First - December 2021

(BNS) Bank of Nova Scotia

(FMNB) Farmers National Banc Corp
(LEG) Leggett & Platt, Inc.
(RGCO) RGC Resources, Inc.

For the
 Managing Editor: Kelley Wright
Hey gang. One would think with an almost
1,000-point sell-off in the Dow there would
Managing Editor Kelley Wright be more movement. There was a bump in
Publisher Emerita Geraldine Weiss the number of stocks in the Undervalued
category, but it is the ranking of the in-
27132B Paseo Espada ternal measures that dictates inclusion in
Suite 1222 the Timely Ten. On that note we have two
San Juan Capistrano, CA 92675 stocks that have been included before: Philip
t: 866.927.5250 Morris International (PM); and Renasant
f: 866.927.5251 Corporation (RNST). Beside those two the
TT remains the same. US Bancorp (USB)
Email: info@iqtrends.com and Cadence Bank (CADE), which were re-
placed by PM and RNST, are still eligible for
consideration as they remain in the Under-
valued category.
Subscription Rates With the additions to the Undervalued
category, we do get a chance to take a look at
Hardcopy Online some stocks that we haven’t seen in a while:
Bank of Nova Scotia (BNS); Farmers Na-
Annual $350 $265 tional Banc Corp (FMNB); Leggett & Platt
(24 issues / 2 per mo.) (LEG); and RGC Resources (RGCO).
1st of Month $275 $210 Bank of Nova Scotia
(1 issue per month) (BNS): The Bank of
Nova Scotia (BNS),
Six Month $220 $175 together with its subsidiaries, is one of the
(2 issues per month) six systemically important banks in Canada.
BNS provides a range of personal and com-
Quarterly $155 $115 mercial banking, wealth management and
(4 issues per year) private banking, corporate and investment
banking, and capital markets products and
Trial $55 $45 services to over 21M customers worldwide.
(4 issues / 2 per mo.) It also operates Tangerine Bank, which offers
digital, self-directed banking solutions. BNS
2 Year $640 $480 is Canada’s 3rd largest Schedule I bank (7th
(48 issues / 2 per mo.) largest by assets in the Americas) generat-
ing revenues through a diversified business
model. High portion of its total revenues is
comprised of fee-based products contribut-
Next Issue Mailing ing to its earnings power. BNS is also the 5th
largest bank in Mexico, 3rd in Peru, 4th in
December 15, 2021 Chile, and 6th in Colombia by market share.
Compared to its Canadian peers, the bank
generates the highest percentage of earnings
Statistics and information within I.Q. Trends are outside of Canada. In FY20, earnings were
thoroughly researched and believed to be accurate. predominantly generated in Canada (64%),
However, discrepancies may occur. Investors should the US (11%), Peru (6%), Chile (6%), and
recheck critical data before making stock purchases. The Mexico (5%). Operations are conducted
security portfolios of our employees, officers, or affiliated
companies may, in some instances, include securities
via a branch network of 2,618 offices. The
mentioned in this issue. bank’s international presence is focused on
high-growth markets such as the Pacific
Alliance region, as well as the Caribbean
& Central America, Asia, and Europe. Its
Capital Markets business is the 2nd largest
in Canada and has a strong position in Latin
2 FIRST - DECEMBER 2021
America. Particular strengths are loan syn-
dication and infrastructure finance. Wealth
Management unit is #3 in Canada serving
over 1.5M investment fund & advisory
clients across 14 countries with client assets
reaching over $540B.
Farmers Nation-
al Banc Corp
(FMNB): Farmers
National Banc Corp. is a financial holding
company that operates in the banking,
trust, retirement consulting, insurance, and
financial management industries. It offers
commercial and retail banking services, in-
cluding checking, savings, and time deposit
accounts; commercial, mortgage and install-
ment, and home equity loans; home equity
lines of credit, night depository, safe deposit
box, money order, bank check, automated
teller machine, Internet banking, travel
card, E bond transaction, MasterCard and
Visa credit cards, brokerage, and other ser-
vices. The company also provides personal
and corporate trust services in the areas of
estate settlement, trust administration, and
employee benefit plans; retirement services;
property and casualty insurance products
and services; and various insurance prod-
ucts through licensed representatives, as
well as invests in municipal securities. It
operates through forty locations in north-
eastern region of Ohio and one location in
southwestern Pennsylvania. The company
was founded in 1887, is headquartered in
Canfield, Ohio, and has paid uninterrupted
dividends since 1990.
Leggett &
Platt, Inc
(LEG): LEG
designs, manufactures, and markets engi-
neered components and products world-
wide. It operates through three segments:
Bedding Products; Specialized Products;
and Furniture, Flooring & Textile Products.
The company offers steel rods, drawn wires,
foam chemicals and additives, innersprings,
specialty foams, private label finished mat-
tresses, mattress foundations, wire forms
for adjustable beds, industrial sewing and
quilting machines, and mattress packag-
ing and glue drying equipment, as well as
(Continued on page 18)
 Rank Previous Stock Tick ROIC FCFY PVR Dividend Payout Sector
Rank Symbol % % Yield Ratio

1 1 Omnicom Group OMC 15% 13% 0.4% 4.15% 43% Comm Svcs
2 - Philip Morris Int’l PM 34% 7% 0.6% 5.72% 87% Staples
3 2 First Merchants Corp FRME 13% 7% 0.5% 2.86% 31% Financials
4 3 3M Company MMM 15% 5% 0.8% 3.36% 58% Industrials
5 4 Cardinal Health CAH 6% 15% 0.4% 4.14% 50% Health Care
6 5 Walgreens Boots Alliance WBA 4% 11% 0.6% 4.14% 65% Staples
7 6 Smucker, JM SJM 6% 9% 0.5% 3.06% 56% Staples
8 7 Int’l Business Machines IBM 6% 7% 0.8% 5.54% 123% Info Tech
9 8 Dow, Inc DOW 12% 7% 0.5% 4.92% 36% Materials
10 - Renasant Corp RNST 7% 6% 0.7% 2.38% 29% 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 signif-
icant amount of fundamental and techni-
cal information and data on high-quality,
dividend-paying Blue Chip stocks. This
information and data are best utilized by
Subscribers after careful consideration of
their investment objective(s), risk tolerance,
investment time horizon, and experience.
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 main-
tain model portfolios as it is impractical, if
not impossible, to construct and maintain
model portfolios to meet every Subscribers
individual investment objectives.
In our view, the optimum portfolio consists
of 25 to 30 companies that are diversified
equally among the 9 to 10 industrial sectors
from the Undervalued category. To assist
Subscribers in establishing a foundation for
a 25 to 30 position portfolio we introduced
The Lucky 13 in January 2000. The goal of
the Lucky 13 is to outperform the broad
market over one year and a day to achieve
long-term capital gain tax treatment.
Recognizing that Subscribers wanted
recommendations beyond the once-per-
year Lucky 13, we initiated The Timely Ten
feature as a compliment.
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 affirmation and hand holding, The
Timely Ten represents our top ten recom-
mendations from the Undervalued category
as of each issue.
Historically, Subscribers that have acquired
stocks simply because they are in the Un-
dervalued category 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.
There are multifaceted explanations/reasons
for why a stock may remain in the Under-
valued area for an extended period. In our
experience, although a company may offer
excellent current value in terms of its divi-
dend 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 identify those Undervalued stocks that
also have excellent internal economic mea-
sures, we produce the following metrics to
The Timely Ten:
Return on invested capital (ROIC) measures
how much profit a company generates for
every dollar invested in the company. Our
belief is it is the truest measure of a com-
pany’s cash on cash returns. As such, we
are interested in companies that produce a
(Continued on page 9)

FIRST - DECEMBER 2021 3

InvestmentOutlook

Know Value
High quality companies with a track record of performance over time

Black Friday 2021 was not a stellar day in Consider these two notes from Wall Street A lockdown is really what the market fears,
the stock market, but it was not the worst. analysts: not the S&P at 40 times earnings, not rising
Yes, the 2% decline wiped out the gains for inflation, or the Fed tapering their pur-
November, but given the lofty prices of the “The pandemic and COVID variants remain chases of Treasuries and mortgage-backed
major indexes, 2% was a mere flesh wound. one of the biggest risks to markets and are bonds, which could lead to higher interest
It would take about twenty or so consecutive likely to continue to inject volatility over the rates. No Virginia, the market’s worst fear
2% down days just to get back to middle next year(s),” wrote Keith Lerner, co-chief is a lockdown because that would most
of the road valuations. That discussion will investment officer and chief market strategist surely mean recession, and recession is the
have to wait for another day. at Truist Advisory Services, in a Friday note; market’s kryptonite.
“The one bull in the China shop that could
Notice how quickly after some countries
announced travel bans that the South
A lockdown is really what the market fears, not the S&P at 40 times African doctor that discovered the variant
earnings, not rising inflation, or the Fed tapering their purchases of said, “There is nothing to worry about. The
patients seen so far have had extremely mild
Treasuries and mortgage-backed bonds, which could lead to higher
symptoms.” Right on cue, buyers returned
interest rates. on Monday and the Nasdaq notched its
biggest daily gain since May, while the Dow
and S&P had their largest percentage climbs
No, what I think the important take away truly derail the global recovery has always in more than a month, after the White
from Black Friday is that the market is really been a new strain of Covid-19 that swept the House said the fight against the omicron
only nervous about one thing, which is actu- world and caused the reimposition of mass variant of coronavirus won’t involve “shut-
ally pretty scary in my mind. social retractions,” said Jeffrey Halley, senior downs or lockdowns.” How’s that for a fast
market analyst, at OANDA, in a note. Allow response team?
me to translate, “the reimposition of mass
social contractions,” = LOCKDOWN. ***

From The
Maxims of
Wall Street, a
vignette ti-
tled A Rich
Man’s Pearl of
Wisdom #2, “Two
Little Words.”

“When I was a young man, I had the

opportunity to meet one of Wall Street’s
legends, Arnold Bernhard, founder of
Value Line Investment Survey, called “the
most trusted name in investment research.”
Bernhard pioneered Value Line, famous for
its one-page assessment of publicly traded
companies.

We had lunch together at his offices on

4 FIRST - DECEMBER 2021

Continued from page 4
InvestmentOutlook
3rd Avenue in mid-Manhattan, and I shall
never forget the occasion. He was in his late
eighties by then and had only a year or two
to live. Bernhard wanted to talk about his
offshore properties in the Bahamas, but I
had a more philosophical interest.
I asked, ‘Mr. Bernhard, you have lived a
long, successful career on Wall Street. If you
could reduce your approach to investing
to one sentence, what would it be?” He
reached for his cane, stood up, and walked
slowly toward the window overlooking 42nd
Street. “Young man,” he said deliberately,
“the secret to successful investing can be
reduced to two simple words: know value.”
He said that everyone on Wall Street knew
the prices of stocks and other assets, but
few understood what these assets were
really worth, or what they would be worth
in the future. Paraphrasing Oscar Wilde,
Bernhard declared, ‘Brokers, security ana-
lysts and investors – the whole lot – know the
price of everything and the value of nothing.”
According to Bernhard, investors have no
sense of history. They know little about
what makes markets move and are only
successful as long as the trend doesn’t
change. But what happens when the trend
changes and a bull market turns into a
treacherous bear market, or vice versa?
“Then people find out what real values are!”
concluded Bernhard.”
***
What value means to one investor can have
an entirely different meaning to another.
In a dictionary value is defined as “proper
price; the quantity of money that an article
is likely to command in the long-run, as
distinct from its price in an individual
instance.”
While this definition is factually accurate,
it is also cold and academic. Accordingly,
investors often miss the wisdom con-
tained within the definition, particularly
as it pertains to relating their investment
holdings to price. If we boil down from the
academic to the simple, we could say that
the foundation of investment success lies in
value identification. If the sole purpose of
investing is to realize a return on invest-
Yields To Watch
The dividend-yields indicating the Undervalue
area have been established over multiple mar-
ket-cycles. Although these lowprice / high-yield
ment, there is nothing more immediate instances are repetitive, they are neither abso-
lute nor inviolate. In fact, a range of 10% above
and fundamentally representative of
and below Undervalue is normal behavior. For
value and a return on investment than the
various reasons though, stocks will occasionally
receipt of dividends. exceed this 10% range.
Of the three fundamental measures of Typically this is a transitory event as abnor-
value, price-to-earnings (P/E), price-to mally high-yields will attract sufficient buying
book value (P/B), and dividend yield, the interest to return dividend-yields to lon-
dividend yield, which exists only if there is gestablished norms. On those occasions when
a receipt of dividends, is the only measure a dividend-yield deviates 30% or more from
of fundamental value that is tangible. This Undervalue, however, IQ Trends will highlight
is to say that you can’t spend or reinvest those stocks in this space so Subscribers can
make note of the abnormal behavior.
a P/E ratio or a P/B ratio; you can only
spend or reinvest the cash dividend.
Fundamentally then, the underlying value
of a stock lies within its dividend, which
determines yield. What separates the
enlightened investor from all others is the Unum Group Cardinal Health
knowledge of where the dividend yield (UNM)
(CAH)
offers good historic value. This is to say that
there is a historically repetitive yield area
where the dividend yield suggests greater
upside price potential than less down-
side price risk, we call this Undervalue.
Int’l Bus Machines
Conversely, there is a historically repet-
(IBM)
itive yield area where the dividend yield
suggests less upside price potential and
greater downside price risk, we call this
Overvalue. Dividends, yield, Undervalue,
Overvalue, this is what is important!
Is there uncertainty in the market? Al-
ways. So, it begs the question, how does
one get past the uncertainties and stay
focused on their goals and objectives?
In a world of unanswered questions what
I do know is this; great, high-quality com-
panies with long track records of perfor-
mance, over time, increase their dividends
and reward shareholders with higher
stock prices. To be sure the journey is
often bumpy, investing is no greeting card
commercial. At the end of the day though,
investing in the stock market really is
about those two little words; know value.
That is all, now solider on.
FIRST - DECEMBER 2021 5
 6
The Bank of Nova Scotia (BNS)

