Mid - April 2021

(CL) Colgate-Palmolive
(MRK) Merck & Company, Inc.
(NJR) New Jersey Resources
(SJI) South Jersey Industries

For the
 Managing Editor: Kelley Wright
Hey gang. Not much movement to speak
of except for Fastenal (FAST), which has
Managing Editor Kelley Wright moved into the Rising Trends and is there-
Publisher Emerita Geraldine Weiss fore not eligible for the Timely Ten. Re-
member, the Rising Trends are the HOLD
27132B Paseo Espada area. Taking its place is Consolidated Water
Suite 1222 (CWCO), which has dipped back into the
San Juan Capistrano, CA 92675 Undervalue area.
t: 866.927.5250
f: 866.927.5251 As the Undervalued category remains on
the thin side, there are few new stocks to
Email: info@iqtrends.com present for your consideration. Mr. Mar-
ket has provided two Utilities we haven’t
looked at in a while, however, New Jersey
Resources (NJR) and South Jersey Indus-
tries, Inc (SJI). Rounding the Charts feature
Subscription Rates out are Colgate-Palmolive (CL), which
gets interesting at $66 or less, and Merck
Hardcopy Online (MRK), which starts to offer good value at
$71 or less.
Annual $350 $265
(24 issues / 2 per mo.)
1st of Month $275 $210
(1 issue per month) Colgate-Palmolive (CL): Colgate-Pal-
molive Co. is a leading global consumer
Six Month $220 $175 products company that sells its products
(2 issues per month) in more than 200 countries and territories.
The company operates in four categories: 1)
Quarterly $155 $115 Oral Care; 2) Personal Care; 3) Home Care;
(4 issues per year) and Pet Nutrition. The company’s oral care
products include toothbrushes, toothpaste
Trial $55 $45 and pharmaceutical products for oral health
(4 issues / 2 per mo.) professionals. CL’s personal care products
include bar and liquid soaps, shampoos,
2 Year $640 $480 conditioners, deodorants, antiperspirants,
(48 issues / 2 per mo.) and shave products. The home care business
produces major brands such as Palmolive
and Ajax soaps. The pet nutrition business
includes specialty pet nutrition products
Next Issue Mailing manufactured and marketed by Hill’s Pet
Nutrition. Compared to its closest competi-
May 5, 2021 tors, CL has a greater percentage of net sales
outside of the U.S. and must manage greater
risks such as changes in exchange rates for
Statistics and information within I.Q. Trends are foreign currencies, limits on imports/ex-
thoroughly researched and believed to be accurate. ports of raw materials or finished products
However, discrepancies may occur. Investors should and political and economic instability. CL
recheck critical data before making stock purchases. The has paid dividends since 1895 and has in-
security portfolios of our employees, officers, or affiliated
companies may, in some instances, include securities
creased dividends for 57 consecutive years,
mentioned in this issue. which is one of the longest streaks relative
to peers and the industry.
2 MID - APRIL 2021
Merck &
Company, Inc
(MRK): (MRK)
is a leading global drug maker, producing
a wide range of prescription drugs and
vaccines in many therapeutic areas. The
U.S. is MRK’s largest market, while Europe,
Middle East and Africa was the second larg-
est, followed by China. MRK’s top-selling
products include Keytruda; Januvia/Janu-
met; Gardasil; ProQuad; Isentress; Bridion;
Pneumovax; and Simponi. In addition to
human pharmaceuticals and vaccines, MRK
also has an Animal Health segment divid-
ed into Livestock and Companion animal
sub-segments. Animal Health develops
and markets pharmaceutical and vaccine
products for the prevention, treatment,
and control of disease in all major livestock
and companion animal species. Worldwide
total prescription drug sales are projected
to grow at a compound annual growth
rate of 7.5% during the 2020-2026 period,
according to forecasts and reach $1.4 trillion
dollars by 2026. A key driver of this growth
is the aging of developed populations,
especially in the U.S. as baby boomers age
into their prime years for health care needs.
Emerging markets will likely see material-
ly faster growth in prescription sales than
developed markets through 2026, however.
This is due to emerging market demand for
pharmaceuticals being spurred by rising
standards of living as global middle classes
expand and gain access to advanced health
care, and as these developing markets’ gov-
ernments increase their spending on health
care. MRK has paid dividends since 1935.
New Jersey
Resources (NJR):
NJR operates
in five reportable segments: Natural Gas
Distribution (regulated); Energy Services;
Clean Energy Ventures; Midstream and
Home Services; and Other. Natural Gas
Distribution delivers natural gas to residen-
tial, commercial and industrial customers.
Energy Services maintains and transacts
around a portfolio of physical assets consist-
ing of natural gas storage and transportation
contracts. Energy Services also provides
(Continued on page 18)
 Rank Previous Stock Tick ROIC FCFY PVR Dividend Payout Sector
Rank Symbol % % Yield Ratio

1 1 Altria Group MO 15% 6% 0.4% 6.72% 91% Staples

2 2 Philip Morris International PM 30% 5% 0.6% 5.29% 90% Staples
3 - Consolidated Water CWCO 6% 29% 0.8% 2.70% 60% Utilities
4 3 CVS Health Corp CVS 6% 9% 0.4% 2.70% 32% HealthCare
5 4 Omnicom Group OMC 11% 9% 0.6% 3.56% 61% Comm Svcs
6 5 Int’l Bus Machines IBM 6% 8% 0.9% 4.97% 54% Info Tech
7 6 Washington Federal WAFD 7% 6% 0.7% 2.99% 39% Financials
8 7 General Mills GIS 10% 5% 0.4% 3.36% 51% Staples
9 8 US Bancorp USB 8% 5% 0.8% 2.97% 48% Financials
10 9 M&T Bank MTB 11% 4% 0.7% 2.85% 30% Financials

For compliance and regulatory purposes, the staff at Investment Quality Trends will only answer questions of a general nature and are unable to provide specific buy/
sell recommendations or specific investment advice on an individual basis. For those interested in obtaining individual management services in accordance with our
approach, our sister company, IQ Trends Private Client Asset Management, is a Registered Investment Adviser. Among the services available are individual portfolio
consultations and active account management. Form ADV and other disclosure documents are available on request by contacting our office.

Investment Quality Trends provides a
significant amount of fundamental and
technical information and data on high-
quality, dividend-paying Blue Chip stocks.
The degree to which this information and
data is utilized by Subscribers depends on
their experience, sophistication, and level of
portfolio building expertise.
Because we follow such a wide variety of
companies that are dynamically moving
in price, along with a steady influx of new
Subscribers, we do not construct and maintain
model portfolios as it is impractical, if not
impossible, to construct and maintain model
portfolios to meet every Subscribers individual
investment objectives.
In January, 2000, we initiated The Lucky 13
portfolio to assist subscribers in establishing
a foundation for their investment portfolios.
In the Mid-August 2006 issue of Investment
Quality Trends, we initiated The Timely Ten
feature to compliment The Lucky 13.
Accordingly, whether you are looking to build
a portfolio from scratch, are partially invested
and looking to add new positions, or are fully
invested and merely in need of some affirma-
tion and hand holding, The Timely Ten rep-
resents our top ten recommendations from the
Undervalued category as of each issue. Short of
utilizing the personal investment management
services of our sister company, IQ Trends Pri-
vate Client Asset Management, this is as close
to real time advice you can get.
Traditionally we have suggested the following
criterions for Subscribers to consider in their
investment considerations:
• An S&P Dividends and Earnings Quality
Ranking of A- or better
• A “G” designation for outstanding long-
term annual dividend growth of 10% over
the last twelve years
• A price/earnings ratio (P/E) of 15 or less
• A payout ratio (percentage of earnings paid
out as a dividend) of 50% or less (75% for
Utilities)
• A debt level of 50% or less (75% for
Utilities)
Historically, Subscribers that have relied solely
on these criterions in their stock selection pro-
cess have been handsomely rewarded over time.
The only critique is that some stocks remain in
the Undervalued area for a significant amount
of time before they begin to demonstrate price
appreciation.
For the investor with a long-term investment
time-horizon this is not an issue, as they are
getting paid to wait from consistent divi-
dend payments and dividend increases. For
the investor with a shorter-term investment
time-horizon, the discipline and patience
required to let the full value of a company
be expressed in its stock price may prove too
difficult, and result in them abandoning this
time-proven strategy, which is unfortunate.
There are multifaceted explanations/reasons
for why a stock may remain in the Under-
(Continued on page 19)

MID - APRIL 2021 3

InvestmentOutlook
One Can No Longer Buy with Impunity
and Think That Risk No Longer Exists
“Facts are stubborn things, but statistics are more pliable.”
“Get your facts first, and then you can distort them as much
as you please.”
– Mark Twain
Having learned recently that the word “in-
frastructure” covers so many more things
than I ever thought possible, the above
quotes came to mind, and Heaven knows I
could not resist sharing.
***
“Sometimes I sits and think and sometimes
I just sit,” goes the old colloquialism. Sitting
is not easy for investors because activity has
been so ingrained into the investing culture.
According to the legendary trader Jesse
Livermore, however, sitting is when the
money is made. As an aside, the book Rem-
iniscences of a Stock Operator, which is
4 MID - APRIL 2021
ostensibly about Jesse Livermore, is still one
of the best investment books ever written.
Activity does not necessarily translate into
profits, especially when good value is not
readily available. I know, this flies in the face
of the conventional wisdom that every cent
must always be at work in one way or anoth-
er, but making money sometimes means not
losing money by taking unnecessary risks.
For this reason, we stick to simple concepts
like quality and value because the results are
consistent. True, buying quality without val-
ue is not necessarily going to do permanent
harm to your portfolio, but the probability
is that it will extend the time required
for realizing your financial goals
and aspirations. Buying
quality at historic good
value, however, does
perform
consistently, despite general market condi-
tions.
Although the data tables of IQ Trends are
loaded with quality, it is not a secret that
a scarce few Select Blue Chips currently
represent good values. Truth be told, our
Undervalued category is approaching levels
not seen since the Tech Wreck/Dot-Com
Era, which, by the way, remained stubbornly
thin until just prior to the Financial Crisis.
While we have realized strong performance
on the broad newsletter level, and in our
Lucky 13 and Timely Ten Portfolios, it is
no secret we haven’t been wild about this
market from a valuation perspective for an
extended period. Has money been made?
You bet, but this has not been a period of
real wealth creation. There has been P/E
expansion because trees grow to the sky and
then some, but expanding P/E’s just reflects
rising prices, not growth.
Given the degree of
complacency, dare I say
hubris, that risk no longer
exists, that one can buy
with impunity regardless of
valuation, is just begging a
response from the mar-
ket gods to dispose the
unwashed of those and any
other notions that must in-
evitably be dispelled, if, of
course, their intentions are
to be market participants
for the long-haul and not
just because it is currently
the thing de jour, because
that is what inevitably
happens.
Continued from page 4
InvestmentOutlook
Having experienced more than a few late market cycles in my tenure, I
anticipate there will be some periods of volatility that will no doubt shake
the less resilient from their positions, which will set the stage for the final
push up to the ultimate top. How long it takes to reach that top is any-
one’s guess, but my thought now is that it will be some time in the latter
part of Q1 in the next year.
To that end the whiff of change is in the air.
Sure, it is early in the process, and the pro-
cess will drag out as long as the market can
possibly extend it, but Mr. Market will have
his day of reckoning at a time and place of
his choosing.
There is some interesting rotation taking
place in various sectors of the market, more
specifically in the interest rate sensitive
issues. Whether inflation, in the classic
definition thereof, is really starting to
embed remains to be seen. Is there inflation
in certain areas though? You bet, big time.
Is there too much money chasing real estate
for instance? How much is too much? There
is plenty of empirical evidence that real
estate, in some markets anyways, is in panic
buying mode as the prices being paid are
irrational.
A real estate broker friend of mine shared
with me that no less than seven houses he
listed recently received over twenty-five
offers in the first few hours they were on the
market, and each of them sold within 48
hours for more than $100,000 the original
asking price. This is in San Clemente folks,
not the tonier areas of Laguna Beach or
Newport Beach.
There are lots of statistics around that have
some pretty smart people convinced that
much of the above is transitory. In my
mind that is not an argument worth having
because you do not have be an economist
to recognize the disparity between the sta-
tistics released by the government and the
evidence we see daily at the cash register.
Depending on whom you are listening to we
are on the road to hyper-inflation, deflation,
disinflation, or annihilation. Are wages up
or down? Is unemployment rising or falling?
What about underemployment? The truth
Yields To Watch
The dividend-yields indicating the Undervalue
area have been established over multiple mar-
ket-cycles. Although these lowprice / high-yield
instances are repetitive, they are neither abso-
lute nor inviolate. In fact, a range of 10% above
and below Undervalue is normal behavior. For
various reasons though, stocks will occasionally
exceed this 10% range.
Typically this is a transitory event as abnor-
mally high-yields will attract sufficient buying
interest to return dividend-yields to lon-
gestablished norms. On those occasions when
a dividend-yield deviates 30% or more from
Undervalue, however, IQ Trends will highlight
those stocks in this space so Subscribers can
of the matter is consciously or not, we all make note of the abnormal behavior.
have a predisposition to our core beliefs.
This is to say we are all biased and being CVS Health Corp CVS
intelligent people, we can find all the evi- Omnicom Group OMC
dence we need to confirm that which we Trinity Industries TRN
believe in our heart of hearts.
Unum Corp UNM
At IQ Trends we have a process and a Weyco Group WEYS
methodology that has worked consistently
in all kinds of market cycles for fifty plus
years. Accordingly, when there are few
stocks to choose from in the Undervalued
category, there are twice as many in the
Overvalued category, and the dividend
yield on the Dow Industrials is at, or
below its historically repetitive low-yield
area, we know the market is in the latter
part of its cycle and the environment is
not conducive for the level of returns
available in the early part of its cycle. This
is to say we go with what we know. So do
other investors, and it looks as if fixed
income investors are making some bets
with their pocketbooks because prices
are declining, and interest rates on fixed
income are rising.
Having experienced more than a few late
market cycles in my tenure, I anticipate
there will be some periods of volatility
that will no doubt shake the less resilient
from their positions, which will set the
stage for the final push up to the ultimate
top. How long it takes to reach that top
is anyone’s guess, but my thought now is
that it will be some time in the latter part
of Q1 in the next year.
That is all, now soldier on.
MID - APRIL 2021 5
 6
Colgate-Palmolive Company (CL)

