0.35 | 98,000 | $21.96 | $2,152,000 | $21.78 | -0.82% | $14.28 | $22.94 | ||
≡ | HOMB - Home Bancshares Inc. | 0.35 | 87,000 | $24.57 | $2,138,000 | $24.62 | 0.20% | $19.13 | $25.61 | ||
≡ | MLR - Miller Industries Inc. | 0.32 | Reduce 11.36% | 39,000 | $50.10 | $1,954,000 | $52.97 | 5.73% | $31.89 | $53.82 | |
≡ | PB - Prosperity Bancshares Inc. | 0.30 | 28,000 | $65.79 | $1,842,000 | $63.06 | -4.15% | $48.73 | $68.26 | ||
≡ | TKR - Timken Co. | 0.24 | 17,000 | $87.41 | $1,486,000 | $89.52 | 2.41% | $65.14 | $94.71 | ||
≡ | GHM - Graham Corp. | 0.21 | Reduce 35.01% | 48,000 | $27.27 | $1,309,000 | $28.00 | 2.68% | $10.77 | $34.73 | |
≡ | WNC - Wabash National | 0.19 | Reduce 20.83% | 38,000 | $29.95 | $1,138,000 | $23.36 | -22.00% | $19.89 | $29.98 | |
≡ | PLOW - Douglas Dynamics | 0.17 | Buy | 44,000 | $24.11 | $1,061,000 | $23.56 | -2.28% | $21.35 | $34.27 | |
≡ | FA - First Advantage Corp | 0.15 | 57,000 | $16.23 | $925,000 | $16.80 | 3.51% | $10.90 | $17.49 |
* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
Sector % analysis
Financials | 16.90 | |
Industrials | 16.80 | |
Consumer Discretionary | 13.77 | |
Health Care | 12.24 | |
Information Technology | 8.28 | |
Services | 7.95 | |
Materials | 5.90 | |
Consumer Staples | 5.08 | |
Technology | 4.61 | |
Consumer Goods | 4.27 | |
Industrial Goods | 2.49 | |
Energy | 1.34 | |
Real Estate | 0.40 |
Articles & Commentaries
10 Dec 2016 Bob Olstein: Undervalued stocks to own now
23 Jun 2016 Bob Olstein on the mutual fund industry
02 Mar 2016 Olstein Value Fund 2015 Annual Report
09 Aug 2015 Bob Olstein on Wall Street Week
07 Aug 2015 Bob Olstein Is Heavily Bullish On GM and DDS
17 Jun 2015 Robert Olstein: Index mania misleading investors
01 Jun 2015 Olstein Value Fund Q1 2015 Commentary
28 May 2015 Is Boring Beautiful?
05 May 2015 5 unloved but cash rich stock picks
05 May 2015 Value in Turnaround Situations
10 Mar 2015 Olstein Funds Dec 31, 2014 Report
13 Jan 2015 Robert Olstein's 3 stock picks
20 Nov 2014 Olstein Value Fund Nov 14, 2014 Commentary
12 Nov 2014 Olstein's boring stock picks
27 Oct 2014 Robert Olstein: Amazon's cash flow not OK
05 Sep 2014 Olstein Funds Annual (Jun 30th) Report
03 Jul 2014 Robert Olstein on CNBC
06 Mar 2014 Olstein Funds Dec 31, 2013 Report
19 Dec 2013 Beating the Market, as a Reachable Goal
18 Nov 2013 Robert Olstein: Don't chase fad stocks
05 Sep 2013 Olstein Funds - June 30 Letter
18 Apr 2013 How to Unlock That Stashed Foreign Cash
04 Mar 2013 Olstein Value Fund - Q4 2012 Commentary