Quality Rank: A-
Shares Outstg (M): 122000000
Inst Own: 55%
Div Paid Since: 1834
Profit Margin: 31.69%
TTM Earnings: $7.15
P/E Ratio: 8.93
Book Value: 56.97
Div Payout: 50%

CURRENT
Price: 63.84 Yield: 5.6%

OVERVALUE
Price: 109.09 Pts Up: 45.25
Yield: 3.30% % Up: 70.9%

UNDERVALUE
Price: 64.29 Pts Dn: -0.45
Yield: 5.60% Dn: -0.7%

FIRST - DECEMBER 2021

DIV $2.08 $2.18 $2.34 $2.35 $2.19 $2.17 $2.33 $2.55 $2.63 $2.68 $3.60
EPS $4.59 $5.16 $5.01 $5.19 $4.57 $4.35 $4.96 $5.30 $5.03 $3.94 $7.15
 Farmers National Banc Corp (FMNB.O)

Quality Rank: A-
Shares Outstg (M): 339100
Inst Own: 44%
Div Paid Since: 1990
Profit Margin: 40.56%
TTM Earnings: $2.04
P/E Ratio: 8.72
Book Value: 13.33
Div Payout: 27%

CURRENT
Price: 17.79 Yield: 3.1%

OVERVALUE
Price: 41.48 Pts Up: 23.69
Yield: 1.35% % Up: 133.2%

UNDERVALUE
Price: 20.36 Pts Dn: -2.57
Yield: 2.75% Dn: -14.4%

FIRST - DECEMBER 2021

DIV $0.12 $0.12 $0.12 $0.12 $0.12 $0.16 $0.22 $0.30 $0.38 $0.44 $0.56
EPS $0.50 $0.53 $0.41 $0.48 $0.36 $0.76 $0.82 $1.16 $1.28 $1.47 $2.04

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 $621.06

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 35,136 $621.06 1.77% -4,083 -11.62% 31,053 2.00% 19,609 55.81% 15,527 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 921 $27.86 3.03% 8 0.08% 929 3.00% 456 49.56% 464 6.00%

8 FIRST - DECEMBER 2021

Criteria for Select Blue Chips (Continued from page 3)

The IQ Trends register of Select Blue Chips 1. Dividend increases 5 times in the last
is an elite representation of the highest 12 years
quality and most prosperous corporations 2. S&P Quality Ranking in the “A” category
in the country. According to our method, a 3. At least 5,000,000 shares outstanding lot of cash from their investments in the
stock will achieve the designation of Select 4. At least 80 institutional investors company because this is where profits,
Blue Chip after it has met at least 5 of the 5. At least 25 years of uninterrupted and therefore dividends, come from. We
6 following qualifications and may remain dividends prefer an ROIC of at least 10%.
with 4 criterions: 6. Earnings improved in at least 7 of
Free cash flow (FCF) is the amount of
the last 12 years
cash that remains after everything has
been paid, all new investments have been
Category Stocks Percent made, and is available for distributing
to all the equity shareholders. In the old
days, we used to call this “profits.”

Free cash flow yield (FCFY) is a ratio that

Undervalued Stocks.................................... 38 13.6% compares the free cash flow to the value
of the business. FCFY, which is the FCF
Overvalued Stocks....................................... 95 33.9% divided by the adjusted enterprise value of
the company, gives much greater insight to
Rising Trends.................................................. 82 29.3% a company’s value than does the P/E ratio.
We prefer an FCFY of at least 5%.
Declining Trends........................................... 65 23.2%
Price to Value Ratio (PVR) is a measure
Total................................................................... 280 100% of how the market is valuing the future
growth prospects of a company. The
Street uses GAAP, which is flawed for
stocks, and tends to extrapolate those
flaws from the present into the future,
forever, which is just plain silly.
Blue Chip Info Notes
The PVR is based on economic values,
Cadence Bank merged into BancorpSouth Bank with BancorpSouth as the which identifies value where the Street
surviving company, however BancorpSouth Bank was renamed Cadence Bank does not. In short, a PVR of 1.0 indicates
and now trades under the symbol CADE. the market value and economic value
are equal. Each tenth (.1) is a ten percent
Select Blue Chip Summary deviation. For example, a PVR of 0.9
indicates the economic value is at a 10%
80% of Undervalued stocks coincide with historic market bottoms. 17% of Undervalued discount from market value. A PVR of 1.1
stocks coincide with historic market tops. indicates the economic value is at a 10%
premium to the market value. We prefer
U - Undervalued (Buying Area) R - Rising Trends a range for the PVR between 0 and 1.6,
Dividend yield is historically high and price Stocks have moved at least 10% above Un- with the lower the number the better.
is attractively low. Bargain buys. dervalue and should be held until price is at
or near Overvalue.
O - Overvalued (Selling Area)
Dividend yield is historically low and price D - Declining Trends
is unattractively high. A sale should be con- Stocks have declined at least 10% from Over-
sidered in this area. value and should be avoided until price is at
or near Undervalue

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 the 10%/12 year test, but
the 3 and 5 year trends do not.

FIRST - DECEMBER 2021 9

 10
Leggett & Platt, Inc. (LEG)

Quality Rank: B+ CURRENT

Shares Outstg (M): 133380 Price: 41.14 Yield: 4.1%
Inst Own: 76%
Div Paid Since: 1939 OVERVALUE
Profit Margin: 8.12% Price: 70.00 Pts Up: 28.86
TTM Earnings: $2.94 Yield: 2.40% % Up: 70.2%
P/E Ratio: 13.99
UNDERVALUE
Book Value: 11.81
Price: 38.18 Pts Dn: 2.96
Div Payout: 57%
Yield: 4.40% Dn: 7.2%

FIRST - DECEMBER 2021

DIV $1.10 $1.14 $1.18 $1.22 $1.26 $1.34 $1.42 $1.50 $1.58 $1.60 $1.68
EPS $1.16 $1.57 $1.25 $1.55 $2.27 $2.62 $2.14 $2.26 $2.47 $1.82 $2.94
 RGC Resources, Inc. (RGCO.O)

Quality Rank: A- CURRENT

Shares Outstg (M): 8360 Price: 21.70 Yield: 3.6%
Inst Own: 40%
Div Paid Since: 1942 OVERVALUE
Profit Margin: 13.44% Price: 39.00 Pts Up: 17.30
TTM Earnings: $1.23 Yield: 2.00% % Up: 79.7%
P/E Ratio: 17.64
Book Value: 11.93 UNDERVALUE
Div Payout: 63% Price: 20.53 Pts Dn: 1.17
Yield: 3.80% Dn: 5.4%

FIRST - DECEMBER 2021

DIV $0.45 $0.47 $0.48 $0.49 $0.51 $0.54 $0.58 $0.62 $0.66 $0.70 $0.78
EPS $0.67 $0.61 $0.60 $0.67 $0.72 $0.81 $0.86 $0.95 $1.08 $1.30 $1.23

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 176 5.92 3.36% -21 -12% 197 3.00% 172 98% 348 1.70% A 163 209 22 10.29 17 58% 146% 6 MMM
AbbVie Inc. g U 117 5.64 4.83% -8 -7% 125 4.50% 118 101% 235 2.40% NR 102 122 7 4.92 24 115% 657% 5 ABBV
Altria Group U 43 3.60 8.28% -8 -18% 51 7.00% 47 107% 90 4.00% B+ 40 53 2 1.49 29 242% 1008% 6 MO
Associated Banc-Corp GU 23 0.80 3.54% 0 -1% 23 3.50% 21 91% 43 1.85% B+ 15 24 24 2.10 11 38% 60% 5 ASB
Bank of Nova Scotia U 64 3.60 5.64% 0 -1% 64 5.60% 45 71% 109 3.30% A- 49 68 52 7.15 9 50% 258% 6 BNS
Cadence Bancorp U 30 0.80 2.68% -1 -3% 31 2.60% 54 182% 84 0.95% A- 25 36 26 2.76 11 29% 23% 6 CADE
Cardinal Health Inc g U 47 1.96 4.14% -28 -59% 76 2.60% 93 195% 140 1.40% B+ 47 63 6 3.89 12 50% 348% 5 CAH
Cass Info Systems GU 41 1.12 2.71% -10 -23% 51 2.20% 52 126% 93 1.20% A 38 49 18 1.91 22 59% 213% 6 CASS
Consolidated Water U 11 0.34 3.04% -1 -9% 12 2.80% 8 69% 19 1.80% B+ 11 15 11 0.14 83 251% 0% 4 CWCO
Cracker Barrel OC Store g U 124 5.20 4.18% -14 -11% 139 3.75% 107 86% 231 2.25% A- 123 179 28 4.96 25 105% 49% 6 CBRL
DOW Inc. U 57 2.80 4.92% -7 -12% 64 4.40% 43 76% 100 2.80% NR 51 71 17 7.76 7 36% 132% 4 DOW
Farmers National Banc GU 18 0.56 3.15% -3 -14% 20 2.75% 24 133% 41 1.35% A- 13 19 12 2.04 9 27% 23% 6 FMNB
First Merchants Corp GU 41 1.16 2.86% -4 -10% 45 2.60% 37 91% 77 1.50% B+ 33 51 35 3.76 11 31% 30% 5 FRME
Fulton Financial g U 16 0.56 3.45% 0 -2% 16 3.40% 9 57% 25 2.20% A 12 18 15 1.56 10 36% 73% 6 FULT
Hormel Foods GU 42 1.04 2.45% 4 9% 39 2.70% 27 63% 69 1.50% A+ 40 51 12 1.59 27 65% 20% 6 HRL
IBM g U 119 6.56 5.54% -46 -38% 164 4.00% 386 326% 505 1.30% B+ 112 146 23 5.33 22 123% 297% 5 IBM
Kellogg Company U 64 2.32 3.63% 4 7% 59 3.90% 35 55% 99 2.35% B+ 57 69 9 3.69 17 63% 206% 5 K
Leggett & Platt Inc U 41 1.68 4.08% 3 7% 38 4.40% 29 70% 70 2.40% B+ 40 59 11 2.94 14 57% 133% 5 LEG
M&T Bank U 152 4.80 3.15% -13 -9% 166 2.90% 130 86% 282 1.70% B+ 116 168 116 13.96 11 34% 27% 5 MTB
New Jersey Res U 38 1.45 3.84% -4 -10% 41 3.50% 31 83% 69 2.10% A 32 44 17 1.23 31 118% 160% 5 NJR
Northwest Natural Holding U 44 1.93 4.34% -7 -16% 51 3.75% 34 77% 79 2.45% B+ 42 57 29 2.95 15 65% 142% 5 NWN
Omnicom Group g U 67 2.80 4.15% -10 -15% 78 3.60% 54 80% 122 2.30% A+ 59 86 14 6.46 10 43% 166% 6 OMC
ONEOK, Inc g U 62 3.74 5.99% 6 9% 57 6.60% 51 81% 113 3.30% B+ 36 67 14 3.23 19 116% 236% 5 OKE
Peoples Bancorp Inc GU 31 1.44 4.59% 3 8% 29 5.00% 20 64% 51 2.80% B+ 24 37 30 2.10 15 69% 31% 5 PEBO
Philip Morris Intl Inc. U 87 5.00 5.72% 4 5% 83 6.00% 58 66% 145 3.45% B+ 75 107 -8 5.76 15 87% NR 5 PM
PPL Corporation U 28 1.66 5.84% 3 9% 26 6.40% 15 54% 44 3.80% B+ 26 31 17 -1.71 -17 -97% 119% 5 PPL
Renasant Corporation U 37 0.88 2.38% 3 8% 34 2.60% 18 49% 55 1.60% A- 31 47 38 3.03 12 29% 8% 6 RNST
RGC Resources, Inc U 22 0.78 2.86% 1 5% 21 3.80% 17 80% 39 2.00% A- 21 26 12 1.23 18 63% 134% 6 RGCO
Sempra Energy g U 124 4.40 3.54% 11 9% 113 3.90% 67 54% 191 2.30% B+ 115 145 70 3.69 34 119% 97% 5 SRE
Smucker, JM U 129 3.96 3.06% 13 10% 116 3.40% 104 80% 233 1.70% B+ 111 141 75 7.11 18 56% 59% 5 SJM
South Jersey Industries U 24 1.24 5.20% -2 -8% 26 4.80% 19 79% 43 2.90% B+ 20 29 17 0.88 27 141% 211% 5 SJI
TC Energy Corporation U 48 3.48 7.27% -4 -9% 52 6.70% 54 114% 102 3.40% B+ 40 55 29 1.91 25 182% 150% 5 TRP
TELUS Corporation U 23 1.31 5.66% 0 1% 23 5.70% 14 59% 37 3.55% A 19 24 9 0.95 24 137% 162% 6 TU
U.S. Bancorp GU 57 1.84 3.21% -4 -7% 61 3.00% 51 89% 108 1.70% A 42 63 31 4.99 12 37% 96% 6 USB
Unum Group GU 24 1.20 5.01% -16 -67% 40 3.00% 85 355% 109 1.10% B+ 21 32 53 3.91 6 31% 31% 4 UNM
Walgreen Boots Alliance g U 46 1.91 4.14% -7 -15% 53 3.60% 90 196% 136 1.40% B+ 38 57 27 2.93 16 65% 42% 6 WBA
Washington Federal, Inc. GU 33 0.92 2.80% 2 7% 31 3.00% 25 75% 58 1.60% A 23 37 28 2.39 14 38% 81% 6 WAFD
Weyco Group U 24 0.96 3.96% -6 -24% 30 3.20% 56 230% 80 1.20% B+ 16 25 19 1.58 15 61% 0% 5 WEYS