CURRENT
Quality Rank: B+
Price: 79.73 Yield: 2.3%
Shares Outstg (M): 847520
Inst Own: 78% OVERVALUE
Div Paid Since: 1895 Price: 90.00 Pts Up: 10.27
Profit Margin: 16.36% Yield: 2.00% % Up: 12.9%
TTM Earnings: $3.16
P/E Ratio: 25.23 UNDERVALUE
Book Value: 0.87 Price: 60.00 Pts Dn: 19.73
Div Payout: 57% Yield: 3.00% Dn: 24.7%

MID - APRIL 2021

DIV $1.14 $1.22 $1.33 $1.42 $1.50 $1.55 $1.59 $1.66 $1.71 $1.75 $1.80
EPS $2.47 $2.57 $2.38 $2.36 $2.71 $2.72 $2.28 $2.75 $2.75 $3.14 $3.16
 Merck & Company, Inc. (MRK)

Quality Rank: B+ CURRENT

Shares Outstg (M): 253130 Price: 76.43 Yield: 3.4%
Inst Own: 77%
Div Paid Since: 1935 OVERVALUE
Profit Margin: 14.72% Price: 110.64 Pts Up: 34.21
TTM Earnings: $4.12 Yield: 2.35% % Up: 44.8%
P/E Ratio: 18.55
UNDERVALUE
Book Value: 10.00
Price: 65.00 Pts Dn: 11.43
Div Payout: 63%
Yield: 4.00% Dn: 15.0%

MID - APRIL 2021

DIV $1.52 $1.68 $1.72 $1.76 $1.80 $1.84 $1.88 $1.92 $2.20 $2.44 $2.60
EPS $2.02 $2.00 $1.47 $4.07 $1.56 $1.41 $0.87 $2.32 $3.81 $2.78 $4.12

7
 Dow Jones Industrial Average
An Illuminating Concept
When all other factors which rate analytical consideration have been digested, the underlying value of dividends, which determines yield,
will in the long run also determine price. The key to value, therefore, lies in yield as reflected by the dividend trend. Individual stock prices
fluctuate between repetitive extremes of high dividend yield and low dividend yield. These recurring extremes of yield establish Undervalue
and Overvalue price levels. When a dividend is raised, the Undervalue and Overvalue price levels are raised automatically so they will
continue to reflect the historically established yield extremes.

Each stock has its own distinctive high and low yield characteristics and must be evaluated individually.

DIV $287.09 $317.91 $350.97 $360.10 $388.90 $439.66 $477.98 $521.25 $566.57 $635.06 $589.77 $596.01

CURRENT POTENTIAL TO OVERVALUE POTENTIAL TO UNDERVALUE

DOW JONES Price Ann Div Div Yield Pts Up % Up High Price Low Yield Pts Dwn % Dwn Low Price High Yield
INDUSTRIAL
AVERAGE 33,067 $595.87 1.80% -3,273 -9.90% 29,794 2.00% 18,170 54.95% 14,897 4.00%

CURRENT POTENTIAL TO OVERVALUE POTENTIAL TO UNDERVALUE

DOW JONES Price Ann Div Div Yield Pts Up % Up High Price Low Yield Pts Dwn % Dwn Low Price High Yield
UTILITY
AVERAGE 874 $27.55 3.15% 44 5.01% 918 3.00% 415 47.49% 459 6.00%

8 MID - APRIL 2021

Criteria for Select Blue Chips Select Blue Chip Summary
80% of Undervalued stocks coincide
The IQ Trends register of Select Blue Chips 1. Dividend increases 5 times in the last
with historic market bottoms. 17% of
is an elite representation of the highest 12 years
Undervalued stocks coincide with historic
quality and most prosperous corporations 2. S&P Quality Ranking in the “A” category
market tops.
in the country. According to our method, a 3. At least 5,000,000 shares outstanding
stock will achieve the designation of Select 4. At least 80 institutional investors
Blue Chip after it has met at least 5 of the 5. At least 25 years of uninterrupted U - Undervalued (Buying Area)
6 following qualifications and may remain dividends Dividend yield is historically high and
with 4 criterions: 6. Earnings improved in at least 7 of price is attractively low. Bargain buys.
the last 12 years
O - Overvalued (Selling Area)
Dividend yield is historically low and
price is unattractively high. A sale should
Category Stocks Percent be considered in this area.

R - Rising Trends
Stocks have moved at least 10% above
Undervalued Stocks.................................... 31 11.6% Undervalue and should be held until price
is at or near Overvalue.
Overvalued Stocks....................................... 89 33.2%
D - Declining Trends
Rising Trends.................................................. 100 37.3% Stocks have declined at least 10% from
Overvalue and should be avoided until
Declining Trends........................................... 48 17.9% price is at or near Undervalue

Total................................................................... 268 100%

To the right of the company name, the
capital “G” denotes a remarkable 10%
average annual dividend growth over the
past 12 years. The small case “g” meets
Blue Chip Info Notes the 10%/12 year test, but the 3 and 5 year
trends do not.
Morgan Stanley (MS) has completed its acquisition of Eaton Vance (EV), therefore EV has
been removed from the roster.

This has been a difficult period for Team Wright, and as such I
haven’t had the time to complete the template for the Wright Now
videos I want to do on Friday evenings as a weekly wrap up in the
market.

There is hope on the horizon, however, that I will be freed up to

bring this effort to fruition in the next few weeks. I appreciate
all the inquires and interest for this project, which confirms to
me that there is an appetite among Trendphiles for this type of
content. Additionally, I intend to complete the preparations for the live webinar on the
Timely Ten as well.

We will notify you by email and in the newsletter how to sign up when it is ready to go.
Thank you for your patience and understanding.

MID - APRIL 2021 9

 10
New Jersey Resources Corporation (NJR)

Quality Rank: A
Shares Outstg (M): 96250
Inst Own: 67%
Div Paid Since: 1951
Profit Margin: 11.11%
TTM Earnings: $1.93
P/E Ratio: 21.11
Book Value: 17.13
Div Payout: 69%

CURRENT
Price: 40.74 Yield: 3.3%

OVERVALUE
Price: 63.33 Pts Up: 22.59
Yield: 2.10% % Up: 55.4%

UNDERVALUE
Price: 38.00 Pts Dn: 2.74
Yield: 3.50% Dn: 6.7%

MID - APRIL 2021

DIV $0.72 $0.77 $0.81 $0.86 $0.92 $0.98 $1.04 $1.11 $1.19 $1.27 $1.33
EPS $1.22 $1.12 $1.37 $1.67 $2.10 $1.52 $1.52 $2.64 $1.89 $2.04 $1.93
 South Jersey Industries, Inc. (SJI)

Quality Rank: B+ CURRENT

Shares Outstg (M): 101030 Price: 24.27 Yield: 5.0%
Inst Own: 84%
OVERVALUE
Div Paid Since: 1952
Price: 41.72 Pts Up: 17.45
Profit Margin: 10.19%
Yield: 2.90% % Up: 71.9%
TTM Earnings: $1.66
P/E Ratio: 14.62 UNDERVALUE
Book Value: 16.51 Price: 25.21 Pts Dn: -0.94
Div Payout: 73% Yield: 4.80% Dn: -3.9%

MID - APRIL 2021

DIV $0.75 $0.82 $0.90 $0.96 $1.02 $1.07 $1.10 $1.13 $1.16 $1.19 $1.21
EPS $1.50 $1.50 $1.29 $1.47 $1.53 $1.56 $-0.04 $0.21 $0.84 $1.62 $1.66

11
 Undervalued: Buying Area
These stocks have declined sufficiently in price to reach their individual repetitive area of high dividend yield. A further decline in price is minimized as this would result in an
abnormally high dividend yield. Buying consideration should be given to stocks in this area after careful examination of the other statistics listed.
52 52

Pts % Undervalue Pts % Overvalue wk wk Bk 12-Mo Pay L/T

STOCK Price Dividend Yield Dn Down LoPr/HiYld Up Up HiPr/LoYld S&P Lo Hi Val Earn P/E out Debt BC Tic

3M Company g U 196 5.92 3.01% -1 0% 197 3.00% 152 77% 348 1.70% A 131 199 22 9.09 22 65% 141% 6 MMM
AbbVie Inc. g U 108 5.20 4.81% -7 -7% 116 4.50% 108 100% 217 2.40% NR 79 113 7 3.45 31 151% 593% 5 ABBV
Altria Group GU 51 3.44 6.72% 2 4% 49 7.00% 35 68% 86 4.00% B+ 35 53 2 3.76 14 91% 985% 6 MO
Cardinal Health Inc g U 60 1.94 3.23% -15 -24% 75 2.60% 79 131% 139 1.40% B+ 45 63 6 7.46 8 26% 378% 5 CAH
Cass Info Systems GU 46 1.08 2.36% -3 -7% 49 2.20% 44 97% 90 1.20% A 31 49 18 1.73 26 63% 0% 6 CASS
Coca-Cola U 53 1.68 3.16% -3 -5% 56 3.00% 157 296% 210 0.80% B+ 43 55 4 1.80 29 93% 208% 5 KO
Comerica Incorporated GU 71 2.72 3.85% 4 6% 66 4.10% 177 250% 247 1.10% A- 26 74 58 3.39 21 80% 36% 5 CMA
Consolidated Water U 13 0.34 2.70% 0 -4% 13 2.60% 25 200% 38 0.90% B+ 10 17 11 0.56 22 60% 0% 4 CWCO
CVS Health Corporation g U 74 2.00 2.70% -69 -93% 143 1.40% 259 350% 333 0.60% A 55 77 53 6.33 12 32% 85% 6 CVS
DOW Inc. U 63 2.80 4.42% 0 -1% 64 4.40% 37 58% 100 2.80% NR 30 67 17 2.96 21 95% 133% 4 DOW
Fulton Financial GU 17 0.56 3.32% 0 2% 16 3.40% 9 51% 25 2.20% A 9 18 16 1.33 13 42% 29% 6 FULT
General Mills U 61 2.04 3.36% 6 9% 55 3.70% 32 53% 93 2.20% A 54 66 13 4.00 15 51% 136% 6 GIS
GlaxoSmithKline Plc U 36 2.11 5.86% 3 7% 34 6.30% 12 33% 48 4.40% NR 33 43 6 2.24 16 94% 161% 5 GSK
Hasbro Inc. GU 99 2.72 2.75% -6 -6% 105 2.60% 241 244% 340 0.80% B+ 60 101 21 2.70 37 101% 161% 5 HAS
IBM g U 131 6.52 4.97% -32 -24% 163 4.00% 370 282% 502 1.30% A- 106 137 23 12.06 11 54% 264% 6 IBM
Kellogg Company U 63 2.28 3.61% 3 5% 60 3.80% 64 101% 127 1.80% B+ 57 73 9 3.86 16 59% 217% 5 K
M&T Bank U 155 4.40 2.85% -3 -2% 157 2.80% 104 68% 259 1.70% A- 85 165 126 14.74 10 30% 27% 5 MTB
New Jersey Res U 41 1.33 3.26% 3 7% 38 3.50% 23 55% 63 2.10% A 26 43 17 1.93 21 69% 137% 5 NJR
Omnicom Group g U 79 2.80 3.56% -49 -62% 127 2.20% 201 256% 280 1.00% A+ 45 79 14 4.63 17 61% 191% 6 OMC
ONEOK, Inc GU 51 3.74 7.32% -6 -11% 57 6.60% 62 122% 113 3.30% A- 23 52 14 2.34 22 160% 236% 5 OKE
Pfizer Inc U 37 1.56 4.20% 1 2% 36 4.30% 17 45% 54 2.90% A- 30 43 11 1.53 24 102% 59% 6 PFE
Philip Morris Intl Inc. U 91 4.80 5.29% -5 -6% 96 5.00% 69 76% 160 3.00% B+ 67 92 -8 5.32 17 90% NR 5 PM
PPL Corporation U 29 1.66 5.78% 3 10% 26 6.40% 15 52% 44 3.80% B+ 24 31 17 1.97 15 84% 161% 5 PPL
South Jersey Industries U 24 1.21 4.99% -1 -4% 25 4.80% 17 72% 42 2.90% B+ 18 30 17 1.66 15 73% 167% 5 SJI
Trinity Industries Inc GU 29 0.84 2.95% -14 -47% 42 2.00% 92 321% 120 0.70% B+ 15 34 16 0.19 148 437% 289% 5 TRN
U.S. Bancorp GU 57 1.68 2.97% 1 1% 56 3.00% 42 75% 99 1.70% A 28 58 35 3.48 16 48% 75% 6 USB
Unum Group GU 28 1.14 4.02% -10 -34% 38 3.00% 75 266% 104 1.10% A- 13 30 53 4.03 7 28% 31% 4 UNM
VSE Corp GU 42 0.36 0.85% 2 6% 40 0.90% 48 112% 90 0.40% B+ 15 44 32 1.86 23 19% 65% 5 VSEC
Walgreen Boots Alliance g U 55 1.87 3.42% -12 -22% 67 2.80% 213 389% 267 0.70% B+ 33 57 24 2.10 26 89% 64% 6 WBA
Washington Federal, Inc. GU 31 0.92 2.99% 0 0% 31 3.00% 27 87% 58 1.60% A 20 34 27 2.36 13 39% 0% 6 WAFD
Weyco Group U 22 0.96 4.33% -8 -35% 30 3.20% 58 261% 80 1.20% A- 15 25 19 -0.09 -240 ##### 0% 5 WEYS

Blue highlight indicates a category change Bolded Indicate a recent earnings increase Italicized Indicate a recent dividend reduction
within the past two issues. Earnings Dividends
Capital “G” denotes a remarkable 10%
Italicized
Yellow highlight indicates a new arrival to
Earnings
Indicate a recent earnings decrease G average annual dividend growth over the
the category. past 12 years.
Bolded Lower case “g” meets the 10% / 12 yr.
Symbol indicates Dividend In Danger Dividends
Indicate a recent dividend increase g test, but the 3 and 5 year trends do not.