You guys in Fullfillment have

done wonders with your
logistics formula!

12 FIRST - DECEMBER 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

1st Source Corporation R 47 1.24 2.65% 5 12% 41 3.00% 36 77% 83 1.50% A 37 51 35 4.61 10 27% 25% 6 SRCE
AFLAC R 56 1.60 2.87% 16 28% 40 4.00% 29 51% 84 1.90% A- 43 58 48 6.24 9 26% 23% 6 AFL
Air Products & Chem GR 291 6.00 2.06% 110 38% 182 3.30% 84 29% 375 1.60% A 246 316 61 9.47 31 63% 54% 6 APD
Alamo Group Inc. g R 146 0.56 0.38% 84 57% 62 0.90% 40 28% 187 0.30% A- 133 166 54 5.85 25 10% 45% 5 ALG
American Financial Group GR 138 2.24 1.62% 74 54% 64 3.50% 41 30% 179 1.25% B+ 66 146 79 16.00 9 14% 29% 4 AFG
Ametek GR 140 0.80 0.57% 60 43% 80 1.00% 20 14% 160 0.50% A 107 144 26 4.02 35 20% 41% 6 AME
Apogee Enterprises, Inc R 46 0.80 1.74% 27 59% 19 4.20% 68 148% 114 0.70% B+ 26 49 19 0.15 304 528% 33% 4 APOG
Archer Daniels Midland R 65 1.48 2.28% 28 43% 37 4.00% 17 27% 82 1.80% B+ 49 69 36 4.65 14 32% 50% 5 ADM
Arrow Financial Corporation R 35 1.04 2.98% 5 15% 30 3.50% 9 27% 44 2.35% A 28 38 21 3.26 11 32% 20% 6 AROW
Avista Corp R 39 1.69 4.31% 8 22% 31 5.50% 41 105% 80 2.10% A- 36 49 29 2.25 17 75% 114% 6 AVA
Bank of Hawaii R 81 2.80 3.45% 28 34% 53 5.25% 43 53% 124 2.25% A- 75 99 34 5.79 14 48% 48% 6 BOH
Bank of New York Mellon GR 57 1.36 2.39% 16 28% 41 3.30% 56 99% 113 1.20% A 39 61 47 3.94 14 35% 82% 6 BK
Black Hills Corpration R 66 2.38 3.60% 13 20% 53 4.50% 29 44% 95 2.50% B+ 57 73 41 3.87 17 61% 142% 5 BKH
BP Plc R 26 1.31 5.00% 6 24% 20 6.60% 17 67% 44 3.00% NR 20 30 21 1.95 13 67% 96% 5 BP
Cathay General Bancorp GR 43 1.36 3.17% 10 23% 33 4.10% 31 71% 74 1.85% A- 28 46 30 3.72 12 37% 12% 5 CATY
Charles Schwab Corporation G R 80 0.72 0.90% 47 59% 33 2.20% 23 28% 103 0.70% A 49 84 26 2.64 30 27% 24% 6 SCHW
Cintas Corp GR 435 3.80 0.87% 283 65% 152 2.50% 325 75% 760 0.50% A+ 315 453 35 10.85 40 35% 69% 6 CTAS
Comerica Incorporated GR 85 2.72 3.19% 19 22% 66 4.10% 162 190% 247 1.10% A- 49 92 55 8.23 10 33% 71% 5 CMA
Community Trust Banc R 42 1.60 3.81% 13 31% 29 5.50% 22 52% 64 2.50% A- 34 48 37 4.76 9 34% 64% 6 CTBI
Crane Co. R 100 1.72 1.72% 46 46% 54 3.20% 23 23% 123 1.40% B+ 69 109 26 7.02 14 25% 80% 5 CR
Cummins Inc. g R 217 5.80 2.67% 56 26% 161 3.60% 124 57% 341 1.70% B+ 216 277 55 15.35 14 38% 46% 5 CMI
CVS Health Corporation g R 92 2.00 2.17% 23 25% 69 2.90% 68 74% 160 1.25% A 67 97 53 5.75 16 35% 93% 6 CVS
Eastman Chemical Company g R 110 2.76 2.50% 31 28% 79 3.50% 74 67% 184 1.50% B+ 96 130 44 3.77 29 73% 92% 5 EMN
Erie Indemnity Company R 204 4.14 2.03% 77 38% 127 3.25% 92 45% 296 1.40% A- 169 267 23 6.57 31 63% 8% 5 ERIE
Expeditors Int'l of Washington g R 127 1.16 0.92% 59 46% 68 1.70% 39 31% 166 0.70% A+ 88 132 16 6.86 18 17% 0% 6 EXPD
Fifth Third Bancorp GR 43 1.20 2.79% 13 30% 30 4.00% 14 33% 57 2.10% A- 25 46 29 3.66 12 33% 69% 5 FITB
Flowers Foods Inc R 26 0.84 3.18% 7 28% 19 4.40% 26 99% 53 1.60% B+ 22 28 6 1.05 25 80% 72% 5 FLO
Franklin Electric Company, Inc g R 92 0.70 0.76% 50 55% 41 1.70% 16 18% 108 0.65% A- 67 97 18 3.01 30 23% 11% 5 FELE
General Dynamics GR 194 4.76 2.45% 58 30% 136 3.50% 103 53% 298 1.60% A+ 145 210 55 11.71 17 41% 85% 6 GD
General Mills R 64 2.04 3.21% 15 24% 49 4.20% 20 31% 83 2.45% A 54 65 16 3.80 17 54% 129% 6 GIS
German American Bancorp R 40 0.84 2.10% 6 16% 34 2.50% 20 50% 60 1.40% A+ 31 51 24 3.24 12 26% 32% 6 GABC
Getty Realty Corp R 31 1.64 5.31% 4 11% 27 6.00% 11 36% 42 3.90% A- 26 34 15 3.60 9 46% 84% 6 GTY
GlaxoSmithKline Plc R 41 2.20 5.33% 6 15% 35 6.30% 9 21% 50 4.40% NR 34 44 8 2.37 17 93% 130% 5 GSK
HNI Corporation R 41 1.24 3.03% 20 48% 21 5.80% 28 68% 69 1.80% A- 32 47 14 1.72 24 72% 31% 5 HNI
Huntington Bancshares Inc G R 15 0.62 4.03% 2 16% 13 4.80% 14 92% 30 2.10% B+ 12 17 11 0.95 16 65% 66% 5 HBAN
IDACORP, Inc R 108 3.00 2.79% 22 20% 86 3.50% 26 24% 133 2.25% A 85 110 51 4.94 22 61% 78% 6 IDA
Illinois Tool Works GR 238 4.88 2.05% 106 45% 132 3.70% 49 21% 287 1.70% A- 193 244 10 8.64 28 56% 255% 6 ITW
Imperial Oil Ltd R 34 1.08 3.21% 5 15% 28 3.80% 121 359% 154 0.70% A 17 37 29 0.67 50 161% 24% 6 IMO
KeyCorp GR 23 0.78 3.42% 5 22% 18 4.40% 33 144% 56 1.40% B+ 15 25 16 2.58 9 30% 82% 5 KEY
L3 Harris Technologies GR 215 4.08 1.90% 79 37% 136 3.00% 368 172% 583 0.70% B+ 169 246 100 7.62 28 54% 33% 5 LHX
Lakeland Bancorp, Inc g R 18 0.54 2.99% 4 21% 14 3.80% 12 66% 30 1.80% A 12 19 15 1.79 10 30% 25% 6 LBAI
Lincoln National Corporation g R 68 1.80 2.63% 15 23% 53 3.40% 65 95% 133 1.35% B+ 45 78 118 6.99 10 26% 29% 5 LNC
McCormick & Co. R 87 1.36 1.56% 47 54% 40 3.40% 18 20% 105 1.30% A 78 99 15 2.84 31 48% 124% 6 MKC
McKesson Corp R 223 1.88 0.84% 67 30% 157 1.20% 247 111% 470 0.40% B+ 169 229 0 -29.71 -8 -6% 4085% 5 MCK
MDU Resources Group, Inc R 28 0.87 3.08% 10 37% 18 4.85% 15 54% 44 2.00% A- 24 35 15 2.00 14 43% 73% 5 MDU
Merck & Company, Inc R 75 2.60 3.47% 10 13% 65 4.00% 36 48% 111 2.35% B+ 68 91 10 2.85 26 91% 125% 5 MRK
National Retail Properties, Inc R 45 2.12 4.67% 18 40% 27 7.75% 19 41% 64 3.30% A- 37 50 23 3.08 15 69% 75% 6 NNN
NBT Bancorp Inc R 36 1.12 3.08% 7 18% 30 3.75% 15 40% 51 2.20% A- 30 43 27 3.48 10 32% 17% 6 NBTB
Northern Trust GR 120 2.80 2.33% 38 31% 82 3.40% 45 37% 165 1.70% A- 88 127 52 6.38 19 44% 76% 6 NTRS
Old National Bancorp R 18 0.56 3.08% 3 14% 16 3.60% 4 23% 22 2.50% A- 16 21 18 1.79 10 31% 88% 5 ONB
Oxford Industries, Inc R 99 1.68 1.70% 15 15% 84 2.00% 69 70% 168 1.00% B+ 54 114 24 3.43 29 49% 0% 5 OXM
People's United Financial, Inc. R 18 0.73 4.12% 3 19% 14 5.10% 4 21% 21 3.40% A- 12 20 17 1.55 11 47% 28% 6 PBCT
PNC Fin'l Svcs Group GR 201 5.00 2.49% 40 20% 161 3.10% 49 24% 250 2.00% A- 138 218 119 13.11 15 38% 57% 6 PNC
Polaris Industries g R 116 2.52 2.17% 32 28% 84 3.00% 52 45% 168 1.50% B+ 93 148 18 9.82 12 26% 127% 5 PII
Raymond James Fncl GR 101 1.04 1.03% 43 43% 58 1.80% 15 15% 116 0.90% A 60 103 40 6.81 15 15% 38% 6 RJF
Regions Financial CorporationG R 24 0.68 2.89% 6 24% 18 3.80% 22 93% 45 1.50% B+ 15 25 17 2.68 9 25% 20% 5 RF
Reliance Steel & Aluminum Co g R 157 2.75 1.75% 37 24% 120 2.30% 236 150% 393 0.70% B+ 114 181 80 17.65 9 16% 32% 5 RS
SEI Investments g R 62 0.74 1.20% 25 40% 37 2.00% 31 50% 93 0.80% A 52 65 12 3.69 17 20% 0% 6 SEIC
Simon Property Group, Inc. R 160 6.60 4.13% 38 24% 122 5.40% 76 47% 236 2.80% A- 82 171 9 11.68 14 57% 770% 6 SPG
Snap-On Inc GR 213 5.68 2.67% 41 19% 172 3.30% 224 105% 437 1.30% A+ 166 260 71 14.90 14 38% 38% 6 SNA
(Continued on page 16)
Southwest Gas Holdings R 69 2.38 3.45% 21 31% 48 5.00% 39 57% 108 2.20% A 57 74 47 4.12 17 58% 108% 6 SWX
State Street g R 93 2.28 2.45% 17 18% 76 3.00% 82 88% 175 1.30% A- 69 101 67 6.90 14 33% 81% 6 STT
Superior Group of Cos., Inc R 23 0.48 2.09% 10 F I R S12T -3.85%
46% D E C17E M74%
B E R 402 0 21.20%
1 A- 21 29 12 2.35 10 20% 46% 6 13
SGC
Synovus Financial Corp GR 47 1.32 2.80% 16 35% 31 4.30% 54 115% 102 1.30% B+ 31 51 31 4.58 10 29% 28% 4 SNV
 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 60 2.52 4.18% 18 30% 42 6.00% 37 61% 97 2.60% A- 56 73 44 2.96 20 85% 64% 6 ALE
Allstate Corporation GD 113 3.24 2.86% 28 25% 85 3.80% 89 79% 203 1.60% B+ 102 140 93 20.76 5 16% 27% 5 ALL
American Electric Power D 83 3.12 3.75% 37 45% 46 6.80% 21 25% 104 3.00% A- 75 91 41 4.79 17 65% 163% 6 AEP
Atmos Energy D 94 2.72 2.90% 53 56% 41 6.60% 49 53% 143 1.90% A 85 105 60 5.14 18 53% 93% 6 ATO
Ball Corp GD 95 0.80 0.84% 41 44% 53 1.50% 39 41% 133 0.60% A- 78 98 10 2.47 38 32% 234% 6 BLL
Bank of Montreal D 107 4.24 3.95% 18 17% 89 4.75% 16 14% 123 3.45% A 72 113 77 10.72 10 40% 260% 6 BMO
Barnes Group D 44 0.64 1.45% 34 77% 10 6.20% 36 81% 80 0.80% B+ 40 58 1.76 25 36% 51% 5 B
Casey's General Stores GD 197 1.40 0.71% 112 57% 85 1.65% 36 18% 233 0.60% A 173 229 52 8.39 24 17% 71% 6 CASY
Clorox D 169 4.64 2.74% 53 31% 116 4.00% 42 25% 211 2.20% A+ 156 231 3 3.51 48 132% 474% 6 CLX
Colgate-Palmolive D 78 1.80 2.32% 18 23% 60 3.00% 12 16% 90 2.00% B+ 74 86 1 3.14 25 57% 690% 5 CL
Commerce Bancshares D 71 1.05 1.48% 41 57% 30 3.45% 10 14% 81 1.30% A- 62 83 29 4.66 15 23% 62% 6 CBSH
Community Bank System, Inc D 71 1.72 2.42% 25 35% 46 3.70% 13 18% 84 2.05% A 61 83 39 3.57 20 48% 14% 6 CBU
Con Edison D 80 3.10 3.86% 33 41% 48 6.50% 17 21% 97 3.20% B+ 66 81 55 3.36 24 92% 127% 4 ED
Curtiss-Wright D 129 0.72 0.56% 78 60% 51 1.40% 51 39% 180 0.40% A 104 137 44 5.97 22 12% 60% 6 CW
Dominion Energy, Inc D 74 2.52 3.39% 28 37% 47 5.40% 10 13% 84 3.00% B+ 68 81 29 3.20 23 79% 140% 5 D
Donaldson Co g D 59 0.88 1.49% 17 29% 42 2.10% 21 36% 80 1.10% B+ 53 69 9 2.27 26 39% 45% 5 DCI
Duke Energy Corporation D 100 3.94 3.93% 21 21% 79 5.00% 12 12% 113 3.50% B+ 86 108 60 3.87 26 102% 128% 5 DUK
Essential Utilities D 48 1.07 2.21% 23 48% 25 4.25% 5 11% 54 2.00% A 41 51 19 1.64 30 65% 121% 6 WTRG
Evergy Inc. D 65 2.29 3.51% 37 56% 29 8.00% 20 30% 85 2.70% A- 52 69 39 3.83 17 60% 119% 6 EVRG
Federal REIT D 126 4.28 3.40% 67 53% 59 7.20% 69 54% 195 2.20% B+ 82 136 30 5.64 22 76% 171% 5 FRT
Gap Inc D 18 0.48 2.70% 4 23% 14 3.50% 142 799% 160 0.30% B+ 17 38 7 1.34 13 36% 85% 5 GPS
Global Life Inc g D 88 0.79 0.89% 49 55% 40 2.00% 10 12% 99 0.80% A 86 108 85 7.49 12 11% 22% 6 GL
Gorman Rupp D 43 0.68 1.57% 20 46% 23 2.90% 5 12% 49 1.40% B+ 30 47 12 1.15 37 59% 0% 5 GRC
Harley-Davidson, Inc. D 38 0.60 1.59% 24 65% 13 4.50% 8 23% 46 1.30% B+ 31 52 11 3.46 11 17% 522% 5 HOG
HEICO Corp GD 140 0.18 0.13% 114 82% 26 0.70% 40 28% 180 0.10% A 116 152 15 2.07 68 9% 37% 6 HEI
Henry (Jack) GD 152 1.84 1.21% 30 19% 123 1.50% 64 42% 216 0.85% A 142 180 18 4.31 35 43% 8% 6 JKHY
Intel Corp D 50 1.39 2.78% 20 40% 30 4.60% 16 32% 66 2.10% A- 45 68 20 5.19 10 27% 45% 6 INTC
Int'l Flav & Frag g D 147 3.16 2.15% 68 46% 79 4.00% 50 34% 198 1.60% B+ 104 157 59 1.23 120 257% 70% 5 IFF
Johnson & Johnson D 160 4.24 2.65% 48 30% 112 3.80% 25 15% 184 2.30% A- 143 180 24 6.78 24 63% 56% 6 JNJ
Kimberly-Clark D 135 4.56 3.38% 44 32% 91 5.00% 40 30% 175 2.60% B+ 125 143 2 5.91 23 77% 966% 5 KMB
Lancaster Colony Corp D 154 3.20 2.08% 83 54% 71 4.50% 92 60% 246 1.30% B+ 154 201 31 4.93 31 65% 1% 5 LANC
Lincoln Electric Hldgs GD 140 2.24 1.60% 81 58% 59 3.80% 20 14% 160 1.40% B+ 111 149 13 4.49 31 50% 91% 5 LECO
Lockheed Martin g D 341 11.20 3.28% 68 20% 273 4.10% 168 49% 509 2.20% A 320 397 22 21.75 16 51% 202% 6 LMT
Medtronic Plc g D 110 2.52 2.29% 26 24% 84 3.00% 38 34% 148 1.70% B+ 110 136 38 3.49 32 72% 51% 5 MDT
Mercury General Corp D 52 2.54 4.91% 8 16% 43 5.85% 14 28% 66 3.85% B+ 44 68 37 6.93 7 37% 18% 5 MCY
MGE Energy D 75 1.55 2.06% 46 61% 29 5.30% 11 14% 86 1.80% A- 63 83 27 3.01 25 51% 61% 6 MGEE
Morgan Stanley GD 97 2.80 2.88% 18 19% 79 3.55% 96 99% 193 1.45% A- 62 106 51 7.95 12 35% 267% 6 MS
NorthropGrumman GD 356 6.28 1.76% 147 41% 209 3.00% 62 17% 419 1.50% A+ 283 408 63 28.52 12 22% 142% 6 NOC
Novartis AG D 80 3.20 3.99% 31 39% 49 6.50% 34 42% 114 2.80% NR 80 99 25 4.35 18 74% 67% 5 NVS
OGE Energy D 35 1.64 4.67% 12 34% 23 7.10% 43 122% 78 2.10% B+ 29 37 18 2.36 15 69% 99% 5 OGE
Paccar Industries g D 86 1.36 1.58% 41 47% 45 3.00% 32 37% 118 1.15% A- 78 103 30 5.03 17 27% 104% 6 PCAR
Parker-Hannifin g D 309 4.12 1.33% 162 52% 147 2.80% 34 11% 343 1.20% A- 247 335 65 14.53 21 28% 78% 6 PH
Pinnacle West Capital D 66 3.40 5.13% 16 23% 51 6.70% 53 80% 119 2.85% A 63 89 50 5.07 13 67% 113% 6 PNW
PPG Industries, Inc D 157 2.36 1.50% 126 80% 31 7.50% 39 25% 197 1.20% A- 132 183 24 6.00 26 39% 99% 6 PPG
Realty Income Corporation D 70 2.95 4.23% 25 36% 45 6.60% 20 28% 89 3.30% A- 55 72 30 3.52 20 84% 80% 6 O
Rollins Inc g D 35 0.40 1.13% 14 40% 21 1.90% 12 33% 47 0.85% A 31 42 2 0.71 50 57% 22% 6 ROL
Ross Stores, Inc. D 112 1.14 1.02% 24 21% 88 1.30% 31 28% 143 0.80% A 105 134 9 4.52 25 25% 76% 6 ROST
Royal Bk Canada D 102 4.32 4.25% 19 19% 82 5.25% 40 39% 142 3.05% A 80 108 57 10.61 10 41% 356% 6 RY
Selective Ins Grp D 77 1.12 1.45% 49 64% 28 4.00% 35 45% 112 1.00% A- 62 91 42 7.08 11 16% 20% 6 SIGI
Sensient Technologies D 99 1.64 1.65% 36 37% 63 2.60% 10 10% 109 1.50% B+ 70 106 22 2.77 36 59% 56% 5 SXT
SJW Group D 69 1.36 1.97% 28 41% 41 3.35% 40 58% 109 1.25% B+ 58 74 32 1.90 36 72% 168% 5 SJW
Smith, A. O. GD 81 1.12 1.39% 51 63% 30 3.70% 44 54% 124 0.90% A 52 84 11 2.91 28 38% 6% 6 AOS
Sonoco Products Co D 61 1.80 2.97% 20 32% 41 4.40% 9 14% 69 2.60% B+ 57 70 19 -1.62 -37 -111% 89% 5 SON
Spire Inc D 62 2.74 4.42% 10 17% 52 5.30% 48 77% 110 2.50% A- 59 78 47 4.98 12 55% 137% 5 SR
Stanley Black&Decker D 184 3.16 1.72% 94 51% 90 3.50% 27 14% 211 1.50% A 168 225 59 11.43 16 28% 38% 6 SWK
Stepan Co D 117 1.34 1.15% 83 71% 34 4.00% 32 27% 149 0.90% B+ 109 139 44 6.59 18 20% 20% 5 SCL
Tennant Company D 80 1.00 1.25% 25 31% 56 1.80% 20 25% 100 1.00% B+ 66 87 22 3.22 25 31% 76% 5 TNC
Texas Instruments GD 194 4.60 2.37% 59 30% 135 3.40% 36 18% 230 2.00% A+ 158 202 10 7.91 25 58% 74% 6 TXN
Toro Co GD 103 1.05 1.02% 45 44% 58 1.80% 13 13% 117 0.90% A+ 88 118 10 3.92 26 27% 71% 6 TTC
Toronto-Dominion Bank D 73 3.16 4.31% 9 12% 64 (Continued
4.90% 27 on page
37% 16)
100 3.15% A 53 76 49 8.48 9 37% 253% 6 TD
Travelers Comp. D 152 3.52 2.31% 52 34% 101 3.50% 24 15% 176 2.00% B+ 130 163 116 14.37 11 24% 22% 5 TRV
UFP Industries, Inc GD 87 0.80 0.92% 33 38% 53 1.50% 37 42% 123 0.65% A 52 92 24 7.42 12 11% 21% 6 UFPI
UMB Financial D 102 1.48 1.45% 38 37% 64 2.30% 21 21% 123 1.20% A- 67 110 63 8.96 11 17% 86% 5 UMBF
14 FIRST - DECEMBER 2021
Unilever Plc D 53 2.03 3.85% 18 34% 35 5.80% 17 33% 70 2.90% NR 51 62 7 2.48 21 82% 152% 5 UL
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 46 0.76 1.64% 18 39% 28 2.70% 4 9% 51 1.50% A- 36 55 22 2.17 21 35% 48% 6 ABM
Alliant Energy Corp O 57 1.61 2.81% 28 49% 29 5.50% 0 0% 58 2.80% A 46 62 23 2.54 23 63% 122% 6 LNT
Ameren Corporation O 85 2.20 2.59% 46 54% 39 5.60% 3 3% 88 2.50% A- 70 91 35 3.86 22 57% 127% 5 AEE
American Express O 158 1.72 1.09% 62 39% 96 1.80% 14 9% 172 1.00% B+ 112 189 29 9.58 16 18% 195% 5 AXP