12 MID - APRIL 2021

Rising Trends: Hold Area
Stocks that have moved at least 10% from the Undervalued category are automatically placed into the Rising Trends category. These stocks are moving UP toward the
Overvalued area. As long as the upward trends remain intact, the investor should retain these securities. When the uptrends finally end, usually in the Overvalued area, a
decision to preserve profits and capital must then be made. Downside risk expands as the Overvalued area is approached.
52 52
Pts % Undervalue Pts % Overvalue wk wk Bk 12-Mo Pay L/T
STOCK Price Dividend Yield Dn Down LoPr/HiYld Up Up HiPr/LoYld S&P Lo Hi Val Earn P/E out Debt BC Tic

AFLAC R 52 1.32 2.52% 19 37% 33 4.00% 17 33% 69 1.90% A- 30 53 48 6.69 8 20% 23% 6 AFL
Air Products & Chem GR 285 6.00 2.10% 103 36% 182 3.30% 90 32% 375 1.60% A 205 328 55 8.41 34 71% 62% 6 APD
Alamo Group Inc. R 158 0.56 0.36% 95 61% 62 0.90% 29 18% 187 0.30% A- 82 165 53 4.78 33 12% 43% 5 ALG
American Express g R 146 1.72 1.18% 50 35% 96 1.80% 26 18% 172 1.00% A- 76 151 29 5.47 27 31% 187% 6 AXP
American Financial Group GR 118 2.00 1.69% 61 52% 57 3.50% 42 35% 160 1.25% B+ 50 121 79 8.41 14 24% 29% 4 AFG
Ametek GR 132 0.80 0.61% 52 39% 80 1.00% 28 21% 160 0.50% A 73 133 26 3.22 41 25% 38% 6 AME
Apogee Enterprises, Inc R 36 0.80 2.22% 17 47% 19 4.20% 78 217% 114 0.70% B+ 16 43 19 2.82 13 28% 33% 4 APOG
Archer Daniels Midland R 58 1.48 2.56% 9 15% 49 3.00% 90 156% 148 1.00% B+ 33 59 36 3.54 16 42% 39% 5 ADM
Automatic Data GR 192 3.72 1.94% 89 46% 103 3.60% 34 17% 225 1.65% A 127 194 13 6.10 31 61% 17% 6 ADP
Avista Corp R 47 1.69 3.56% 17 35% 31 5.50% 33 69% 80 2.10% A- 32 49 29 1.90 25 89% 104% 6 AVA
Balchem Corporation GR 122 0.58 0.47% 54 44% 68 0.85% 23 19% 145 0.40% A- 80 133 26 2.68 46 22% 20% 6 BCPC
Bank of Hawaii R 90 2.68 2.99% 38 43% 51 5.25% 30 33% 119 2.25% A- 49 99 34 4.05 22 66% 1% 6 BOH
Bank of Montreal R 91 3.37 3.71% 19 21% 72 4.70% 39 43% 130 2.60% A 43 92 88 10.62 9 32% 57% 6 BMO
Bank of New York Mellon GR 48 1.24 2.57% 11 22% 38 3.30% 55 114% 103 1.20% A 31 49 52 3.86 13 32% 57% 6 BK
Bank of Nova Scotia R 62 2.88 4.65% 11 17% 51 5.60% 25 41% 87 3.30% A- 35 64 56 7.84 8 37% 16% 6 BNS
Black Hills Corpration R 69 2.26 3.29% 18 27% 50 4.50% 22 32% 90 2.50% B+ 52 70 41 3.75 18 60% 138% 5 BKH
BP Plc R 25 1.26 5.12% 6 22% 19 6.60% 17 71% 42 3.00% NR 15 29 21 0.13 192 982% 99% 5 BP
Charles Schwab Corporation G R 67 0.72 1.08% 34 51% 33 2.20% 36 54% 103 0.70% A 32 69 30 2.32 29 31% 24% 6 SCHW
Cintas Corp GR 355 3.00 0.84% 235 66% 120 2.50% 245 69% 600 0.50% A+ 186 369 31 9.36 38 32% 79% 6 CTAS
Community Trust Banc R 45 1.54 3.45% 17 37% 28 5.50% 17 38% 62 2.50% A 26 48 37 3.35 13 46% 9% 6 CTBI
Crane Co. R 94 1.72 1.82% 41 43% 54 3.20% 29 30% 123 1.40% B+ 44 96 26 5.04 19 34% 55% 5 CR
Cullen/Frost Bankers, Inc. R 109 2.88 2.64% 49 45% 60 4.80% 28 26% 137 2.10% A 56 120 68 5.09 21 57% 5% 6 CFR
Cummins Inc. g R 260 5.40 2.07% 102 39% 159 3.40% 415 159% 675 0.80% B+ 141 277 55 12.15 21 44% 45% 5 CMI
Duke Energy Corporation R 99 3.86 3.92% 21 22% 77 5.00% 12 12% 110 3.50% A- 78 99 62 2.74 36 141% 116% 5 DUK
Eastman Chemical Company G R 113 2.76 2.45% 34 30% 79 3.50% 71 63% 184 1.50% B+ 50 119 44 4.66 24 59% 87% 5 EMN
Eaton Corp Plc g R 140 3.04 2.17% 53 38% 87 3.50% 39 28% 179 1.70% A 71 143 38 3.97 35 77% 47% 6 ETN
Erie Indemnity Company R 223 4.14 1.86% 96 43% 127 3.25% 73 33% 296 1.40% A- 153 267 23 5.07 44 82% 8% 5 ERIE
Expeditors Int'l of Washington g R 109 1.04 0.95% 48 44% 61 1.70% 39 36% 149 0.70% A 68 111 16 4.08 27 26% 0% 6 EXPD
Fastenal Company GR 50 1.12 2.24% 5 10% 45 2.50% 74 149% 124 0.90% A+ 33 52 5 1.50 33 74% 13% 6 FAST
Fifth Third Bancorp GR 38 1.08 2.83% 11 29% 27 4.00% 13 35% 51 2.10% A- 14 40 32 3.08 12 35% 64% 5 FITB
First Merchants Corp GR 46 1.04 2.26% 6 13% 40 2.60% 23 51% 69 1.50% B+ 21 51 35 3.35 14 31% 6% 5 FRME
Franklin Electric Company, Inc R 80 0.70 0.88% 39 48% 41 1.70% 28 35% 108 0.65% A- 43 83 18 2.18 37 32% 11% 5 FELE
General Dynamics GR 182 4.76 2.61% 46 25% 136 3.50% 115 63% 298 1.60% A+ 122 186 55 11.00 17 43% 65% 6 GD
Grainger, WW g R 400 6.12 1.53% 196 49% 204 3.00% 71 18% 471 1.30% A 256 428 35 16.33 25 37% 131% 6 GWW
HNI Corporation R 40 1.22 3.08% 19 47% 21 5.80% 28 71% 68 1.80% A- 19 44 14 1.68 24 72% 30% 5 HNI
Home Depot GR 320 6.60 2.06% 93 29% 228 2.90% 340 106% 660 1.00% A+ 197 321 3 13.33 24 50% 1086% 6 HD
Hormel Foods GR 47 0.98 2.10% 10 22% 36 2.70% 19 40% 65 1.50% A+ 43 53 12 1.62 29 60% 16% 6 HRL
IDACORP, Inc R 99 2.84 2.86% 18 18% 81 3.50% 27 27% 126 2.25% A 79 103 51 4.71 21 60% 78% 6 IDA
Illinois Tool Works GR 221 4.56 2.06% 98 44% 123 3.70% 47 21% 268 1.70% A 148 229 10 6.62 33 69% 244% 6 ITW
Imperial Oil Ltd R 25 0.70 2.78% 7 27% 18 3.80% 75 297% 100 0.70% A+ 11 26 29 -2.74 -9 -26% 23% 6 IMO
KeyCorp GR 20 0.74 3.61% 4 18% 17 4.40% 32 158% 53 1.40% B+ 9 22 18 1.25 16 59% 76% 5 KEY
L3 Harris Technologies R 209 4.08 1.95% 73 35% 136 3.00% 374 179% 583 0.70% A- 158 210 100 8.91 23 46% 33% 6 LHX
Leggett & Platt Inc R 47 1.60 3.40% 11 23% 36 4.40% 20 41% 67 2.40% A- 24 50 10 1.88 25 85% 133% 6 LEG
Life Storage, Inc g R 91 2.96 3.27% 39 44% 51 5.80% 15 17% 106 2.80% A 55 90 21 5.63 16 53% 92% 6 LSI
Lincoln National Corporation G R 63 1.68 2.67% 13 21% 49 3.40% 62 98% 124 1.35% B+ 27 67 118 2.46 26 68% 29% 5 LNC
McCormick & Co. GR 88 1.36 1.55% 48 55% 40 3.40% 17 19% 105 1.30% A 75 106 15 2.94 30 46% 96% 6 MKC
McKesson Corp GR 189 1.68 0.89% 49 26% 140 1.20% 231 122% 420 0.40% B+ 126 198 31 3.35 56 50% 124% 5 MCK
MDU Resources Group, Inc R 32 0.85 2.64% 15 46% 18 4.85% 10 32% 43 2.00% B+ 19 32 15 1.95 17 44% 72% 4 MDU
Medtronic Plc g R 124 2.32 1.88% 46 37% 77 3.00% 13 10% 136 1.70% B+ 88 122 38 2.80 44 83% 43% 5 MDT
Merck & Company, Inc R 76 2.60 3.40% 11 15% 65 4.00% 34 45% 111 2.35% B+ 72 88 10 4.12 19 63% 100% 5 MRK
Morgan Stanley GR 80 1.40 1.76% 40 50% 39 3.55% 17 21% 97 1.45% B+ 36 87 56 6.44 12 22% 213% 5 MS
National Retail Properties, Inc R 45 2.08 4.61% 18 41% 27 7.75% 18 40% 63 3.30% A 26 46 25 2.70 17 77% 75% 6 NNN
Northern Trust GR 109 2.80 2.57% 26 24% 82 3.40% 56 51% 165 1.70% A- 67 110 56 5.46 20 51% 39% 6 NTRS
Peoples Bancorp Inc R 33 1.40 4.19% 5 16% 28 5.00% 17 49% 50 2.80% B+ 18 37 30 3.24 10 43% 1% 5 PEBO
People's United Financial, Inc. R 18 0.72 4.01% 4 21% 14 5.10% 3 18% 21 3.40% A 10 19 18 1.21 15 60% 13% 6 PBCT
PepsiCo Inc R 143 4.09 2.86% 15 11% 128 3.20% 98 68% 241 1.70% B+ 127 149 10 6.22 23 66% 300% 5 PEP
PNC Fin'l Svcs Group GR 178 4.60 2.59% 29 16% 148 3.10% 52 29% 230 2.00% A 89 184 127 11.60 15 40% 62% 6 PNC
Polaris Industries g R 143 2.52 1.76% 59 41% 84 3.00% 25 17% 168 1.50% A- 53 142 18 5.81 25 43% 114% 6 PII
PPG Industries, Inc R 151 2.16 1.43% 122 81% 29 7.50% 29 19% 180 1.20% A- 81 157 24 5.52 27 39% 91% 6 PPG
Public Storage g R 267 8.00 3.00% 89 33% 178 4.50% 41 15% 308 2.60% A- 172 261 49 9.80 27 82% 33% 5 PSA
Raymond James Fncl GR 127 1.56 1.23% 40 32% 87
(Continued
1.80% 46
on37%
page 16)
173 0.90% A+ 57 130 52 7.88 16 20% 41% 6 RJF
Raytheon Technologies Corp R 78 1.90 2.45% 27 35% 51 3.75% 49 63% 127 1.50% A- 51 80 47 -0.33 -239 -583% 43% 6 RTX
Regions Financial CorporationG R 21 0.62 2.98% 5 22% 16 3.80% 20 98% 41 1.50% B+ 8 23 19 1.10 19 57% 20% 5 RF
MID - APRIL 2021 13
Reliance Steel & Aluminum Co G R 154 2.75 1.78% 35 23% 120 2.30% 239 155% 393 0.70% A- 80 159 80 7.47 21 37% 32% 5 RS
 Declining Trends: Heading Towards Undervalue
Stocks that have moved at least 10% from the Overvalued category are automatically placed into the Declining Trends category. These stocks are moving DOWN toward the
Undervalued area. The investor holding these declining stocks should expect shrinking prices until a turnaround takes place, usually in the Undervalued area. The investor
looking for investment opportunities should avoid these stocks until their declining trends are concluded.
52 52
Pts % Undervalue Pts % Overvalue wk wk Bk 12-Mo Pay L/T
STOCK Price Dividend Yield Dn Down LoPr/HiYld Up Up HiPr/LoYld S&P Lo Hi Val Earn P/E out Debt BC Tic