American States Water O 95 1.46 1.54% 55 58% 39 3.70% 9 10% 104 1.40% A 70 97 17 2.55 37 57% 90% 6 AWR
AON Plc g O 297 2.04 0.69% 161 54% 136 1.50% -70 -24% 227 0.90% B+ 201 326 15 3.99 74 51% 218% 5 AON
Applied Inds. Tech O 98 1.32 1.34% 56 57% 43 3.10% -10 -11% 88 1.50% B+ 70 110 24 4.21 23 31% 89% 6 AIT
AptarGroup, Inc O 126 1.52 1.21% 48 38% 78 1.95% 6 5% 132 1.15% A- 119 159 28 3.67 34 41% 63% 6 ATR
Arthur J Gallagher & Co O 165 1.92 1.16% 132 80% 33 5.80% -69 -42% 96 2.00% A 113 169 32 4.73 35 41% 73% 6 AJG
Automatic Data GO 236 4.16 1.76% 120 51% 116 3.60% 16 7% 252 1.65% A 159 241 13 6.34 37 66% 53% 6 ADP
Avery Dennison Corp GO 216 2.72 1.26% 178 82% 38 7.20% -46 -21% 170 1.60% A- 147 229 18 9.01 24 30% 143% 6 AVY
Badger Meter, Inc. GO 105 0.80 0.76% 70 67% 35 2.30% -16 -15% 89 0.90% B+ 81 112 12 1.94 54 41% 0% 5 BMI
Balchem Corporation GO 162 0.58 0.36% 94 58% 68 0.85% -17 -11% 145 0.40% A- 103 174 26 2.90 56 20% 20% 6 BCPC
Boeing Company O 199 0.00 0.00% 199 100% 0 3.50% -199 -100% 0 1.40% A 192 279 -31 -11.29 -18 0% NR 6 BA
Brown & Brown Inc O 65 0.41 0.63% 43 66% 22 1.85% -22 -34% 43 0.95% A 43 67 13 2.06 32 20% 56% 6 BRO
Brown-Forman Corp O 74 0.75 1.02% 51 69% 23 3.30% 1 2% 75 1.00% A- 66 82 6 1.61 46 47% 96% 6 BFB
Cal Water Service O 64 0.92 1.43% 40 62% 24 3.80% 1 2% 66 1.40% A- 49 68 18 0.10 643 920% 125% 6 CWT
Carlisle Companies GO 232 2.16 0.93% 172 74% 60 3.60% -36 -15% 196 1.10% A- 144 244 48 7.08 33 31% 82% 6 CSL
Chemed Corp O 471 1.44 0.31% 340 72% 131 1.10% -111 -24% 360 0.40% A 403 560 57 19.39 24 7% 0% 6 CHE
Chesapeake Util. O 130 1.92 1.47% 92 71% 38 5.00% -6 -5% 124 1.55% A 100 137 40 4.75 27 40% 100% 6 CPK
Chubb Ltd O 185 3.20 1.73% 71 38% 114 2.80% -7 -4% 178 1.80% B+ 144 198 132 19.76 9 16% 28% 5 CB
Church&Dwight g O 94 1.01 1.08% 43 46% 51 2.00% -2 -2% 92 1.10% A 78 95 12 3.34 28 30% 72% 6 CHD
Cincinn Financial O 118 2.52 2.13% 80 68% 38 6.60% 2 1% 120 2.10% B+ 76 127 67 15.68 8 16% 8% 5 CINF
CSX Corp g O 36 0.37 1.05% 25 69% 11 3.40% -3 -9% 32 1.15% A 28 37 6 1.59 22 24% 127% 6 CSX
Cullen/Frost Bankers, Inc. O 130 3.00 2.31% 67 52% 63 4.80% 13 10% 143 2.10% A 84 140 66 6.64 20 45% 52% 6 CFR
Danaher Corporation g O 327 0.84 0.26% 238 73% 88 0.95% -47 -14% 280 0.30% A- 211 334 51 8.02 41 10% 53% 5 DHR
Deere & Co. g O 348 4.20 1.21% 228 66% 120 3.50% -68 -20% 280 1.50% B+ 251 400 59 19.13 18 22% 263% 5 DE
Disney-Walt O 148 0.00 0.00% 148 100% 0 2.30% -148 -100% 0 1.10% A 144 203 50 1.10 134 0% 59% 6 DIS
Dover Corp O 172 2.00 1.16% 122 71% 50 4.00% -61 -35% 111 1.80% B+ 116 178 24 6.56 26 30% 92% 5 DOV
DTE Energy Co O 111 3.54 3.18% 62 56% 49 7.20% 11 9% 122 2.90% A 98 124 64 4.52 25 78% 155% 6 DTE
EastGroup Properties, Inc. O 205 3.60 1.76% 133 65% 72 5.00% -25 -12% 180 2.00% A- 131 210 32 5.88 35 61% 104% 6 EGP
Eaton Corp Plc O 167 3.04 1.82% 81 48% 87 3.50% 11 7% 179 1.70% A- 114 176 38 5.19 32 59% 54% 6 ETN
Ecolab Inc g O 227 1.92 0.85% 129 57% 98 1.95% -14 -6% 213 0.90% A 201 239 22 3.95 58 49% 108% 6 ECL
Emerson Electric O 91 2.06 2.27% 46 51% 45 4.60% -1 -1% 90 2.30% A- 75 106 17 3.85 24 54% 67% 6 EMR
Equifax Inc g O 284 1.56 0.55% 195 69% 89 1.75% -120 -42% 164 0.95% B+ 162 292 26 5.72 50 27% 136% 5 EFX
Equity LifeStyle Properties GO 85 1.45 1.71% 41 48% 44 3.30% -12 -15% 73 2.00% A+ 58 88 7 2.44 35 59% 204% 6 ELS
Essex Property Trust, Inc. O 347 8.36 2.41% 216 62% 131 6.40% 2 1% 348 2.40% A- 227 358 92 12.66 27 66% 101% 6 ESS
Fastenal Company GO 61 1.12 1.84% 26 43% 35 3.20% -4 -6% 57 1.95% A+ 43 62 5 1.55 39 72% 15% 6 FAST
GATX Corp O 101 2.00 1.97% 59 58% 42 4.75% 1 1% 103 1.95% A- 79 107 56 2.84 36 70% 275% 6 GATX
Genuine Parts O 133 3.26 2.45% 82 62% 51 6.40% -8 -6% 125 2.60% A- 94 139 22 5.66 23 58% 83% 6 GPC
Glacier Bancorp, Inc. O 55 1.28 2.31% 34 62% 21 6.00% 5 10% 61 2.10% A 40 67 24 3.31 17 39% 45% 6 GBCI
Graco Inc GO 75 0.75 1.00% 62 82% 14 5.50% -7 -9% 68 1.10% A 64 80 8 2.57 29 29% 13% 6 GGG
Grainger, WW g O 496 6.48 1.31% 280 56% 216 3.00% 3 1% 498 1.30% A 356 501 35 17.65 28 37% 115% 6 GWW
Hawkins Inc O 34 0.52 1.54% 15 45% 19 2.80% 1 3% 35 1.50% B+ 25 40 13 2.27 15 23% 37% 5 HWKN
Hershey Company O 179 3.60 2.01% 76 43% 103 3.50% 11 6% 190 1.90% A 144 184 11 7.12 25 51% 206% 6 HSY
Home Depot GO 407 6.60 1.62% 183 45% 224 2.95% -30 -7% 377 1.75% A+ 247 417 3 15.01 27 44% 1129% 6 HD
Honeywell Int'l Inc. GO 208 3.92 1.89% 96 46% 112 3.50% 16 8% 224 1.75% A- 195 237 25 7.87 26 50% 126% 6 HON
Hubbell Cl B g O 201 4.20 2.09% 135 67% 67 6.30% -1 -1% 200 2.10% B+ 149 213 38 6.67 30 63% 76% 5 HUBB
IDEX Corporation GO 234 2.16 0.92% 121 52% 114 1.90% -7 -3% 227 0.95% A 185 239 33 5.67 41 38% 41% 6 IEX
JP Morgan Chase GO 161 4.00 2.48% 50 31% 111 3.60% 13 8% 174 2.30% A- 118 173 82 15.84 10 25% 194% 6 JPM
Kimco Realty Corporation O 23 0.68 2.92% 15 66% 8 8.50% -2 -9% 21 3.20% B+ 14 25 13 1.36 17 50% 94% 5 KIM
Life Storage, Inc O 134 3.44 2.57% 74 56% 59 5.80% -11 -8% 123 2.80% A- 72 140 21 4.80 28 72% 92% 6 LSI
Lilly, Eli O 255 3.40 1.33% 149 58% 106 3.20% -42 -17% 213 1.60% B+ 143 276 6 6.45 40 53% 285% 5 LLY
Lowe's Cos GO 249 3.20 1.29% 89 36% 160 2.00% 18 7% 267 1.20% A+ 149 256 2 11.56 22 28% 1516% 6 LOW
Marriott Int'l O 151 0.00 0.00% 151 100% 0 1.90% -151 -100% 0 0.50% B+ 116 172 1 1.43 105 0% 2413% 5 MAR
Marsh & McLennan Co O 167 2.14 1.28% 121 73% 46 4.70% -41 -25% 126 1.70% A 107 171 18 5.34 31 40% 122% 6 MMC
Martin Marietta Materials O 418 2.44 0.58% 256 61% 163 1.50% -70 -17% 349 0.70% A- 258 436 95 11.69 36 21% 45% 6 MLM
McDonalds Corp O 250 5.52 2.21% 97 39% 153 3.60% 13 5% 263 2.10% A 203 258 -10 9.76 26 57% NR 6 MCD
Mid-America Apartment O 210 4.10 1.95% 119 57% 91 4.50% -61 -29% 149 2.75% B+ 119 211 51 7.36 29 61% 75% 5 MAA
Middlesex Water Co. O 106 1.16 1.10% 79 75% 26 4.40% -28 -27% 77 1.50% A 67 116 20 2.13 50 54% 81% 6 MSEX
Moody's Corp GO 397 2.48 0.62% 267 67% 131 (Continued
1.90% -122on page
-31% 18)
276 0.90% A- 261 408 8 11.24 35 22% 364% 6 MCO
MSA Safety, Inc. O 150 1.76 1.17% 108 72% 42 4.20% -20 -13% 130 1.35% B+ 141 173 20 2.37 63 74% 38% 4 MSA
NextEra Energy, Inc. GO 89 1.54 1.74% 53 60% 36 4.30% -24 -28% 64 2.40% A- 68 89 19 1.21 73 127% 107% 6 NEE
Nike Inc Cl B GO 170 1.22 0.72% 106 F I R S64
62% T - 1.90%
D E C -17
E M B-10%
E R 153
2 0 20.80%
1 A- 125 179 8 3.86 44 32% 74% 6 15
NKE
Nordson Corp GO 262 2.04 0.78% 205 78% 57 3.60% -7 -3% 255 0.80% A- 179 272 30 6.25 42 33% 64% 6 NDSN
Clorox
Northern Trust GDR 169
120 4.64
2.80 2.74%
2.33% 53
38 31%
31% 116
82 4.00%
3.40% 42
45 25%
37% 211
165 2.20%
1.70% A+
A- 156
88 231
127 3
52 3.51
6.38 48
19 132%
44% 474%
76% 66 CLX
NTRS
Colgate-Palmolive
Old National Bancorp DR 78
18 1.80
0.56 2.32%
3.08% 18
3 23%
14% 60
16 3.00%
3.60% 12
4 16%
23% 90
22 2.00%
2.50% B+
A- 74
16 86
21 1
18 3.14
1.79 25
10 57%
31% 690%
88% 55 CL
ONB
Commerce Bancshares
Oxford Industries, Inc DR 71 1.05 1.48% 41 57% 30 3.45% 10 14% 81 1.30% B+
A- 62 83 29 4.66 15 23% 62%
0% 56 CBSH

Rising Trends
99 1.68 1.70% 15 15% 84 2.00% 69 70% 168 1.00% 54 114 24 3.43 29 49% OXM
Community
People's United
Con
PNCEdison
BankFinancial,
Fin'l Svcs Group
System, IncInc. DR
GDR
71
18
80
201
1.72
0.73
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(continued)
2.42%
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2.49%
25
3
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40
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46
14
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61
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138
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218
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119
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CBU
PBCT
ED
PNC
Curtiss-Wright
Polaris Industries g DR 129
116 0.72
2.52 0.56%
2.17% 78
32 60%
28% 51
84 1.40%
3.00% 51
52 39%
45% 180
168 0.40% B+
1.50% A 104
93 137
148 44
18 5.97
9.82 22
12 12%
26% 60% 56
127% CW
PII
Dominion
Raymond Energy,James Fncl Inc GDR 74
101 2.52
1.04 3.39%
1.03% 28
43 37%
43% 47 1.80%
58 5.40% 10
15 13%
15% 84 0.90%
116 3.00% B+
A 68
60
52 5281
103 29
40 3.20
6.81 23
15 79%
15% 140%
38% 65 D
RJF
Donaldson Co
Regions Financial CorporationGDR g 59
24 0.88
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6
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L/T DCI
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Duke
STOCK Energy
Reliance SteelCorporation
& Aluminum Co g DR 100
157
Price 3.94
2.75
Dividend 3.93%
1.75%
Yield 21
37
Dn 21%
24%
Down 79
120 5.00% 236
2.30%
LoPr/HiYld 12
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150%
Up 113
393 3.50% B+
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S&P 86
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181
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9
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Debt DUK
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Essential
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InvestmentsCorporation g DR 48
47
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A 41
37
52 51
51
65 1935 1.64
12 4.61
3.69 30
10 65%
17 27%
20% 121%
25% 6 WTRG
SRCE
0% 66 SEIC
Evergy
AFLAC Inc.
Simon Property Group, Inc. DR 65
56
160 2.29
1.60
6.60 3.51%
2.87%
4.13% 37
16
38 56%
28%
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40 5.40%
122 4.00% 20
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236 2.70% A-
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A- 52
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Federal
Air REIT
Products
Snap-On Inc& Chem GR
D 126
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A+A 82
246
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54% 66 SNA
38%
FRT
Gap
Alamo IncGroup Inc. g DR 18 0.48 2.70% 4 23% 14 3.50% 142 799% 160 0.30% B+ 17 38 7 1.34 13 36% 85% GPS
45% 655 SWX
Southwest Gas Holdings 146
69 0.56
2.38 0.38%
3.45% 84
21 57%
31% 62 5.00%
48 0.90% 40
39 28%
57% 187 2.20%
108 0.30% A-
A 133
57 166
74 54
47 5.85
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Global
American LifeFinancial
Inc Group gg GDR 88 0.79 0.89% 49 55% 40 2.00% 10 12% 99 0.80% A 86 108 85 7.49 12 11% 22% 6 GL
State Street 138
93 2.24
2.28 1.62%
2.45% 74
17 54%
18% 64 3.00%
76 3.50% 41
82 30%
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175 1.25%
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A- 66
69 146
101 79 16.00
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STT
Gorman
Ametek Rupp D 43 0.68 1.57% 20 46% 23 2.90% 5 12% 49 1.40% B+ 30 47 12 1.15 37 59% 0% 5 GRC
Superior Group of Cos., Inc G R 140
23 0.80
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10 43%
46% 80 3.85%
12 1.00% 20
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40 0.50%
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A- 107
21 144
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41% 66 SGC
46%
Harley-Davidson,
Apogee Inc. D 38 0.60 1.59% 24 65% 13 4.50% 8 23% 46 1.30% B+ 31 52 11 3.46 11 17% 522% 5 HOG
SynovusEnterprises,
Financial Corp Inc GR 46
47 0.80
1.32 1.74%
2.80% 27
16 59%
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31 4.20% 68
54 148%
115% 114 1.30%
102 0.70% B+
B+ 26
31 49
51 19 4.58
31 0.15 304
10 528%
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28% SNV
HEICO
Archer Corp
Daniels Midland GD 140 0.18 0.13% 114 82% 26 0.70% 40 28% 180 0.10% A 116 152 15 2.07 68 9% 37% 6 HEI
Sysco Corp R 65
73 1.48
1.88 2.28%
2.57% 28
27 43%
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46 4.10% 17
26 27%
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99 1.80% B+
B+ 49
69 69
87 36
3 4.65
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Henry (Jack) GD 152 1.84 1.21% 30 19% 123 1.50% 64 42% 216 0.85% A 142 180 18 4.31 35 43% 8% 6 JKHY
Arrow
T. Rowe Financial
Price Corporation G R 35
207 1.04
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140 38
225 3.26
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0% 66 TROW
Intel Corp D 50 1.39 2.78% 20 40% 30 4.60% 16 32% 66 2.10% A- 45 68 20 5.19 10 27% 45% 6 INTC
Avista
TargetCorpCorp g R 39
249 1.69
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90 5.50% 41
351 105%
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A- 36
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TGT
Int'l Flav & Frag g D 147 3.16 2.15% 68 46% 79 4.00% 50 34% 198 1.60% B+ 104 157 59 1.23 120 257% 70% 5 IFF
Bank of Hawaii
The Estee Lauder Cos., Inc g R 81
340 2.80
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160 5.25% 43
140 53%
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480 2.25% A-
A- 75
232 99
358 34 8.37
17 5.79 4114 48%
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EL
Johnson & Johnson D 160 4.24 2.65% 48 30% 112 3.80% 25 15% 184 2.30% A- 143 180 24 6.78 24 63% 56% 6 JNJ
Bank of New York
Thor Industries, IncMellon GR
g 57
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A- 39
92 61
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53 3.94 914 35%
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Kimberly-Clark D 135 4.56 3.38% 44 32% 91 5.00% 40 30% 175 2.60% B+ 125 143 2 5.91 23 77% 966% 5 KMB
Black Hills Corpration
TJX Companies R 66
71 2.38
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16 20%
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55 4.50% 29
59 44%
84% 95 0.80%
130 2.50% B+
A- 57
61 73
77 41
5 3.87
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TJX
Lancaster Colony Corp D 154 3.20 2.08% 83 54% 71 4.50% 92 60% 246 1.30% B+ 154 201 31 4.93 31 65% 1% 5 LANC
BP Plc
Tompkins Financial R 26
78 1.31
2.28 5.00%
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65 6.60% 17
48 67%
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127 3.00% NR
A- 20
64 30
93 21 6.35
48 1.95 1213 67%
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48% BP
Lincoln Electric Hldgs GD 140 2.24 1.60% 81 58% 59 3.80% 20 14% 160 1.40% B+ 111 149 13 4.49 31 50% 91% 5 LECO
Cathay GeneralCorp
Truist Financial Bancorp GR 43
61 1.36
1.92 3.17%
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11 23%
17% 33 3.80%
51 4.10% 31
24 71%
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85 1.85% A-
B+ 28
45 46
65 30 4.27
47 3.72 1412 37%
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64% TFC
Lockheed Martin g D 341 11.20 3.28% 68 20% 273 4.10% 168 49% 509 2.20% A 320 397 22 21.75 16 51% 202% 6 LMT
Charles
Tyson Foods,Schwab IncCorporation G R 80
82 0.72
1.84 0.90%
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14 59%
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68 2.20% 23
181 28%
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62 84
86 26 8.57
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52% TSN
Medtronic Plc g D 110 2.52 2.29% 26 24% 84 3.00% 38 34% 148 1.70% B+ 110 136 38 3.49 32 72% 51% 5 MDT
Cintas
UGI Corp Corp GR 435
43 3.80
1.38 0.87%
3.18% 283
9 65%
21% 152 2.50%
35 4.00% 325
12 75%
27% 760
55 0.50%
2.50% A+
A 315
34 453
49 35 10.85
25 7.02 640 35% 123%
20% 69% 56 CTAS
UGI
Mercury General Corp D 52 2.54 4.91% 8 16% 43 5.85% 14 28% 66 3.85% B+ 44 68 37 6.93 7 37% 18% 5 MCY
Comerica
UnitedHealth Incorporated
Group Inc GR 85
452 2.72
5.80 3.19%
1.28% 19
90 22%
20% 66 1.60%
363 4.10% 162
75 190%
17% 247 1.10%
527 1.10% A-
A+ 49
320 92
466 55 16.33
69 8.23 2810 33%
36% CMA
71% 65 UNH
64%
MGE Energy D 75 1.55 2.06% 46 61% 29 5.30% 11 14% 86 1.80% A- 63 83 27 3.01 25 51% 61% 6 MGEE
Community Trust Banc
Unitil Corporation R 42 1.60
1.52 3.81%
3.60% 13
8 31%
18% 29 4.40%
35 5.50% 22
25 52%
60% 64 2.25%
68 2.50% A-
A- 34
38 48
59 37 2.34
26 4.76 189 34% 151%
65% 64% 66 CTBI
UTL
Morgan Stanley GD 97 2.80 2.88% 18 19% 79 3.55% 96 99% 193 1.45% A- 62 106 51 7.95 12 35% 267% 6 MS
Crane
VF CorpCo. g R 100
74 1.72
2.00 1.72%
2.71% 46
21 46%
29% 54 3.80%
53 3.20% 23
37 23%
51% 123 1.80%
111 1.40% B+
B+ 69
65 109
91 26
8 3.13
7.02 2414 80% 55 VFC
25% 187%
64% CR
NorthropGrumman GD 356 6.28 1.76% 147 41% 209 3.00% 62 17% 419 1.50% A+ 283 408 63 28.52 12 22% 142% 6 NOC
Cummins
VSE Corp Inc. g R
G 217
57 5.80
0.36 2.67%
0.63% 56
17 26%
29% 161 3.60%
40 0.90% 124
33 57%
59% 341
90 1.70%
0.40% B+
B+ 216
34 277
65 55 15.35
32 0.70 8114 38%
51% 70% CMI
46% 55 VSEC
Novartis AG D 80 3.20 3.99% 31 39% 49 6.50% 34 42% 114 2.80% NR 80 99 25 4.35 18 74% 67% 5 NVS
CVS Health Corporation
Washington Trust Bancorp g R 92
55 2.00
2.08 2.17%
3.80% 23
7 25%
14% 69 4.40%
47 2.90% 68
25 74%
46% 160
80 1.25%
2.60% AA 67
39 97
59 53 4.34
31 5.75 1316 35% 111%
48% CVS
93% 66 WASH
OGE Energy D 35 1.64 4.67% 12 34% 23 7.10% 43 122% 78 2.10% B+ 29 37 18 2.36 15 69% 99% 5 OGE
Watsco Inc.
Eastman Chemical Company G g R 300
110 7.80
2.76 2.60%
2.50% 126
31 42%
28% 173
79 4.50%
3.50% 675
74 225%
67% 975
184 0.80%1.50% A
B+ 216
96 309
130 34
44 9.803.77 3129 80%
73% 0% 65 WSO
92% EMN
Paccar Industries g D 86 1.36 1.58% 41 47% 45 3.00% 32 37% 118 1.15% A- 78 103 30 5.03 17 27% 104% 6 PCAR
Whirlpool
Erie Indemnity Company g R 223
204 5.60
4.14 2.51%
2.03% 93
77 42%
38% 130
127 4.30%
3.25% 151
92 68%
45% 373
296 1.50%1.40% B+
A- 171
169 258
267 62 6.57
23 31.56 731 18%
63% 112%8% 55 WHRERIE
Parker-Hannifin g D 309 4.12 1.33% 162 52% 147 2.80% 34 11% 343 1.20% A- 247 335 65 14.53 21 28% 78% 6 PH
WorthingtonInt'l
Expeditors Industries, Inc. g R
of Washington 50
127 1.12
1.16 2.25%
0.92% 17
59 34%
46% 33
68 3.40%
1.70% 44
39 87%
31% 93
166 1.20%
0.70% B+
A+ 47
88 75
132 27
16 4.716.86 1118 24%
17% 0% 56 WOR
46% EXPD
Pinnacle West Capital D 66 3.40 5.13% 16 23% 51 6.70% 53 80% 119 2.85% A 63 89 50 5.07 13 67% 113% 6 PNW
Fifth Third Bancorp GR 43 1.20 2.79% 13 30% 30 4.00% 14 33% 57 2.10% A- 25 46 29 3.66 12 33% 69% 5 FITB
PPG Industries, Inc D 157 2.36 1.50% 126 80% 31 7.50% 39 25% 197 1.20% A- 132 183 24 6.00 26 39% 99% 6 PPG
Flowers Foods Inc R 26 0.84 3.18% 7 28% 19 4.40% 26 99% 53 1.60% B+ 22 28 6 1.05 25 80% 72% 5 FLO
Realty Income Corporation D 70 2.95 4.23% 25 36% 45 6.60% 20 28% 89 3.30% A- 55 72 30 3.52 20 84% 80% 6 O
Franklin Electric Company, Inc g R 92 0.70 0.76% 50 55% 41 1.70% 16 18% 108 0.65% A- 67 97 18 3.01 30 23% 11% 5 FELE
Rollins Inc g D 35 0.40 1.13% 14 40% 21 1.90% 12 33% 47 0.85% A 31 42 2 0.71 50 57% 22% 6 ROL
General Dynamics GR 194 4.76 2.45% 58 30% 136 3.50% 103 53% 298 1.60% A+ 145 210 55 11.71 17 41% 85% 6 GD
Ross Stores, Inc. D 112 1.14 1.02% 24 21% 88 1.30% 31 28% 143 0.80% A 105 134 9 4.52 25 25% 76% 6 ROST
General Mills R 64 2.04 3.21% 15 24% 49 4.20% 20 31% 83 2.45% A 54 65 16 3.80 17 54% 129% 6 GIS
Royal Bk Canada D 102 4.32 4.25% 19 19% 82 5.25% 40 39% 142 3.05% A 80 108 57 10.61 10 41% 356% 6 RY