ALLETE Inc. D 70 2.52 3.62% 28 40% 42 6.00% 27 39% 97 2.60% A- 48 73 44 3.35 21 75% 69% 6 ALE
Allstate Corporation GD 119 3.24 2.72% 34 28% 85 3.80% 83 70% 203 1.60% B+ 85 120 99 20.54 6 16% 26% 5 ALL
American Electric Power D 87 2.96 3.41% 43 50% 44 6.80% 12 14% 99 3.00% B+ 75 94 41 4.33 20 68% 142% 5 AEP
American States Water D 79 1.34 1.70% 42 54% 36 3.70% 17 22% 96 1.40% A 69 91 17 2.33 34 58% 90% 6 AWR
Atmos Energy D 99 2.50 2.52% 61 62% 38 6.60% 32 33% 132 1.90% A 85 111 54 5.04 20 50% 67% 6 ATO
Ball Corp GD 91 0.60 0.66% 51 56% 40 1.50% 9 10% 100 0.60% A- 60 103 10 2.34 39 26% 238% 6 BLL
Barnes Group D 50 0.64 1.27% 40 79% 10 6.20% 30 59% 80 0.80% B+ 31 58 27 1.50 33 43% 51% 5 B
Cal Water Service D 59 0.92 1.56% 35 59% 24 3.80% 7 12% 66 1.40% A- 41 61 18 -0.16 -376 -587% 85% 6 CWT
Carlisle Companies GD 172 2.10 1.22% 113 66% 58 3.60% 19 11% 191 1.10% A 98 173 48 6.38 27 33% 82% 6 CSL
Cincinn Financial D 105 2.52 2.39% 67 64% 38 6.60% 15 14% 120 2.10% B+ 46 109 67 8.26 13 31% 8% 5 CINF
Colgate-Palmolive D 80 1.80 2.26% 20 25% 60 3.00% 10 13% 90 2.00% B+ 66 86 1 3.16 25 57% 987% 5 CL
Con Edison D 76 3.10 4.09% 28 37% 48 6.50% 21 28% 97 3.20% B+ 66 90 55 3.29 23 94% 108% 4 ED
Curtiss-Wright D 124 0.68 0.55% 76 61% 49 1.40% 46 37% 170 0.40% A 82 126 44 15.24 8 4% 54% 6 CW
Danaher Corporation g D 243 0.84 0.35% 154 64% 88 0.95% 37 15% 280 0.30% A- 147 249 56 4.35 56 19% 53% 5 DHR
Essex Property Trust, Inc. D 286 8.36 2.92% 156 54% 131 6.40% 62 22% 348 2.40% A- 186 295 92 5.55 52 151% 104% 6 ESS
Evergy Inc. D 61 2.14 3.50% 34 56% 27 8.00% 18 30% 79 2.70% A- 49 65 39 2.97 21 72% 106% 6 EVRG
Federal REIT D 106 4.24 4.00% 47 44% 59 7.20% 87 82% 193 2.20% A- 64 111 32 3.08 34 138% 177% 6 FRT
Gorman Rupp D 33 0.62 1.86% 12 36% 21 2.90% 11 33% 44 1.40% B+ 25 37 12 0.97 35 64% 0% 5 GRC
Harley-Davidson, Inc. g D 41 0.60 1.46% 28 67% 13 4.50% 5 13% 46 1.30% A- 17 43 11 0.63 65 96% 344% 5 HOG
HEICO Corp GD 132 0.16 0.12% 109 83% 23 0.70% 28 21% 160 0.10% A 74 141 15 1.91 69 8% 37% 6 HEI
Henry (Jack) GD 156 1.84 1.18% 48 31% 108 1.70% 49 31% 204 0.90% A 142 201 20 3.96 39 46% 0% 6 JKHY
International Paper Company g D 55 2.05 3.71% 31 56% 24 8.50% 18 32% 73 2.80% B+ 30 57 20 2.60 21 79% 103% 5 IP
Int'l Flav & Frag g D 141 3.08 2.19% 64 45% 77 4.00% 52 37% 193 1.60% A- 100 143 59 4.41 32 70% 60% 6 IFF
Johnson & Johnson D 159 4.04 2.53% 53 33% 106 3.80% 16 10% 176 2.30% A- 135 174 24 6.71 24 60% 52% 6 JNJ
Kimberly-Clark D 137 4.56 3.32% 46 34% 91 5.00% 38 28% 175 2.60% B+ 128 160 2 8.12 17 56% 1263% 5 KMB
Lancaster Colony Corp D 180 3.00 1.67% 113 63% 67 4.50% 51 28% 231 1.30% B+ 130 188 28 4.91 37 61% 0% 5 LANC
Lincoln Electric Hldgs GD 120 2.04 1.70% 67 55% 54 3.80% 25 21% 146 1.40% A- 68 129 13 4.15 29 49% 91% 6 LECO
Lockheed Martin GD 387 10.40 2.69% 133 34% 254 4.10% 86 22% 473 2.20% A 320 418 22 24.95 16 42% 194% 6 LMT
MGE Energy D 73 1.48 2.02% 45 62% 28 5.30% 9 12% 82 1.80% A- 56 74 27 2.60 28 57% 55% 6 MGEE
NorthropGrumman GD 339 5.80 1.71% 145 43% 193 3.00% 48 14% 387 1.50% A+ 283 357 63 19.03 18 30% 135% 6 NOC
Novartis AG D 87 3.20 3.69% 37 43% 49 6.50% 28 32% 114 2.80% NR 77 99 25 4.29 20 75% 49% 5 NVS
OGE Energy D 33 1.61 4.93% 10 31% 23 7.10% 44 135% 77 2.10% A- 28 35 18 -0.87 -38 -185% 96% 6 OGE
Old National Bancorp D 19 0.56 2.95% 3 18% 16 3.60% 3 18% 22 2.50% A- 11 21 18 1.37 14 41% 9% 5 ONB
Otter Tail Corporation D 46 1.56 3.36% 15 33% 31 5.00% 14 29% 60 2.60% A- 35 47 21 2.35 20 66% 72% 5 OTTR
Oxford Industries, Inc GD 90 1.48 1.65% 16 17% 74 2.00% 58 65% 148 1.00% A- 34 95 24 -3.40 -26 -44% 0% 6 OXM
Paccar Industries g D 95 1.28 1.35% 52 55% 43 3.00% 17 18% 111 1.15% A 64 103 30 3.74 25 34% 104% 6 PCAR
Pinnacle West Capital D 83 3.32 4.00% 33 40% 50 6.70% 33 40% 116 2.85% A 69 92 50 4.43 19 75% 112% 6 PNW
Realty Income Corporation D 66 2.82 4.27% 23 35% 43 6.60% 19 29% 85 3.30% A- 48 67 30 3.32 20 85% 80% 6 O
Ross Stores, Inc. GD 126 1.14 0.90% 39 31% 88 1.30% 16 13% 143 0.80% A+ 80 129 9 0.87 145 131% 74% 6 ROST
Selective Ins Grp D 75 1.00 1.33% 50 67% 25 4.00% 25 33% 100 1.00% A- 42 78 46 4.60 16 22% 20% 6 SIGI
Sherwin Williams GD 257 2.20 0.85% 153 59% 105 2.10% 36 14% 293 0.75% A+ 159 260 13 7.46 34 29% 229% 6 SHW
SJW Group D 65 1.36 2.08% 25 38% 41 3.35% 43 66% 109 1.25% B+ 51 72 32 2.15 30 63% 140% 5 SJW
Smith, A. O. GD 68 1.04 1.54% 40 58% 28 3.70% 48 71% 116 0.90% A 38 70 11 2.18 31 48% 6% 6 AOS
Spire Inc D 76 2.60 3.41% 27 36% 49 5.30% 28 36% 104 2.50% A- 51 79 49 3.75 20 69% 96% 5 SR
Travelers Comp. g D 152 3.40 2.23% 55 36% 97 3.50% 18 12% 170 2.00% B+ 85 161 116 10.94 14 31% 22% 5 TRV
Unilever Plc D 57 1.91 3.36% 24 42% 33 5.80% 9 16% 66 2.90% NR 50 64 6 2.57 22 74% 147% 5 UL
Wal-Mart Inc. D 139 2.20 1.58% 51 37% 88 2.50% 18 13% 157 1.40% B+ 117 154 29 7.81 18 28% 56% 5 WMT
Weingarten Realty D 28 1.20 4.36% 8 27% 20 6.00% 8 28% 35 3.40% B+ 13 28 13 1.56 18 77% 114% 5 WRI

Blue highlight indicates a category change Bolded Indicate a recent earnings increase Italicized Indicate a recent dividend reduction
within the past two issues. Earnings Dividends
Capital “G” denotes a remarkable 10%
Italicized
Yellow highlight indicates a new arrival to
Earnings
Indicate a recent earnings decrease G average annual dividend growth over the
the category. past 12 years.
Bolded Lower case “g” meets the 10% / 12 yr.
Symbol indicates Dividend In Danger Dividends
Indicate a recent dividend increase g test, but the 3 and 5 year trends do not.

14 MID - APRIL 2021

Overvalue: Selling Area
Each stock has reached its own distinctive high price with low dividend yield. Unless dividends are raised, it may be anticipated that overpriced stocks will decline toward
Undervalue. It is important to recognize the potential downside risk which exists at the Overvalue level. Selling here preserves profits and capital.