Declining Trends (continued)

German American Bancorp R 40 0.84 2.10% 6 16% 34 2.50% 20 50% 60 1.40% A+ 31 51 24 3.24 12 26% 32% 6 GABC
Selective Ins Grp D 77 1.12 1.45% 49 64% 28 4.00% 35 45% 112 1.00% A- 62 91 42 7.08 11 16% 20% 6 SIGI
Getty Realty Corp R 31 1.64 5.31% 4 11% 27 6.00% 11 36% 42 3.90% A- 26 34 15 3.60 9 46% 84% 6 GTY
Sensient Technologies D 99 1.64 1.65% 36 37% 63 2.60% 10 10% 109 1.50% B+ 70 106 22 2.77 36 59% 56% 5 SXT
GlaxoSmithKline Plc R 41 2.20 5.33% 6 15% 35 6.30% 9 21% 50 4.40% NR 34 44 8 2.37 17 93% 130% 5 GSK
SJW Group D 69 1.36 1.97% 28 41% 41 3.35% 40 58% 109 1.25% B+ 58 74 32 1.90 36 72% 168% 5 SJW
HNI Corporation R 41 1.24 3.03% 20 48% 21 5.80% 28 68% 69 1.80% A- 32 47 14 1.72 24 72% 31% 5 HNI
Smith, A. O. GD 81 1.12 1.39% 51 63% 30 3.70% 44 54% 124 0.90% A 52 84 11 2.91 28 38% 6% 6 AOS
Huntington Bancshares Inc G R 15 0.62 4.03% 2 16% 13 4.80% 14 92% 30 2.10% B+ 12 17 11 0.95 16 65% 66% 5 HBAN
Sonoco Products Co D 61 1.80 2.97% 20 32% 41 4.40% 9 14% 69 2.60% B+ 5257 5270 19 -1.62 -37 -111% 89% 5 SON
IDACORP, Inc R 108 3.00 2.79% 22 20% 86 3.50% 26 24% 133 2.25% A 85 110 51 4.94 22 61% 78% 6 IDA
Spire Inc D 62 2.74 4.42% 10
Pts 17%
% 52 5.30%
Undervalue 48
Pts 77%
% 110 2.50%
Overvalue A- wk59 wk78 47 12-Mo
Bk 4.98 12 55%
Pay 137%
L/T 5 SR
Illinois Tool Works GR 238 4.88 2.05% 106 45% 132 3.70% 49 21% 287 1.70% A- 193 244 10 8.64 28 56% 255% 6 ITW
Stanley Black&Decker
STOCK D 184 Dividend
Price 3.16 1.72%
Yield 94
Dn 51%
Down 90 3.50%
LoPr/HiYld 27
Up 14%
Up 211 1.50%
HiPr/LoYld A
S&P 168
Lo 225
Hi 59 11.43
Val Earn 16
P/E 28%
out 38% BC
Debt 6 SWK
Tic
Imperial Oil Ltd R 34 1.08 3.21% 5 15% 28 3.80% 121 359% 154 0.70% A 17 37 29 0.67 50 161% 24% 6 IMO
ALLETE
Stepan Co Inc. D
D 60
117 2.52
1.34 4.18%
1.15% 18
83 30%
71% 42
34 6.00%
4.00% 37
32 61%
27% 97
149 2.60%
0.90% A-
B+ 56
109 73
139 44
44 2.96 6.59 20
18 85%
20% 64%
20% 65 ALE
SCL
KeyCorp GR 23 0.78 3.42% 5 22% 18 4.40% 33 144% 56 1.40% B+ 15 25 16 2.58 9 30% 82% 5 KEY
Allstate
TennantCorporation
Company GD D 11380 3.24
1.00 2.86%
1.25% 28
25 25%
31% 85
56 3.80%
1.80% 89
20 79%
25% 203
100 1.60%
1.00% B+
B+ 102
66 140
87 93
22 20.76
3.22 5
25 16%
31% 27%
76% 55 ALL
TNC
L3 Harris Technologies GR 215 4.08 1.90% 79 37% 136 3.00% 368 172% 583 0.70% B+ 169 246 100 7.62 28 54% 33% 5 LHX
American Electric Power
Texas Instruments GDD 83
194 3.12
4.60 3.75%
2.37% 37
59 45%
30% 46
135 6.80%
3.40% 21
36 25%
18% 104
230 3.00%
2.00% A-
A+ 75
158 91
202 10 4.79
41 7.91 17
25 65%
58% 163%
74% 66 AEP
TXN
Lakeland Bancorp, Inc g R 18 0.54 2.99% 4 21% 14 3.80% 12 66% 30 1.80% A 12 19 15 1.79 10 30% 25% 6 LBAI
Atmos
Toro Co Energy GDD 94
103 2.72
1.05 2.90%
1.02% 53
45 56%
44% 41
58 6.60%
1.80% 49
13 53%
13% 143
117 1.90%
0.90% A
A+ 85
88 105
118 10 5.14
60 3.92 18
26 53%
27% 93%
71% 66 ATO
TTC
Lincoln National Corporation g R 68 1.80 2.63% 15 23% 53 3.40% 65 95% 133 1.35% B+ 45 78 118 6.99 10 26% 29% 5 LNC
Ball Corp
Toronto-Dominion Bank GD D 95
73 0.80
3.16 0.84%
4.31% 419 44%
12% 53
64 1.50%
4.90% 39
27 41%
37% 133
100 0.60%
3.15% A-
A 78
53 98
76 10
49 2.478.48 38
9 32%
37% 234%
253% 66 BLL
TD
McCormick & Co. R 87 1.36 1.56% 47 54% 40 3.40% 18 20% 105 1.30% A 78 99 15 2.84 31 48% 124% 6 MKC
Bank of Montreal
Travelers Comp. D
D 107
152 4.24
3.52 3.95%
2.31% 18
52 17%
34% 89
101 4.75%
3.50% 16
24 14%
15% 123
176 3.45%
2.00% A
B+ 72
130 113
163 77 10.72
116 14.37 10
11 40%
24% 22% 65 BMO
260% TRV
McKesson
Barnes
Corp
Group Inc
R 223 1.88 0.84% 67 30% 157 1.20% 247 111% 470 0.40% B+ 169 229 0 -29.71 -8 -6% 4085% 5 MCK
UFP Industries, GDD 44
87 0.64
0.80 1.45%
0.92% 34
33 77%
38% 10
53 6.20%
1.50% 36
37 81%
42% 80
123 0.80%
0.65% B+A 40
52 58
92 24 1.767.42 25
12 36%
11% 51%
21% 56 B
UFPI
MDU
Casey's Resources
General StoresGroup, Inc GD
R 28 0.87 3.08% 10 37% 18 4.85% 15 54% 44 2.00% A- 24 35 15 2.00 14 43% 73% 5 MDU
UMB Financial D 197
102 1.40
1.48 0.71%
1.45% 112
38 57%
37% 85
64 1.65%
2.30% 36
21 18%
21% 233
123 0.60%
1.20% A
A- 173
67 229
110 52
63 8.39 8.96 24
11 17%
17% 86% 65 CASY
71% UMBF
Merck & Company, Inc
Clorox D
R
169
75 2.60
4.64
3.47%
2.74% 53
10 13%
31%
65 4.00%
116 4.00%
36
42
48%
25%
111 2.35%
211
B+ 68 91 10 2.85 26 91% 125% 5 MRK
CLX
Unilever Plc D 53 2.03 3.85% 18 34% 35 5.80% 17 33% 70 2.20%
2.90% A+
NR 156
51 231
62 37 3.51
2.48 48
21 132%
82% 474%
152% 65 UL
National Retail
Colgate-Palmolive Properties, Inc R 45 2.12 4.67% 18 40% 27 7.75% 19 41% 64 3.30% A- 37 50 23 3.08 15 69% 75% 6 NNN
WEC Energy Group Inc gDD 78
90 1.80
2.71 2.32%
2.99% 18
21 23%
23% 60
69 3.00%
3.90% 12
10 16%
11% 90
100 2.00%
2.70% B+A 74
81 86
100 1 3.14
33 4.18 25
22 57%
65% 690%
134% 56 WECCL
NBT Bancorp
Commerce Inc
Bancshares D
R 36 1.05
71
1.12 3.08%
1.48% 41
7 18%
57%
30 3.75%
30 3.45%
15
10
40%
14%
51 1.30%
81
2.20% A-
A-
30
62
43
83 29
27 4.663.48 15
10 32%
23%
17% 6
62% 6 CBSH
NBTB
Northern Trust
Community Bank System, Inc G DR 120
71 2.80
1.72 2.33%
2.42% 2538 31%
35% 82 3.40%
46 3.70% 45
13 37%
18% 165
84 1.70%
2.05% A-
A 88
61 127
83 3952 6.38
3.57 2019 44%
48% 76%
14% 6 6 NTRS
CBU
Old Edison
Con National Bancorp DR 18
80 0.56
3.10 3.08% 333
3.86% 14%
41% 16
48 3.60%
6.50% 4
17 23%
21% 22
97 2.50% B+
3.20% A- 16
66 21
81 55 1.79 2410
18 3.36 31% 127%
92% 88% 45 ONB
ED
Oxford Industries,
Curtiss-Wright Inc DR 99
129 1.68
0.72 1.70% 78
0.56% 15 15%
60% 84
51 2.00%
1.40% 69
51 70%
39% 168
180 1.00% B+
0.40% A 54
104 114
137 24 3.43 2229
44 5.97 49%
12% 0% 6
60% 5 OXM
CW
People's United
Dominion Energy,Financial,
Inc Inc. DR 18
74 0.73
2.52 4.12% 283
3.39% 19%
37% 14
47 5.10%
5.40% 4
10 21%
13% 21
84 3.40% B+
3.00% A- 12
68 20
81 29 1.55 2311
17 3.20 47%
79% 28% 5
140% 6 PBCT
D
PNC Fin'l Svcs
Donaldson Co Group gGDR 201
59 5.00
0.88 2.49% 17
1.49% 40 20%
29% 161
42 3.10%
2.10% 49
21 24%
36% 250
80 2.00% B+
1.10% A- 138
53 218
69 119 13.11 2615
9 2.27 38%
39% 57% 5
45% 6 PNC
DCI
Polaris
Duke Industries
Energy Corporation gDR 116
100 2.52
3.94 2.17% 21
3.93% 32 28%
21% 84
79 3.00%
5.00% 52
12 45%
12% 168
113 1.50% B+
3.50% B+ 93
86 148
108 60 9.82 2612 102%
18 3.87 26% 127% 5
128% 5 PII
DUK
RaymondUtilities
Essential James Fncl GDR 101
48 1.04
1.07 1.03% 23
2.21% 43 43%
48% 58
25 1.80%
4.25% 15
5 15%
11% 116
54 0.90% AA
2.00% 60
41 103
51 6.81 3015 65%
40 1.64
19 15% 121% 38% 66 WTRGRJF
Regions
Evergy Inc.Financial CorporationGDR 6524 2.29
0.68 3.51%
2.89% 376 24%
56% 18
29 3.80%
8.00% 22
20 93%
30% 45
85 1.50% A-
2.70% B+ 15
52 25
69 17 3.83
39 2.68 179 60% 25% 119% 20% 65 EVRGRF
RelianceREIT
Federal Steel & Aluminum Co gDR 126 157 4.282.75 3.40%
1.75% 37
67 24%
53% 120
59 2.30%
7.20% 236
69 150%
54% 393
195 0.70% B+
2.20% B+ 114
82 136 181 17.65 229 76%
80 5.64
30 16% 171% 32% 5 RS
FRT
Blue highlight indicates a category change Bolded Indicate142
a recent earnings Italicized
SEI Investments
Gap Inc gDR 1862 0.48
0.74 2.70%
1.20% 425 40%
23% 37
14 2.00%
3.50% 31 50%
799% 93 increase
160 0.80% B+
0.30% A 52
17 65
38 12Indicate
7 3.69a13
1.34 recent
17 36%dividend
20% reduction
0% 5
85% 6 SEIC
GPS
within the past two issues. Earnings Dividends
SimonLife
Global Property
Inc Group, Inc. g DR 160 88 6.60 0.89%
0.79 4.13% 4938 24%
55% 122
40 5.40%
2.00% 10 76 47%
12% 236
99 2.80% A
0.80% A- 82
86 171
108 859 7.49
11.68 1214 11%57% 770%
22% 6 SPG
GL
Snap-OnRupp
Gorman Inc GDR 213
43 5.68 1.57%
0.68 2.67% 41
20 19%
46% 172
23 3.30%
2.90% 224
5 105%
12% 437
49 1.30% B+
1.40% A+ 166
30 260
47 71Capital
12 14.90“G”
1.15 denotes
3714 38%
59% a remarkable
38%
0% 5 6 10%
SNA
GRC
Italicized
Southwest Yellow
Harley-Davidson, highlight indicates
Inc.
Gas Holdings DR 38a new0.60
69 arrival
2.38 to
1.59%
3.45% 24 65%
21 Earnings
31% 13
48 Indicate 39
4.50%
5.00% a8 recent
23%
57%earnings
46 decrease
108 1.30%
2.20% B+
A 31
57 G 5274 47average
11 4.12annual
3.46 dividend
1117 17%
58% 522%growth56overHOG
108% the
SWX
HEICO Corpthe category.
State Street GgDR 140 93 0.18
2.28 0.13%
2.45% 114
17 82%
18% 26
76 0.70%
3.00% 40
82 28%
88% 180
175 0.10%
1.30% A
A- 116
69 152
101 67past
15 12 years.
2.07
6.90 6814 9%
33% 37%
81% 6 HEI
STT
Henry
Superior(Jack)
Group of Cos., Inc G DR 152 23 1.84
0.48 1.21%
2.09% 30
10 19%
46% 123
Bolded 12 1.50% 64
3.85% 17 42%
74% 216
40 0.85%
1.20% AA- 142
21 180
29 12 4.31
18 2.35 3510 43%
20% 8% 6
46% JKHY
SGC
Indicate 16
a recent dividend g 6851 Lower case “g” meets the 10% / 12 yr.
Intel Corp Financial
Synovus SymbolCorp
indicates Dividend
GDR 5047In Danger
1.39
1.32 2.78%
2.80% 20
16 40%
35% 30
31
Dividends 4.60%
4.30% 54 32%
115% 66 increase
102 2.10%
1.30% A-
B+ 45
31 20 4.58 1010 27%
31 5.19 29% 45%
28% 6 4 INTCSNV
test, but the 3 and 5 year trends do not.
Int'l
SyscoFlavCorp
& Frag g DR 147 73 3.16
1.88 2.15%
2.57% 68
27 46%
37% 79
46 4.00% 50
4.10% 26 34%
35% 198
99 1.60%
1.90% B+
B+ 104
69 157
87 593 1.23
1.33 120
55 257%
141% 70% 5
698% 4 IFF
SYY
Johnson
T. Rowe &PriceJohnson GDR 160207 4.244.32 2.65%
2.09% 48
68 30%
33% 112
139 3.80%
3.10% 25
81 15%
39% 184
288 2.30%
1.50% A-
A 143
140 180
225 24 13.40 2415 63%
34 6.78 32% 56%
0% 6 JNJ
TROW
Kimberly-Clark
Target Corp gDR 135249 4.563.60 3.38%
1.44% 44
159 32%
64% 91
90 5.00%
4.00% 40
351 30%
141% 175
600 2.60%
0.60% B+
A- 125
167 143
269 2 13.71 2318 77%
29 5.91 26% 966%
88% 5
6 KMB
TGT
Lancaster
The16 EsteeColony
LauderCorp
Cos., Inc gDR 154 340 3.202.40 2.08%
0.71% 83
180 54%
53% 71
160 4.50% 140
1.50% 92 60% 246 1.30%
0.50% B+ 154 201 31
17 4.93
8.37 3141 65% 1% 5 LANC
EL
FIRS T - D E C41%
E M B480
ER 2021 A- 232 358 29% 80%
Lincoln Electric Hldgs
Thor Industries, Inc GgDR 140105 2.241.72 1.60%
1.63% 81
55 58%
52% 59 3.80% 110
51 3.40% 20 14%
104% 160
215 1.40%
0.80% B+
A- 111
92 149
152 13 11.92 319
53 4.49 50%
14% 91%
56% 5
6 LECO
THO
 Time period is quarterly for all companies listed.