52 52
Pts % Undervalue Pts % Overvalue wk wk Bk 12-Mo Pay L/T
STOCK Price Dividend Yield Dn Down LoPr/HiYld Up Up HiPr/LoYld S&P Lo Hi Val Earn P/E out Debt BC Tic
ABM Industries O 53 0.76 1.44% 25 47% 28 2.70% -2 -4% 51 1.50% A- 28 55 22 2.40 22 32% 40% 6 ABM
Alliant Energy Corp O 55 1.61 2.95% 25 46% 29 5.50% 3 5% 58 2.80% A 44 58 24 2.47 22 65% 115% 6 LNT
Ameren Corporation O 82 2.20 2.67% 43 52% 39 5.60% 6 7% 88 2.50% A- 66 87 35 3.50 23 63% 124% 5 AEE
AON Plc GO 239 1.84 0.77% 117 49% 123 1.50% -35 -15% 204 0.90% B+ 167 239 15 8.38 29 22% 210% 5 AON
Applied Inds. Tech O 94 1.32 1.40% 51 55% 43 3.10% -6 -6% 88 1.50% B+ 44 96 22 2.51 37 53% 101% 6 AIT
AptarGroup, Inc O 146 1.44 0.98% 72 50% 74 1.95% -21 -14% 125 1.15% A- 99 146 28 3.56 41 40% 57% 6 ATR
Arthur J Gallagher & Co O 134 1.92 1.43% 101 75% 33 5.80% -38 -28% 96 2.00% A 74 134 32 4.72 28 41% 69% 6 AJG
Avery Dennison Corp g O 194 2.48 1.28% 159 82% 34 7.20% -39 -20% 155 1.60% B+ 99 199 18 7.15 27 35% 138% 5 AVY
Badger Meter, Inc. GO 95 0.72 0.76% 63 67% 31 2.30% -15 -15% 80 0.90% B+ 52 112 12 1.69 56 43% 0% 5 BMI
Boeing Company GO 253 0.00 0.00% 253 100% 0 3.50% -253 -100% 0 1.40% A 114 279 -31 -13.54 -19 0% NR 6 BA
Brown & Brown Inc g O 48 0.37 0.76% 28 59% 20 1.85% -10 -20% 39 0.95% A 34 49 13 1.67 29 22% 54% 6 BRO
Brown-Forman Corp O 72 0.72 0.99% 50 70% 22 3.30% 0 -1% 72 1.00% A- 60 83 4 1.68 43 43% 115% 6 BFB
Casey's General Stores GO 217 1.36 0.63% 135 62% 82 1.65% 9 4% 227 0.60% A 139 221 45 9.05 24 15% 43% 6 CASY
Caterpillar O 229 4.12 1.80% 152 66% 78 5.30% 0 0% 229 1.80% B+ 100 238 28 5.78 40 71% 170% 5 CAT
Chemed Corp g O 467 1.36 0.29% 343 74% 124 1.10% -127 -27% 340 0.40% A 404 560 57 18.25 26 7% 0% 6 CHE
Chesapeake Util. O 117 1.76 1.51% 82 70% 35 5.00% -3 -3% 114 1.55% A 73 121 40 4.20 28 42% 73% 6 CPK
Chubb Ltd g O 161 3.12 1.94% 65 40% 96 3.25% -1 -1% 160 1.95% B+ 93 179 132 9.67 17 32% 26% 5 CB
Church&Dwight g O 87 1.01 1.16% 36 42% 51 2.00% 5 6% 92 1.10% A 67 99 12 3.11 28 32% 60% 6 CHD
Clorox O 189 4.44 2.35% 78 41% 111 4.00% 13 7% 202 2.20% A+ 177 240 7 9.54 20 47% 307% 6 CLX
Commerce Bancshares O 76 1.05 1.38% 46 60% 30 3.45% 4 6% 81 1.30% A- 49 83 29 3.86 20 27% 0% 6 CBSH
Cracker Barrel OC Store g O 174 0.00 0.00% 174 100% 0 3.20% -174 -100% 0 1.20% A- 77 179 18 -6.19 -28 0% 218% 6 CBRL
CSX Corp GO 98 1.12 1.15% 65 66% 33 3.40% 0 0% 97 1.15% A+ 59 99 17 3.60 27 31% 124% 6 CSX
Deere & Co. g O 379 3.60 0.95% 276 73% 103 3.50% -139 -37% 240 1.50% B+ 118 392 41 12.05 31 30% 253% 5 DE
Disney-Walt g O 185 0.00 0.00% 185 100% 0 2.30% -185 -100% 0 1.10% A 99 203 47 -0.67 -276 0% 64% 6 DIS
Donaldson Co g O 59 0.84 1.42% 19 32% 40 2.10% 5 9% 65 1.30% B+ 39 63 8 1.92 31 44% 63% 5 DCI
Dover Corp O 139 1.98 1.43% 89 64% 50 4.00% -29 -21% 110 1.80% B+ 80 141 24 4.92 28 40% 92% 5 DOV
DTE Energy Co O 138 4.34 3.15% 77 56% 60 7.20% 12 9% 150 2.90% A- 92 137 64 7.26 19 60% 153% 6 DTE
EastGroup Properties, Inc. O 151 3.16 2.10% 87 58% 63 5.00% 7 5% 158 2.00% A- 94 153 32 2.42 62 130% 103% 6 EGP
Ecolab Inc GO 218 1.92 0.88% 119 55% 98 1.95% -5 -2% 213 0.90% A+ 169 231 22 4.23 51 45% 108% 6 ECL
Emerson Electric O 91 2.02 2.23% 47 52% 44 4.60% -3 -3% 88 2.30% A- 46 93 14 3.82 24 53% 75% 6 EMR
Equifax Inc g O 188 1.56 0.83% 99 53% 89 1.75% -24 -13% 164 0.95% B+ 121 196 26 4.44 42 35% 103% 5 EFX
Equity LifeStyle Properties GO 66 1.45 2.19% 22 34% 44 3.30% 6 9% 73 2.00% A+ 54 69 7 2.12 31 68% 216% 6 ELS
Essential Utilities O 47 1.00 2.15% 23 49% 24 4.25% 3 7% 50 2.00% A 37 49 19 1.18 39 85% 118% 6 WTRG
Gap Inc g O 32 0.00 0.00% 32 100% 0 3.50% -32 -100% 0 0.30% A- 7 33 7 -1.05 -31 0% 85% 6 GPS
GATX Corp O 94 2.00 2.13% 52 55% 42 4.75% 9 9% 103 1.95% A 51 101 56 3.42 27 58% 274% 6 GATX
Genuine Parts O 116 3.26 2.81% 65 56% 51 6.40% 9 8% 125 2.60% A 67 119 22 3.69 31 88% 79% 6 GPC
Glacier Bancorp, Inc. O 58 1.24 2.12% 38 65% 21 6.00% 1 1% 59 2.10% A 30 67 24 3.22 18 38% 7% 6 GBCI
Global Life Inc g O 101 0.79 0.78% 61 61% 40 2.00% -2 -2% 99 0.80% A 63 102 85 6.86 15 12% 19% 6 GL
Graco Inc GO 73 0.75 1.02% 60 81% 14 5.50% -5 -7% 68 1.10% A 42 77 8 2.12 35 35% 12% 6 GGG
Hawkins Inc O 33 0.49 1.50% 15 46% 18 2.80% 0 0% 33 1.50% B+ 16 40 22 1.72 19 28% 21% 5 HWKN
Hershey Company g O 159 3.22 2.02% 67 42% 92 3.50% 10 7% 169 1.90% A 126 162 11 6.64 24 48% 183% 6 HSY
Honeywell Int'l Inc. GO 229 3.72 1.62% 123 54% 106 3.50% -16 -7% 213 1.75% A 117 229 25 7.90 29 47% 93% 6 HON
Hubbell Cl B GO 184 3.92 2.13% 122 66% 62 6.30% 3 2% 187 2.10% A- 105 196 38 6.88 27 57% 69% 6 HUBB
IDEX Corporation GO 217 2.00 0.92% 111 51% 105 1.90% -6 -3% 211 0.95% A 142 220 33 5.27 41 38% 41% 6 IEX
Intel Corp O 65 1.39 2.13% 35 54% 30 4.60% 1 1% 66 2.10% B+ 44 68 20 4.98 13 28% 42% 5 INTC
JP Morgan Chase GO 154 3.60 2.34% 54 35% 100 3.60% 2 2% 157 2.30% A- 83 162 92 11.35 14 32% 101% 6 JPM
Kimco Realty Corporation O 20 0.68 3.46% 12 59% 8 8.50% 2 8% 21 3.20% B+ 8 20 13 1.22 16 56% 95% 5 KIM
Lowe's Cos GO 200 2.40 1.20% 80 40% 120 2.00% 0 0% 200 1.20% A+ 91 201 2 9.78 20 25% 1438% 6 LOW
Marriott Int'l GO 149 0.00 0.00% 149 100% 0 1.90% -149 -100% 0 0.50% A- 72 160 1 0.66 226 0% 2140% 6 MAR
Marsh & McLennan Co g O 126 1.86 1.47% 87 69% 40 4.70% -17 -13% 109 1.70% A 92 126 18 4.50 28 41% 119% 6 MMC
Martin Marietta Materials O 343 2.28 0.66% 191 56% 152 1.50% -18 -5% 326 0.70% A- 152 354 95 11.57 30 20% 45% 6 MLM
McDonalds Corp O 231 5.16 2.23% 88 38% 143 3.60% 14 6% 246 2.10% A 168 233 -10 6.30 37 82% NR 6 MCD
Mid-America Apartment O 149 4.10 2.76% 57 39% 91 4.50% 1 0% 149 2.75% B+ 102 149 51 6.55 23 61% 78% 5 MAA
Middlesex Water Co. O 82 1.09 1.33% 57 70% 25 4.40% -9 -11% 73 1.50% A 56 86 20 2.18 38 50% 78% 6 MSEX
Moody's Corp GO 315 2.48 0.79% 185 59% 131 1.90% -40 -13% 276 0.90% A- 228 315 8 9.63 33 26% 409% 6 MCO
MSA Safety, Inc. O 153 1.72 1.12% 112 73% 41 4.20% -26 -17% 127 1.35% B+ 95 173 21 3.59 43 48% 36% 4 MSA
NextEra Energy, Inc. GO 79 1.54 1.95% 43 55% 36 4.30% -15 -19% 64 2.40% A 56 88 19 1.41 56 109% 115% 6 NEE
Nike Inc Cl B GO 134 1.10 0.82% 76 57% 58 1.90% 4 3% 138 0.80% A- 84 148 5 2.26 59 49% 117% 6 NKE
Nordson Corp GO 202 1.56 0.77% 159 79% 43 3.60% -7 -3% 195 0.80% A- 135 217 30 5.75 35 27% 61% 6 NDSN
Nordstrom O 36 0.00 0.00% 36 100% 0 3.00% -36 -100% 0 0.60% B+ 12 46 2 -3.47 -10 0% 908% 5 JWN
Norfolk Southern GO 270 3.96 1.46% 163 60% 107 3.70% -23 -8% 248 1.60% A 147 276 59 9.15 30 43% 82% 6 NSC
Nucor Corporation O 78 1.62 2.07% 45 58% 33 4.90% -5 NUE
(Continued on -6%
page 18)74 2.20% A- 35 83 36 3.61 22 45% 49% 6
Parker-Hannifin g O 316 3.52 1.12% 190 60% 126 2.80% -22 -7% 293 1.20% A- 123 324 48 11.59 27 30% 125% 6 PH
Paychex Inc O 96 2.48 2.58% 39 40% 58 4.30% 3 3% 99 2.50% A+ 60 101 8 2.98 32 83% 29% 6 PAYX
Pentair Plc O 62 0.80 1.29% 42 68% M I D4.00%
20 - A P-22
R I L -36%
2 0 2 1 40 2.00% B+ 29 63 13 2.26 28 35% 40% 5 15
PNR
Procter & Gamble Co O 135 3.16 2.34% 54 40% 81 3.90% -9 -6% 127 2.50% A- 111 146 19 5.65 24 56% 51% 6 PG
Morgan Stanley GR 80 1.40 1.76% 40 50% 39 3.55% 17 21% 97 1.45% B+ 36 87 56 6.44 12 22% 213% 5 MS
National Retail Properties, Inc R 45 2.08 4.61% 18 41% 27 7.75% 18 40% 63 3.30% A 26 46 25 2.70 17 77% 75% 6 NNN

Rising Trends
Northern Trust GR 109 2.80 2.57% 26 24% 82 3.40% 56 51% 165 1.70% A- 67 110 56 5.46 20 51% 39% 6 NTRS
Peoples Bancorp Inc
People's United Financial, Inc. R
R 33
18
1.40
0.72
(continued)
4.19%
4.01%
5
4
16%
21%
28
14
5.00%
5.10%
17
3
49%
18%
50
21
2.80%
3.40%
B+
A
18
10
37
19
30
18
3.24
1.21
10
15
43%
60%
1% 5
13% 6
PEBO
PBCT
PepsiCo Inc R 143 4.09 2.86% 15 11% 128 3.20% 98 68% 241 1.70% B+ 127
52 149
52 10 6.22 23 66% 300% 5 PEP
PNC Fin'l Svcs Group GR 178 4.60 2.59% 29
Pts 16%
% 148 3.10%
Undervalue 52
Pts 29%
% 230 2.00%
Overvalue A 89
wk 184
wk 127
Bk 11.60
12-Mo 15 40%
Pay 62%
L/T 6 PNC
STOCK
Polaris Industries g R 143 Dividend
Price 2.52 1.76%
Yield 59
Dn 41%
Down 84 3.00%
LoPr/HiYld 25
Up 17%
Up 168 1.50%
HiPr/LoYld A-
S&P 53
Lo 142
Hi 18
Val 5.81
Earn 25
P/E 43%
out 114%
Debt 6
BC PII
Tic

AFLAC
PPG Industries, Inc R 52
151 1.32
2.16 2.52%
1.43% 19
122 37%
81% 33
29 4.00%
7.50% 17
29 33%
19% 69
180 1.90% A-
1.20% A- 30
81 53
157 48
24 6.69
5.52 8
27 20%
39% 23% 66
91% AFL
PPG
Air Products
Public Storage & Chem GR
g 285
267 6.00
8.00 2.10%
3.00% 103
89 36%
33% 182
178 3.30%
4.50% 90
41 32%
15% 375
308 1.60% A-
2.60% A 205
172 328
261 55
49 8.41
9.80 34
27 71%
82% 62% 56
33% APD
PSA
Alamo
Raymond Group Inc. Fncl
James GR 158
127 0.56
1.56 0.36%
1.23% 95
40 61%
32% 62
87 0.90%
1.80% 29
46 18%
37% 187
173 0.30% A+
0.90% A- 82
57 165
130 53
52 4.78
7.88 33
16 12%
20% 43% 65
41% ALG
RJF
American
Raytheon Express
Technologies Corp g R 146
78 1.72
1.90 1.18%
2.45% 50
27 35%
35% 96
51 1.80%
3.75% 26
49 18%
63% 172
127 1.00% A-
1.50% A- 76
51 151
80 29 -0.33
47 5.47 -239
27 -583%
31% 187%
43% 66 AXP
RTX
American FinancialCorporation
Regions Financial Group GR 118
21 2.00
0.62 1.69%
2.98% 61
5 52%
22% 57
16 3.50%
3.80% 42
20 35%
98% 160
41 1.25% B+
1.50% B+ 50
8 121
23 79
19 8.41
1.10 14
19 24%
57% 29% 54
20% AFG
RF
Reliance Steel & Aluminum Co G R
Ametek 154
132 2.75
0.80 1.78%
0.61% 35
52 23%
39% 120
80 2.30%
1.00% 239
28 155%
21% 393
160 0.70%
0.50% A-
A 80
73 159
133 80
26 7.47
3.22 21
41 37%
25% 32%
38% 56 RS
AME
RGC Resources,
Apogee Enterprises,Inc Inc R 22
36 0.74
0.80 2.86%
2.22% 3
17 13%
47% 19
19 3.80%
4.20% 15
78 66%
217% 37
114 2.00%
0.70% A-
B+ 22
16 28
43 11
19 2.82
1.38 16
13 54%
28% 33% 64 RGCO
139% APOG
Royal Bk
Archer Canada
Daniels Midland R 94
58 3.45
1.48 3.69%
2.56% 28
9 30%
15% 66
49 5.25%
3.00% 20
90 21%
156% 113
148 3.05%
1.00% A
B+ 57
33 94
59 61
36 9.57
3.54 10
16 36%
42% 36%
39% 65 RY
ADM
Ryder Systems
Automatic Data Inc g
GR 76
192 2.24
3.72 2.93%
1.94% 20
89 27%
46% 56
103 4.00%
3.60% 110
34 144%
17% 187
225 1.20%
1.65% B+
A 26
127 80
194 42
13 0.55
6.10 139
31 408%
61% 270%
17% 56 R
ADP
SEI Investments
Avista Corp g R 63
47 0.74
1.69 1.18%
3.56% 26
17 41%
35% 37
31 2.00%
5.50% 30
33 47%
69% 93
80 0.80%
2.10% A
A- 46
32 64
49 12
29 3.01
1.90 21
25 25%
89% 0% 66
104% SEIC
AVA
Sempra Energy
Balchem Corporation g
GR 135
122 4.40
0.58 3.26%
0.47% 22
54 16%
44% 113
68 3.90%
0.85% 56
23 42%
19% 191
145 2.30%
0.40% B+
A- 112
80 137
133 81
26 6.99
2.68 19
46 63%
22% 93%
20% 56 SRE
BCPC
Sensient
Bank Technologies
of Hawaii R 80
90 1.56
2.68 1.96%
2.99% 20
38 25%
43% 60
51 2.60%
5.25% 24
30 31%
33% 104
119 1.50%
2.25% B+
A- 40
49 82
99 22
34 2.89
4.05 28
22 54%
66% 55%
1% 56 SXT
BOH
SimonofProperty
Bank MontrealGroup, Inc. g R 113
91 5.20
3.37 4.59%
3.71% 17
19 15%
21% 96
72 5.40%
4.70% 72
39 64%
43% 186
130 2.80%
2.60% AA 47
43 122
92 9 10.62
88 9.80 12
9 53%
32% 879%
57% 66 SPG
BMO
Smucker,
Bank of NewJM York Mellon g
GR 130
48 3.60
1.24 2.77%
2.57% 24
11 18%
22% 106
38 3.40%
3.30% 82
55 63%
114% 212
103 1.70%
1.20% B+
A 102
31 132
49 72
52 8.46
3.86 15
13 43%
32% 66%
57% 56 SJM
BK
Snap-On
Bank Inc Scotia
of Nova GR 233
62 4.92
2.88 2.11%
4.65% 84
11 36%
17% 149
51 3.30%
5.60% 146
25 62%
41% 378
87 1.30%
3.30% A+
A- 107
35 237
64 71
56 11.81
7.84 20
8 42%
37% 31%
16% 66 SNA
BNS
Southwest
Black Gas Holdings
Hills Corpration R 70
69 2.38
2.26 3.41%
3.29% 22
18 32%
27% 48
50 5.00%
4.50% 38
22 55%
32% 108
90 2.20% A
2.50% B+ 57
52 82
70 47
41 4.13
3.75 17
18 58%
60% 102%
138% 65 SWX
BKH
State
BP PlcStreet GR 86
25 2.08
1.26 2.43%
5.12% 16
6 19%
22% 69
19 3.00%
6.60% 74
17 87%
71% 160
42 1.30%
3.00% A-
NR 51
15 88
29 74
21 7.12
0.13 12
192 29%
982% 53%
99% 65 STT
BP
SuperiorSchwab
Charles Group ofCorporation
Cos., Inc G R 25
67 0.40
0.72 1.60%
1.08% 15
34 58%
51% 10
33 3.85%
2.20% 8
36 34%
54% 33
103 1.20%
0.70% A-
A 6
32 29
69 12
30 2.53
2.32 10
29 16%
31% 38%
24% 66 SGC
SCHW
Synovus
Cintas Financial Corp
Corp GR 45
355 1.32
3.00 2.91%
0.84% 15
235 32%
66% 31
120 4.30%
2.50% 56
245 124%
69% 102
600 1.30%
0.50% B+
A+ 15
186 51
369 35
31 2.70
9.36 1738 49%
32% 79% 46 SNV
23% CTAS
Sysco Corp Trust Banc
Community R 80
45 1.80
1.54 2.24%
3.45% 37
17 45%
37% 44
28 4.10%
5.50% 14
17 18%
38% 95
62 1.90%
2.50% B+
A 44
26 84
48 2
37 0.22
3.35 373
13 835%
46% 9% 46 SYY
1114% CTBI
T. RoweCo.
Crane Price GR 177
94 4.32
1.72 2.44%
1.82% 38
41 21%
43% 139
54 3.10%
3.20% 111
29 63%
30% 288
123 1.50% A
1.40% B+ 96
44 183
96 34
26 10.01
5.04 1819 43%
34% 0% 65 TROW
55% CR
Target Corp Bankers, Inc.
Cullen/Frost g R 205
109 2.72
2.88 1.33%
2.64% 137
49 67%
45% 68
60 4.00%
4.80% 248
28 121%
26% 453
137 0.60%
2.10% B+
A 101
56 207
120 29
68 9.95
5.09 2121 27%
57% 5% 56 TGT
80% CFR
TC EnergyInc.
Cummins Corporation g R 47
260 2.75
5.40 5.86%
2.07% 6
102 13%
39% 41
159 6.70%
3.40% 34
415 72%
159% 81
675 3.40%
0.80% B+
B+ 39
141 50
277 33 4.90
55 12.15 10
21 56%
44% 138%
45% 55 TRP
CMI
Tennant
Duke Company
Energy Corporation R 81
99 0.92
3.86 1.13%
3.92% 30
21 37%
22% 51
77 1.80%
5.00% 11
12 13%
12% 92
110 1.00%
3.50% B+
A- 49
78 83
99 22
62 2.00
2.74 41
36 46%
141% 74% 55
116% TNC
DUK
Texas Instruments
Eastman Chemical Company G R 191
113 4.08
2.76 2.13%
2.45% 46
34 24%
30% 146
79 2.80%
3.50% 100
71 52%
63% 291
184 1.40% A
1.50% B+ 105
50 198
119 10
44 5.99
4.66 32
24 68%
59% 68%
87% 65 TXN
EMN
The Estee
Eaton CorpLauder
Plc Cos., Inc g R 303
140 2.12
3.04 0.70%
2.17% 162
53 53%
38% 141
87 1.50%
3.50% 121
39 40%
28% 424
179 0.50%
1.70% A-
A 156
71 304
143 11
38 4.03
3.97 75
35 53%
77% 125%
47% 56 EL
ETN
ThorIndemnity
Erie Industries,Company
Inc g R 137
223 1.64
4.14 1.20%
1.86% 89
96 65%
43% 48
127 3.40%
3.25% 68
73 49%
33% 205
296 0.80%
1.40% A-
A- 46
153 152
267 42
23 7.01
5.07 2044 23%
82% 71%
8% 65 THO
ERIE
TJX Companies
Expeditors Int'l of Washington G
g R 68
109 1.04 1.52%
0.95% 14
48 20%
44% 55
61 1.90%
1.70% 62
39 90%
36% 130
149 0.80%
0.70% AA 43
68 71
111 5
16 0.46
4.08 147
27 224%
26% 91%
0% 66 TJX
EXPD
TompkinsCompany
Fastenal Financial GR 79
50 2.16
1.12 2.73%
2.24% 17
5 22%
10% 62
45 3.50%
2.50% 41
74 51%
149% 120
124 1.80%
0.90% A-
A+ 53
33 93
52 485 5.21
1.50 1533 41%
74% 2%
13% 66 TMP
FAST
ToroThird
Fifth Co Bancorp GR 105
38 1.05
1.08 1.00%
2.83% 47
11 45%
29% 58
27 1.80%
4.00% 12
13 11%
35% 117
51 0.90%
2.10% A+
A- 58
14 107
40 10
32 3.54
3.08 30
12 30%
35% 62%
64% 65 TTC
FITB
TruistMerchants
First Financial Corp GRR 59
46 1.80
1.04 3.05%
2.26% 12
6 20%
13% 47
40 3.80%
2.60% 21
23 36%
51% 80
69 2.25%
1.50% B+
B+ 29
21 61
51 52
35 5.32
3.35 11
14 34%
31% 54%
6% 55 TFC
FRME
Tyson Foods,
Franklin IncCompany, Inc G R
Electric R 77
80 1.78
0.70 2.31%
0.88% 11
39 14%
48% 66
41 2.70%
1.70% 177
28 230%
35% 254
108 0.70%
0.65% AA- 54
43 78
83 42
18 6.91
2.18 11
37 26%
32% 71%
11% 65 TSN
FELE
UFP Industries,
General Dynamics Inc G
GRR 79
182 0.60
4.76 0.76%
2.61% 39
46 49%
25% 40
136 1.50%
3.50% 14
115 17%
63% 92
298 0.65%
1.60% A+
A+ 34
122 82
186 24 4.27
55 11.00 18
17 14%
43% 21%
65% 66 UFPI
GD
UGI Corp WW
Grainger, g R
R 43
400 1.32
6.12 3.06%
1.53% 10
196 24%
49% 33
204 4.00%
3.00% 10
71 22%
18% 53
471 2.50%
1.30% AA 26
256 43
428 20 3.31
35 16.33 13
25 40%
37% 145%
131% 56 UGI
GWW
UMBCorporation
HNI Financial R
R 91
40 1.28
1.22 1.41%
3.08% 35
19 39%
47% 56
21 2.30%
5.80% 16
28 17%
71% 107
68 1.20%
1.80% A-
A- 40
19 100
44 63
14 5.94
1.68 15
24 22%
72% 9% 55 UMBF
30% HNI
UnitedHealth
Home Depot Group Inc G
GRR 375
320 5.00
6.60 1.34%
2.06% 62
93 17%
29% 313
228 1.60%
2.90% 80
340 21%
106% 455
660 1.10%
1.00% A+
A+ 267
197 381
321 693 16.03
13.33 23
24 31%
50% 59% 66 UNH
1086% HD
Unitil Corporation
Hormel Foods GRR 49
47 1.52
0.98 3.12%
2.10% 14
10 29%
22% 35
36 4.40%
2.70% 19
19 39%
40% 68
65 2.25% A
1.50% A+ 33
43 57
53 26
12 2.14
1.62 23
29 71%
60% 16% 66 UTL
134% HRL
VF Corp Inc
IDACORP, g R
R 84
99 1.96
2.84 2.34%
2.86% 32
18 38%
18% 52
81 3.80%
3.50% 25
27 30%
27% 109
126 1.80%
2.25% B+
A 51
79 90
103 9 0.45
51 4.71 187
21 438%
60% 78% 56 VFC
78% IDA
Washington
Illinois REIT
Tool Works GRR 23
221 1.20
4.56 5.28%
2.06% 5
98 21%
44% 18
123 6.70%
3.70% 12
47 51%
21% 34
268 3.50%
1.70% A-
A 17
148 26
229 16
10 1.52
6.62 15
33 79%
69% 75% 66 WRE
244% ITW
Watsco Inc.
Imperial Oil Ltd GRR 279
25 7.80
0.70 2.79%
2.78% 106
7 38%
27% 173
18 4.50%
3.80% 696
75 249%
297% 975
100 0.80% A
0.70% A+ 144
11 280
26 34 7.00
29 -2.74 40
-9 111%
-26% 0% 66 WSO
23% IMO
Whirlpool
KeyCorp g
GRR 234
20 5.00
0.74 2.14%
3.61% 117
4 50%
18% 116
17 4.30%
4.40% 100
32 43%
158% 333
53 1.50%
1.40% B+
B+ 949 238
22 60
18 20.12
1.25 12
16 25%
59% 76% 55 WHR
133% KEY
Worthington
L3 Industries, Inc.
Harris Technologies R
R 65
209 1.12
4.08 1.72%
1.95% 32
73 50%
35% 33
136 3.40%
3.00% 28
374 43%
179% 93
583 1.20%
0.70% B+
A- 22
158 75
210 15 12.38
100 8.91 523 9%
46% 33% 56 WOR
85% LHX
Leggett & Platt Inc R 47 1.60 3.40% 11 23% 36 4.40% 20 41% 67 2.40% A- 24 50 10 1.88 25 85% 133% 6 LEG
Life Storage, Inc g R 91 2.96 3.27% 39 44% 51 5.80% 15 17% 106 2.80% A 55 90 21 5.63 16 53% 92% 6 LSI
Lincoln National Corporation G R 63 1.68 2.67% 13 21% 49 3.40% 62 98% 124 1.35% B+ 27 67 118 2.46 26 68% 29% 5 LNC
McCormick & Co. GR 88 1.36 1.55% 48 55% 40 3.40% 17 19% 105 1.30% A 75 106 15 2.94 30 46% 96% 6 MKC
McKesson Corp GR 189 1.68 0.89% 49 26% 140 1.20% 231 122% 420 0.40% B+ 126 198 31 3.35 56 50% 124% 5 MCK
MDU Resources Group, Inc R 32 0.85 2.64% 15 46% 18 4.85% 10 32% 43 2.00% B+ 19 32 15 1.95 17 44% 72% 4 MDU
Medtronic Plc g R 124 2.32 1.88% 46 37% 77 3.00% 13 10% 136 1.70% B+ 88 122 38 2.80 44 83% 43% 5 MDT
Merck & Company, Inc R 76 2.60 3.40% 11 15% 65 4.00% 34 45% 111 2.35% B+ 72 88 10 4.12 19 63% 100% 5 MRK
Morgan Stanley GR 80 1.40 1.76% 40 50% 39 3.55% 17 21% 97 1.45% B+ 36 87 56 6.44 12 22% 213% 5 MS
National Retail Properties, Inc R 45 2.08 4.61% 18 41% 27 7.75% 18 40% 63 3.30% A 26 46 25 2.70 17 77% 75% 6 NNN
Northern Trust GR 109 2.80 2.57% 26 24% 82 3.40% 56 51% 165 1.70% A- 67 110 56 5.46 20 51% 39% 6 NTRS
Peoples Bancorp Inc R 33 1.40 4.19% 5 16% 28 5.00% 17 49% 50 2.80% B+ 18 37 30 3.24 10 43% 1% 5 PEBO
People's United Financial, Inc. R 18 0.72 4.01% 4 21% 14 5.10% 3 18% 21 3.40% A 10 19 18 1.21 15 60% 13% 6 PBCT
PepsiCo Inc R 143 4.09 2.86% 15 11% 128 3.20% 98 68% 241 1.70% B+ 127 149 10 6.22 23 66% 300% 5 PEP
PNC Fin'l Svcs Group GR 178 4.60 2.59% 29 16% 148 3.10% 52 29% 230 2.00% A 89 184 127 11.60 15 40% 62% 6 PNC
Polaris Industries g R 143 2.52 1.76% 59 41% 84 3.00% 25 17% 168 1.50% A- 53 142 18 5.81 25 43% 114% 6 PII
Blue highlight indicates a category change Bolded Indicate a29recent19%
earnings increase Italicized Indicate
PPG Industries, Inc R 151 2.16 1.43% 122 5.52 a recent dividend reduction
91% 6 PPG
within the past two issues. Earnings29
81% 7.50% 180 1.20% A- 81 157
Dividends 24 27 39%
Public Storage g R 267 8.00 3.00% 89 33% 178 4.50% 41 15% 308 2.60% A- 172 261 49 9.80 27 82% 33% 5 PSA
Raymond James Fncl GR 127 1.56 1.23% 40 Capital
7.88“G”16
denotes a remarkable
41% 610%RJF
Italicized87
32% 1.80% 46 37% 173 0.90% A+ 57 130 52 20%
Yellow highlight
Raytheon Technologies Corpindicates
R a new1.90
78 arrival2.45%
to 27 Earnings
35% 51 Indicate a49recent63%
3.75% earnings
127decrease
1.50% A- 51 G 80 average
47 -0.33annual
-239 dividend
-583% growth
43% over
6 the
RTX
the category.
Regions Financial CorporationG R 21 0.62 2.98% 5 22% 16 3.80% 20 98% 41 1.50% B+ 8 23 past 1.10
19 12 years.
19 57% 20% 5 RF
Reliance Steel & Aluminum Co G R 154 2.75 1.78% 35 Bolded 23% 120 2.30% 239 155%
Indicate a15recent66%
393
dividend
0.70% A- 80
g
159 80
Lower 7.47 21 37%
case “g” meets / 12 yr. RS
32% 5
the 10%
Symbol
RGC Resources, Incindicates Dividend
R 22In Danger
0.74 2.86% 3 Dividends
13% 19 3.80% 37increase
2.00% A- 22 28 11 1.38 16 54% 139% RGCO
6 not.
test, but the 3 and 5 year trends do
Royal Bk Canada R 94 3.45 3.69% 28 30% 66 5.25% 20 21% 113 3.05% A 57 94 61 9.57 10 36% 36% 6 RY
Ryder Systems Inc g R 76 2.24 2.93% 20 27% 56 4.00% 110 144% 187 1.20% B+ 26 80 42 0.55 139 408% 270% 5 R
SEI Investments g R 63 0.74 1.18% 26 41% 37 2.00% 30 47% 93 0.80% A 46 64 12 3.01 21 25% 0% 6 SEIC
Sempra Energy g R 135 4.40 3.26% 22 16% 113 3.90% 56 42% 191 2.30% B+ 112 137 81 6.99 19 63% 93% 5 SRE
16
Sensient Technologies R 80 1.56 1.96% 20 25% 60
M I D -24A P R
2.60%
I L 2104
31%
0 2 11.50% B+ 40 82 22 2.89 28 54% 55% 5 SXT
 Time period is quarterly for all companies listed.

STOCK TIC TO FROM INCREASE RECORD EX-DIV PYMT

DATE DATE DATE

Air Products & Chem APD $1.50 $1.34 11.94% 1-Apr 31-Mar 10-May
Deere & Co DE $0.90 $0.76 18.42% 31-Mar 30-Mar 10-May
Danaher Corp DHR $0.21 $0.18 16.67% 26-Mar 25-Mar 30-Apr
Essex Property Trust ESS $2.09 $2.0775 0.60% 31-Mar 30-Mar 15-Apr
General Dynamics GD $1.19 $1.10 8.18% 9-Apr 8-Apr 7-May
Sempra Energy SRE $1.10 $1.045 5.26% 25-Mar 24-Mar 15-Apr
Southwest Gas Holdings SWX $0.595 $0.57 4.39% 17-May 14-May 1-Jun
TC Energy Corp TRP $0.87 $0.81 7.41% 31-Mar 30-Mar 30-Apr
WD-40 Company WDFC $0.72 $0.67 7.46% 16-Apr 15-Apr 30-Apr
Worthington Industries WOR $0.28 $0.25 12.00% 15-Jun 14-Jun 29-Jun
Xcel Energy Inc XEL $0.4575 $0.43 6.40% 15-Mar 12-Mar 20-Apr

MID - APRIL 2021 17

 Chubb Ltd g O 161 3.12 1.94% 65 40% 96 3.25% -1 -1% 160 1.95% B+ 93 179 132 9.67 17 32% 26% 5 CB
Church&Dwight g O 87 1.01 1.16% 36 42% 51 2.00% 5 6% 92 1.10% A 67 99 12 3.11 28 32% 60% 6 CHD
Clorox O 189 4.44 2.35% 78 41% 111 4.00% 13 7% 202 2.20% A+ 177 240 7 9.54 20 47% 307% 6 CLX
Commerce
(ContinuedBancshares
from page 2) O 76 1.05 1.38% 46 60% 30 3.45% 4 6% 81 1.30% A- 49 83 29 3.86 20 27% 0% 6 CBSH

Managing Editor: Kelley Wright

Cracker Barrel OC Store g O 174 0.00 0.00% 174 100% 0 3.20% -174 -100% 0 1.20% A- 77 179 18 -6.19 -28 0% 218% 6 CBRL
CSX Corp GO 98 1.12 1.15% 65 66% 33 3.40% 0 0% 97 1.15% A+ 59 99 17 3.60 27 31% 124% 6 CSX
Deere & Co. g O 379 3.60 0.95% 276 73% 103 3.50% -139 -37% 240 1.50% B+ 118 392 41 12.05 31 30% 253% 5 DE
Disney-Walt g O 185 0.00 0.00% 185 100% 0 2.30% -185 -100% 0 1.10% A 99 203 47 -0.67 -276 0% 64% 6 DIS
Donaldson Co g O 59 0.84 1.42% 19 32% 40 2.10% 5 9% 65 1.30% B+ 39 63 8 1.92 31 44% 63% 5 DCI
wholesale
Dover Corp energy management O 139 services
1.98 1.43% to 89 5% dividend
64% 50 increase
4.00% -29 in -21%
FY 2021,
110 as 1.80%
more B+ Group
80 141and24Energy
4.92 Services,
28 40% and92%Corporate
5 DOV
other
DTE Energy energyCo companies O and
138natural
4.34 gas3.15% 77 capital
56% is60allocated
7.20% to 12 growth
9% projects.
150 2.90% A- and
92 Services
137 64 contribute
7.26 19 the 60% remainder.
153% 6 SJI DTE
EastGroup Properties,
producers. Clean Inc.Energy
O 151
Ventures 3.16 2.10% 87
reports 58% 63 5.00% 7 5% 158 2.00% A- Midstream does not yet generate reve-
94 153 32 2.42 62 130% 103% 6 EGP
Ecolab Inc G O 218 1.92 0.88% 119 55% 98 1.95% -5 -2% 213 0.90% A+ 169 231 22 4.23 51 45% 108% 6 ECL
the results
Emerson Electric
of operations O
and 91
assets related
2.02 2.23% 47 52% 44 4.60% -3
South
-3%
Jersey
88
In-
2.30% A-
nue.
46
South
93 14
Jersey Gas (SJG),
3.82 24 53%
the75%
primary
6 EMR
to theInc
Equifax company’s capital g O investments
188 1.56 in 0.83% 99 53% 89 1.75% -24 dustries
-13% (SJI):
164 SJI B+
0.95% subsidiary
121 196 under
26 4.44SJI42
Utilities,
35% operates
103% 5 aEFX gas
renewable
Equity LifeStyleenergy Properties projects.
GO Home
66 Services
1.45 2.19% 22 34% 44 3.30% 6 provides
9% a variety
73 2.00% A+ distribution
54 69 7 utility
2.12 in31southern
68% New Jersey
216% 6 ELS
and Other,
Essential which includes
Utilities O HVAC
47 1.00service
2.15% 23 49% 24 4.25% 3 of7% energy-related
50 2.00% A serving
37 49 404,886
19 residential,
1.18 39 85% commercial,
118% 6 WTRG
Gap Inc g O 32 0.00 0.00% 32 100% 0 3.50% -32 -100%
products and services, primarily through 0 0.30% A-
its 7 33 7 -1.05 -31 0% 85% 6 GPS
and industrial customers. SJI’s unregulated
repair contract, commercial real estate,
GATX Corp O 94 2.00 2.13% 52 55% 42 4.75% 9 9% 103 1.95% A 51 101 56 3.42 27 58% 274% 6 GATX
plumbing
Genuine Parts
services and Oenergy 116
investment
3.26 2.81% 65
subsidiaries.
56% 51
SJI’s
6.40%
fully
9
regulated
8%
utility op-
125 2.60% A
energy
67 119
group
22
segment,
3.69 31
South
88%
Jersey Energy
79% 6 GPC
businesses.
Glacier Bancorp,It Inc.also provides
O shared
58 1.24resourc-
2.12% 38 erations
65% 21come from1SJI Utilities
6.00% 1% comprised
59 2.10% A Company
30 67 (SJE),
24 provides
3.22 18 services7%for6 the
38% GBCI
es to the
Global Life Increst of the company.g O 101 NJR 0.79aims to 61
0.78% of61%
South40Jersey
2.00%Gas,-2Elizabethtown
-2% 99 Gas,
0.80%and A acquisition
63 102 85and transportation
6.86 15 12% of natural
19% 6 GL
grow
Graco Inc its earnings at an GOannual73 rate
0.75of 1.02%
6% to 60 Elkton
81% Gas.
14 South Jersey
5.50% -5 Gas services
-7% 68 sevenA
1.10% gas
42 and77 electricity
8 2.12 for
35 retail
35% end 12%
users6 and
GGG
Hawkins Inc O 33 21% 5 HWKN
10%, with the utility making up 0.49
50% to 1.50% 15
60% 46% 18
southernmost 2.80% 0
counties of0% 33
New Jersey, 1.50% B+
Eliz- 16
markets40 22
total 1.72 19
energy 28%
management services.
Hershey Company g O 159 3.22 2.02% 67 42% 92 3.50% 10 7% 169 1.90% A 126 162 11 6.64 24 48% 183% 6 HSY
of total earnings.
Honeywell Int'l Inc.
Concurrently,
G O 229
it expects
3.72 1.62% 123
abethtown
54%
Gas services
106 3.50% -16
the
-7%
seven counties
213 1.75% A
South
117
Jersey
229 25
Resources
7.90 29
Group,
47%
the whole-
93% 6 HON
to achieve
Hubbell Cl B dividend growth G O 184 of 6%3.92to 8%
2.13% as 122 in66%
northern
62 and central
6.30% 3 New2% Jersey, while A-
187 2.10% sale energy
105 196 38business,
6.88 27markets57% natural
69% 6 gas HUBB
well. NJR has paid dividends
IDEX Corporation G O 217 since 2.001951.
0.92% 111 Elkton
51% Gas services
105 1.90% -6northern
-3% Maryland.
211 0.95% A storage,
142 220 commodity
33 5.27 41 and 38%
transportation
41% 6 on
IEX
The company increasedOits dividend
Intel Corp 65 1.39 by 6.7%35
2.13% SJI’s
54% non-utility
30 4.60%unregulated
1 1% operations
66 2.10% B+ a44wholesale
68 20basis
4.98and13 it also
28% conducts
42% 5 price
INTC
JP Morgan Chase G O 154 3.60 2.34% 54 35% 100 3.60% 2 2%
are from South Jersey Energy Solutions, 157 2.30% A- 83
risk 162 92 11.35 14
management 32%
activities 101% 6 JPM
by entering into
in FY 2020, 7.2% in FY 2019, and 6.7% in
Kimco Realty Corporation O 20 0.68 3.46% 12 59% 8 8.50% 2 8% 21 3.20% B+ 8 20 13 1.22 16 56% 95% 5 KIM
2018.
Lowe's Cos
NJR targets a payout G O 200
ratio2.40
of around
1.20% 80
which
40%
acquires
120 2.00%
and 0markets 0%
electricity to
200 1.20% A+
a91variety
201
of 2
physical
9.78 20
and financial transac-
25% 1438% 6 LOW
80%-85%
Marriott Int'l in FY 2021,Gwhich O 149indicates
0.00 0.00%a 149 retail
100% end0 users.
1.90%SJE is comprised
-149 -100% 0 of 0.50%
EnergyA- tions.
72 South1 Jersey
160 0.66 Exploration
226 0% owns6oil,MAR
2140% gas
Marsh & McLennan Co g O 126 1.86 1.47% 87 69% 40 4.70% -17 -13% 109 1.70% A 92 126 18 4.50 28 41% 119% 6 MMC
Martin Marietta Materials O 343 2.28 0.66% 191 56% 152 1.50% -18 -5% 326 0.70% A- 152 354 95 11.57 30 20% 45% 6 MLM
McDonalds Corp O 231 5.16 2.23% 88 38% 143 3.60% 14 6% 246 2.10% A 168 233 -10 6.30 37 82% NR 6 MCD
Mid-America Apartment O 149 4.10 2.76% 57 39% 91 4.50% 1 0% 149 2.75% B+ 102 149 51 6.55 23 61% 78% 5 MAA

Overvalue (continued)
Middlesex Water Co. O 82 1.09 1.33% 57 70% 25 4.40% -9 -11% 73 1.50% A 56 86 20 2.18 38 50% 78% 6 MSEX
Moody's Corp G O 315 2.48 0.79% 185 59% 131 1.90% -40 -13% 276 0.90% A- 228 315 8 9.63 33 26% 409% 6 MCO
MSA Safety, Inc. O 153 1.72 1.12% 112 73% 41 4.20% -26 -17% 127 1.35% B+ 95 173 21 3.59 43 48% 36% 4 MSA
NextEra Energy, Inc. GO 79 1.54 1.95% 43 55% 36 4.30% -15 -19% 64 2.40% A 56 88 19 1.41 56 109% 115% 6 NEE
Nike Inc Cl B G O 134 1.10 0.82% 76 57% 58 1.90% 4 3% 138 0.80% A- 5284 148
52 5 2.26 59 49% 117% 6 NKE
Nordson Corp G O 202 1.56 0.77% 159 Pts 79%
% 43 3.60%
Undervalue -7
Pts -3%
% 195 0.80%
Overvalue A- 135
wk 217
wk 30
Bk 5.75
12-Mo 35 27%
Pay 61%
L/T 6 NDSN
Nordstrom
STOCK O Price
36 Dividend
0.00 0.00%
Yield 36
Dn 100%
Down 0 3.00%
LoPr/HiYld -36
Up -100%
Up 0HiPr/LoYld
0.60% B+
S&P Lo12 Hi46 Val2 -3.47
Earn -10
P/E 0%
out 908% BC
Debt 5 JWN
Tic
ABM Industries
Norfolk Southern GOO 27053 0.76
3.96 1.44%
1.46% 16325 47%
60% 28
107 2.70%
3.70% -2
-23 -4%
-8% 51
248 1.50%
1.60% A-
A 28
147 55
276 22
59 2.40
9.15 22
30 32%
43% 40% 6
82% ABM
NSC
Alliant
Nucor Energy Corp
Corporation O
O 55
78 1.61
1.62 2.95%
2.07% 25 45 46%
58% 29
33 5.50%
4.90% 3
-5 5%
-6% 58
74 2.80%
2.20% A
A- 44
35 58
83 24
36 2.47
3.61 22 65%
45% 115%
49% 6 LNT
NUE
Ameren Corporation
Parker-Hannifin gOO 31682 2.20
3.52 2.67%
1.12% 19043 52%
60% 39
126 5.60%
2.80% 6
-22 7%
-7% 88
293 2.50%
1.20% A- 66
123 87
324 35 11.59
48 3.50 23
27 63%
30% 124% 65
125% AEE
PH
AON Plc Inc
Paychex GO O 239 96 1.84
2.48 0.77%
2.58% 11739 49%
40% 123
58 1.50%
4.30% -35
3 -15%
3% 204
99 0.90%
2.50% B+
A+ 167
60 239
101 15
8 8.38
2.98 29
32 22%
83% 210%
29% 65 AON
PAYX
Applied Inds. Tech
Pentair Plc O
O 94
62 1.32
0.80 1.40%
1.29% 51 42 55%
68% 43
20 3.10%
4.00% -6
-22 -6%
-36% 88
40 1.50%
2.00% B+ 44
29 96
63 22
13 2.51
2.26 37
28 53%
35% 101%
40% 56 AIT
PNR
AptarGroup,
Procter & GambleInc Co O
O 146
135 1.44
3.16 0.98%
2.34% 72 54 50%
40% 74
81 1.95%
3.90% -21
-9 -14%
-6% 125
127 1.15%
2.50% A- 99
111 146 28
19 3.56
5.65 41
24 40%
56% 57% 6
51% ATR
PG
Pub Serv
Arthur Enterp & Co
J Gallagher O
O 134 62 1.92
2.04 1.43%
3.27% 10117 75%
27% 33
45 5.80%
4.50% -38
6 -28%
9% 96
68 2.00%
3.00% A
B+ 74
44 134
62 32 4.72
3.56 28
18 41%
57% 69% 56
91% AJG
PEG
RegalDennison
Avery Beloit Corp g OO 194
143 1.20 1.28%
2.48 0.84% 15995 66%
82% 48
34 2.50%
7.20% -10
-39 -7%
-20% 133
155 0.90%
1.60% B+ 61
99 160
199 63
18 5.42
7.15 26
27 22%
35% 33% 5
138% RBC
AVY
Rockwell
Badger Automation
Meter, Inc. GGOO 26295 4.28 0.76%
0.72 1.63% 15563 59%
67% 107
31 4.00%
2.30% 23
-15 9%
-15% 285
80 1.50%
0.90% A-
B+ 155
52 275
112 9 11.17
12 1.69 23
56 38%
43% 192%
0% 65 ROK
BMI
Rollins Company
Boeing Inc GGOO 253 35 0.32 0.00%
0.00 0.92% 25318 52%
100% 17
0 1.90%
3.50% 3
-253 8%
-100% 38
0 0.85%
1.40% A 24
114 43
279 2 -13.54
-31 0.53 66
-19 60%
0% 20%
NR 6 ROL
BA
Roper &Technologies,
Brown Brown Inc Inc gGOO 42248 2.25 0.76%
0.37 0.53% 17228 41%
59% 250
20 0.90%
1.85% 28
-10 7%
-20% 450
39 0.50%
0.95% A 305
34 456
49 100
13 8.99
1.67 47
29 25%
22% 86%
54% 6 ROP
BRO
RPM International
Brown-Forman Corp Inc O
O 91
72 1.52 0.99%
0.72 1.67% 50 66 72%
70% 25
22 6.00%
3.30% -11
0 -12%
-1% 80
72 1.90%
1.00% B+
A- 63
60 98
83 10
4 3.64
1.68 25
43 42%
43% 195%
115% 56 RPM
BFB
S&P Global
Casey's Inc Stores
General GGOO 217
373 3.08 0.63%
1.36 0.83% 135314 84%
62% 59
82 5.20%
1.65% -31
9 -8%
4% 342
227 0.90%
0.60% NR
A 266
139 380
221 2 12.19
45 9.05 31
24 25%
15% 807%
43% 56 SPGI
CASY
Sonoco Products Co
Caterpillar O 229
O 64 1.80 1.80%
4.12 2.81% 15223 36%
66% 41
78 4.40%
5.30% 5
0 8%
0% 69
229 2.60%
1.80% B+ 42
100 65
238 19
28 3.13
5.78 20
40 57%
71% 66% 5
170% SON
CAT
SouthernCorp
Chemed Co g OO 467 64 2.56 0.29%
1.36 4.03% 34319 30%
74% 45
124 5.75%
1.10% 0
-127 1%
-27% 64
340 4.00%
0.40% B+
A 50
404 65
560 26
57 3.30
18.25 19
26 78%
7% 159%
0% 56 SO
CHE
Stanley Black&Decker
Chesapeake Util. O 117
O 202 2.80 1.51%
1.76 1.38% 12282 60%
70% 80
35 3.50%
5.00% -16
-3 -8%
-3% 187
114 1.50%
1.55% A 98
73 205
121 69
40 9.70
4.20 21
28 29%
42% 38%
73% 6 SWK
CPK
StepanLtd
Chubb Co g OO 161
127 1.22 1.94%
3.12 0.96% 65 97 76%
40% 31
96 4.00%
3.25% 8
-1 7%
-1% 136
160 0.90%
1.95% B+ 84
93 132
179 44
132 5.49
9.67 23
17 22%
32% 16%
26% 5 SCL
CB
Stryker Corporation
Church&Dwight gGOO 25487 2.52 1.16%
1.01 0.99% 36 86 34%
42% 168
51 1.50%
2.00% 12
5 5%
6% 265
92 0.95%
1.10% B+
A 168
67 254
99 35
12 6.17
3.11 41
28 41%
32% 101%
60% 56 SYK
CHD
Trane Technologies Plc
Clorox GOO 189
171 2.36 2.35%
4.44 1.38% 12778 75%
41% 43
111 5.45%
4.00% -23
13 -14%
7% 148
202 1.60%
2.20% B+
A+ 74
177 171
240 27
7 4.23
9.54 40
20 56%
47% 70% 56
307% TT
CLX
Union Pacific
Commerce Bancshares GOO 22276 3.88 1.38%
1.05 1.75% 10446 47%
60% 118
30 3.30%
3.45% -6
4 -3%
6% 216
81 1.80%
1.30% A
A- 141
49 225
83 25
29 7.75
3.86 29
20 50%
27% 151% UNP
0% 6 CBSH
WD-40 Company
Cracker Barrel OC Store gGOO 174
257 2.88 0.00%
0.00 1.12% 174142 55%
100% 115
0 2.50%
3.20% -26
-174 -10%
-100% 230
0 1.25%
1.20% A
A- 155
77 333
179 12
18 5.45
-6.19 47
-28 53%
0% 71% 6 WDFC
218% CBRL
WECCorp
CSX Energy Group Inc GgOO 94
98 2.71 1.15%
1.12 2.88% 65 25 26%
66% 69
33 3.90%
3.40% 6
0 7%
0% 100
97 2.70%
1.15% A
A+ 81
59 107
99 33
17 3.90
3.60 24
27 70%
31% 124% 6 WEC
112% CSX
Wells Fargo
Deere & Co. & Co ggOO 379 40 0.40 0.95%
3.60 1.01% 27629 73% 11
103 3.70%
3.50% -20
-139 -50%
-37% 20
240 2.00%
1.50% A-
B+ 21
118 42
392 45
41 2.78 14
12.05 31 14%
30% 115%
253% 65 WFC
DE
Welltower Inc.
Disney-Walt g OO 185 76 2.44 0.00%
0.00 3.22% 18538 50%
100% 38
0 6.50%
2.30% -12
-185 -15%
-100% 64
0 3.80%
1.10% A-
A 36
99 76
203 38
47 3.76 -276
-0.67 20 65%
0% 87%
64% 6 WELL
DIS
West Pharmaceutical
Donaldson Co Svcs g OO 30659 0.68 1.42%
0.84 0.22% 28219 92%
32% 24
40 2.80%
2.10% -238
5 -78%
9% 68
65 1.00%
1.30% A
B+ 162
39 312
63 25
8 4.70
1.92 65
31 14%
44% 14%
63% 65 WST
DCI
Woodward
Dover Corp Inc. gOO 139
122 0.65 1.43%
1.98 0.53% 89 57 47%
64% 65
50 1.00%
4.00% -14
-29 -11%
-21% 108
110 0.60%
1.80% A
B+ 51
80 128
141 32
24 3.93
4.92 31
28 17%
40% 37%
92% 65 WWD
DOV
WR Berkley
DTE Energy CorpCo gOO 138 79 0.48 3.15%
4.34 0.61% 77 42 53%
56% 37
60 1.30%
7.20% 1
12 2%
9% 80
150 0.60%
2.90% B+
A- 45
92 80
137 35
64 3.49
7.26 23
19 14%
60% 43% 56 WRB
153% DTE
Xcel EnergyProperties,
EastGroup Inc Inc. O 151
O 68 1.83 2.10%
3.16 2.67% 87 38 55%
58% 31
63 6.00%
5.00% -1
7 -1%
5% 68
158 2.70%
2.00% A
A- 56
94 76
153 27
32 2.79
2.42 25
62 66%
130% 135% XEL
103% 66 EGP
York Water
Ecolab Inc GO O 218 50 0.75 0.88%
1.92 1.50% 11931 63%
55% 19
98 4.00%
1.95% -3
-5 -7%
-2% 47
213 1.60%
0.90% A
A+ 40
169 52
231 11
22 1.30
4.23 39
51 58%
45% 86% 66 YORW
108% ECL
Emerson Electric O 91 2.02 2.23% 47 52% 44 4.60% -3 -3% 88 2.30% A- 46 93 14 3.82 24 53% 75% 6 EMR
Equifax Inc g O 188 1.56 0.83% 99 53% 89 1.75% -24 -13% 164 0.95% B+ 121 196 26 4.44 42 35% 103% 5 EFX
Equity LifeStyle Properties GO 66 1.45 2.19% 22 34% 44 3.30% 6 9% 73 2.00% A+ 54 69 7 2.12 31 68% 216% 6 ELS
Essential Utilities O 47 1.00 2.15% 23 49% 24 4.25% 3 7% 50 2.00% A 37 49 19 1.18 39 85% 118% 6 WTRG
Gap Inc g O 32 0.00 0.00% 32 100% 0 3.50% -32 -100% 0 0.30% A- 7 33 7 -1.05 -31 0% 85% 6 GPS
18 MID - APRIL 2021
GATX Corp O 94 2.00 2.13% 52 55% 42 4.75% 9 9% 103 1.95% A 51 101 56 3.42 27 58% 274% 6 GATX
(Continued from page 3)
valued area for an extended period. In our
experience, although a company may offer
excellent current value in terms of its dividend
yield, its internal economic measures may not
be sufficiently attractive for current buying
interest, thus the high dividend yield and the
extended period in the Undervalued category.
To augment the traditional criterions above,
and to identify those Undervalued stocks that
also have excellent internal economic mea-
sures, in March, 2016, we introduced metrics
to The Timely Ten we use at Private Client to
construct portfolios for managed accounts.
These metrics are: Return on Invested Capital
(ROIC), Free Cash Flow Yield (FCFY) and
Price to Value Ratio (PVR).
Return on invested capital (ROIC) measures
how much profit a company generates for ev-
ery dollar invested in the company. Our belief
is it is the truest measure of a company’s cash
on cash returns. As such, we are interested
in companies that produce a lot of cash from
their investments in the company because this
is where profits, and therefore dividends, come
from. We like an ROIC of at least 10%.
Free cash flow (FCF) is the amount of cash
that remains after everything has been paid,
all new investments have been made, and
is available for distributing to all the equity
shareholders. In the old days, we used to call
this “profits.”
As with many fundamental measures, inves-
tors tend to believe that “more is good, but less
is not.” With free cash flow this isn’t always
the case, however. A large amount of free
cash flow may indicate the company can’t find
sufficient opportunities for new investment(s),
which can limit future growth prospects. Neg-
ative free cash flow, on the other hand, could
indicate that the company has an abundance
of investment opportunities but not enough
internal cash flow to pursue all of them. A flat
or zero level of free cash flow could be a sign
that the company is generating just enough
cash to fund its growth opportunities.
Free cash flow yield (FCFY) is a ratio that
compares the free cash flow to the value of
the business. Most investors are familiar with
the P/E Ratio, which is the price of the stock
divided by the earnings of the company.
With the way that earnings are calculated and
reported, however, P/E’s are a questionable
measure of value.
Our belief is the FCFY, which is the FCF
divided by the adjusted enterprise value of
the company, gives much greater insight to a
company’s value than does the P/E ratio. We
look for an FCFY of at least 5%.
Price to Value Ratio (PVR) is a measure of
how the market is valuing the future growth
prospects of a company. In our experience the
Street tends to extrapolate the present into the
future, forever, which is just plain silly.
Understanding this tendency gives us the op-
portunity find value where the Street does not,
however. To keep this short and simple, a PVR
of 1.0 indicates the Street is valuing the future
growth to remain on par with the company’s
historical average. Each tenth (.1) is a ten per-
cent change in that assessment. For example,
a PVR of 0.9 indicates the Street is valuing the
future growth prospects of the company at a
10% discount from the company’s historical
average – forever. A PVR of 1.1 indicates the
Street is valuing the future growth prospects
of the company at a 10% increase from the
historical average – forever.
We look for a PVR between 0 and 1.6, with the
lower the number the better.
The Timely Ten can be found on page 3 of
each issue except for the First-January, where
we present the Lucky 13. The format is easy to
follow as can be seen on page 3.
MID - APRIL 2021
Share the
Wealth
Since 1966 Investment Quality Trends
has provided investors the research,
analysis and tools to identify high-
quality, blue-chip stocks and to know
when they offer good value. This is the
information you need to make informed
buy, sell and hold decisions about stocks
for your portfolio. So see what Barron’s,
Forbes, The Economist and many more
have said about this unique Service by
Subscribing today!
If you know a friend or colleague that
could benefit from our newsletter, please
let us know. They can sign up for a free
issue on our website at iqtrends.com.
About Kelley Wright
Kelley Wright entered the financial
services industry in 1984 as a stock
broker; first with a private investment
boutique in La Jolla and later with
Dean Witter Reynolds. In 1990 Kelley
left the retail side of the industry for
private portfolio management. In 2002
Kelley succeeded Geraldine Weiss as
the Managing Editor of the Investment
Quality Trends newsletter and as the
Chief Investment Officer and Portfolio
Manager for IQ Trends Private Client.
Kelley’s commentaries have been
published in Barron’s, Forbes,
BusinessWeek, Dow Jones MarketWatch,
The Economist, and many other business
and financial periodicals. Kelley is
an active speaker at trade shows and
investment conferences, and is a frequent
guest and contributor to radio and
CNBC.
Kelley is the author of Dividends Still Don’t
Lie, which was published in February, 2010,
by John Wiley & Sons, Inc.
Register at iqtrends.com
19
For the

27132B Paseo Espada • Suite 1222 • San Juan Capistrano CA 92675 • 866.927.5250

IQTrends.com