STOCK TIC TO FROM INCREASE RECORD EX-DIV PYMT

DATE DATE DATE

AbbVie Inc ABBV $1.41 $1.30 8.46% 14-Jan 13-Jan 15-Feb

Automatic Data Process ADP $1.04 $0.93 11.83% 10-Dec 9-Dec 1-Jan
American Electric Power AEP $0.78 $0.74 5.41% 10-Nov 9-Nov 10-Dec
Assurant Inc AIZ $0.68 $0.66 3.03% 29-Nov 26-Nov 20-Dec
Amphenol Corp APH $0.20 $0.145 37.93% 21-Dec 20-Dec 12-Jan
Arrow Financial Corp AROW $0.26 $0.2524 3.01% 2-Dec 1-Dec 15-Dec
Atmos Energy ATO $0.68 $0.625 8.80% 29-Nov 26-Nov 13-Dec
Balchem Corp BCPC $0.58 $0.520 11.54% 28-Dec 24-Dec 22-Jan
Brown-Forman B BF.B $0.1885 $0.1795 5.01% 3-Dec 2-Dec 28-Dec
Black Hills Corp BKH $0.5950 $0.5650 5.31% 17-Nov 16-Nov 1-Dec
Cass Information Systems CASS $0.28 $0.27 3.70% 3-Dec 2-Dec 15-Dec
Cathay General Bancorp CATY $0.34 $0.31 9.68% 29-Nov 26-Nov 9-Dec
Chesapeake Energy CHK $0.438 $0.344 27.27% 24-Nov 23-Nov 9-Dec
DTE Energy Co DTE $0.885 $0.825 7.27% 20-Dec 17-Dec 15-Jan
Emerson Electric EMR $0.52 $0.51 1.98% 12-Nov 10-Nov 10-Dec
Faremers Nat’l Banc Corp FMNB $0.14 $0.11 27.27% 10-Dec 9-Dec 31-Dec
Gorman-Rupp GRC $0.17 $0.155 9.68% 15-Nov 12-Nov 10-Dec
Getty Realty Corp GTY $0.41 $0.39 5.13% 23-Dec 22-Dec 6-Jan
Huntington Bancshares Inc HBAN $0.155 $0.15 3.33% 17-Dec 16-Dec 3-Jan
Hormel Foods HRL $0.26 $0.245 6.12% 18-Jan 14-Jan 15-Feb
Hubbell Inc HUBB $1.05 $0.98 7.14% 30-Nov 29-Nov 15-Dec
Honeywell HON $0.98 $0.93 5.38% 12-Nov 10-Nov 3-Dec
Key Corp KEY $0.195 $0.185 5.41% 30-Nov 29-Nov 15-Dec
Lancaster Colony LANC $0.80 $0.75 6.67% 6-Dec 3-Dec 31-Dec
Lincoln National LNC $0.45 $0.42 7.14% 10-Jan 7-Jan 1-Feb
Lincoln Electric Light LECO $0.56 $0.51 9.80% 31-Dec 30-Dec 14-Jan
Lockheed Martin LMT $2.80 $2.60 7.69% 1-Dec 30-Nov 27-Dec
McDonald’s Corp MCD $1.38 $1.29 6.98% 30-Nov 29-Nov 15-Dec
Mercury General MCY $0.635 $0.6325 0.40% 16-Dec 15-Dec 30-Dec
MDU Resources MDU $0.2175 $0.2125 2.23% 9-Dec 8-Dec 1-Jan
Middlesex Water MSEX $0.29 $0.2725 6.45% 16-Nov 15-Nov 1-Dec
Microsoft Corp MSFT $0.62 $0.56 10.71% 18-Nov 17-Nov 9-Dec
M&T Bank Corp MTB $1.20 $1.10 9.09% 30-Nov 29-Nov 31-Dec
Nike, Inc NKE $0.31 $0.28 10.91% 6-Dec 3-Dec 28-Dec
Pinnacle West PNW $0.85 $0.83 2.40% 16-Nov 15-Nov 1-Dec
Rockwell Automation ROK $1.12 $1.07 4.67% 15-Nov 12-Nov 10-Dec
Rollins, Inc ROL $0.10 $0.08 25.00% 10-Nov 9-Nov 10-Dec
Roper Technologies ROP $0.62 $0.5625 10.22% 10-Jan 7-Jan 24-Jan
Stepan Co SCL $0.335 $0.305 9.84% 30-Nov 29-Nov 15-Dec
Selective Insurance SIGI $0.28 $0.25 12.00% 15-Nov 12-Nov 1-Dec
South Jersey Industries SJI $0.31 $0.3025 2.48% 10-Dec 9-Dec 29-Dec
Snap-On Inc SNA $1.42 $1.23 15.45% 19-Nov 18-Nov 10-Dec
Simon Property Group SPG $1.65 $1.50 10.00% 10-Dec 9-Dec 31-Dec
Sensient Technologies Corp SXT $0.41 $0.39 5.13% 1-Nov 29-Oct 1-Dec
Tennant Company TNC $0.25 $0.23 8.70% 30-Nov 29-Nov 15-Dec
VF Corp VFC $0.50 $0.49 2.04% 10-Dec 9-Dec 20-Dec
York Water YORW $0.19 $0.19 4.00% 31-Dec 30-Dec 14-Jan

FIRST - DECEMBER 2021 17

 JP Morgan Chase GO 161 4.00 2.48% 50 31% 111 3.60% 13 8% 174 2.30% A- 118 173 82 15.84 10 25% 194% 6 JPM
Kimco Realty Corporation O 23 0.68 2.92% 15 66% 8 8.50% -2 -9% 21 3.20% B+ 14 25 13 1.36 17 50% 94% 5 KIM
Life Storage, Inc

Overvalue (continued)
O 134 3.44 2.57% 74 56% 59 5.80% -11 -8% 123 2.80% A- 72 140 21 4.80 28 72% 92% 6 LSI
Lilly, Eli O 255 3.40 1.33% 149 58% 106 3.20% -42 -17% 213 1.60% B+ 143 276 6 6.45 40 53% 285% 5 LLY
Lowe's Cos GO 249 3.20 1.29% 89 36% 160 2.00% 18 7% 267 1.20% A+ 149 256 2 11.56 22 28% 1516% 6 LOW
Marriott Int'l O 151 0.00 0.00% 151 100% 0 1.90% -151 -100% 0 0.50% B+ 116 172 1 1.43 105 0% 2413% 5 MAR
Marsh & McLennan Co O 167 2.14 1.28% 121 73% 46 4.70% -41 -25% 126 1.70% A 107
52 171
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Genuine
(Continued Parts
from page 2) O 133 3.26 2.45% 82 62% 51 6.40% -8 -6% 125 2.60% A- 94 139 22 5.66 23 58% 83% 6 GPC

Managing Editor: Kelley Wright

Glacier Bancorp, Inc. O 55 1.28 2.31% 34 62% 21 6.00% 5 10% 61 2.10% A 40 67 24 3.31 17 39% 45% 6 GBCI
Graco Inc GO 75 0.75 1.00% 62 82% 14 5.50% -7 -9% 68 1.10% A 64 80 8 2.57 29 29% 13% 6 GGG
Grainger, WW g O 496 6.48 1.31% 280 56% 216 3.00% 3 1% 498 1.30% A 356 501 35 17.65 28 37% 115% 6 GWW
Hawkins Inc to shape wires
machines O into34innersprings
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for industrial users of steel rods and wires, springs and seat suspensions; components Inc44%
(RGCO): RGCHD
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manufacturers
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of finished
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cushion and 8.50% -2
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support and massage systems for automotive layment, structural fabrics, and geo com- trial276
customers in Roanoke,
Lilly, Eli O 255 3.40 1.33% 149 58% 106 3.20% -42 -17% 213 1.60% B+ 143 6 6.45 40 53% Virginia,
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seating;
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motors and
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6 LOW
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stainless-steel
Marsh & McLennan Co tubing, formed
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107 171 18 5.34 31 40% 122% 6 trans-
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mission and distribution pipeline; and a
McDonalds
fluid Corp
conveyance O 250
systems; 5.52 2.21% 97
and engineered 39% 153 3.60% 13 5% 263 2.10% A 203 258 -10 9.76 26 57% NR 6 MCD
ment agencies, and mattress and furniture liquefied 51
natural gas storage facility, as well
Mid-America Apartment O 210 4.10 1.95% 119 57% 91 4.50% -61 -29% 149 2.75% B+ 119 211 7.36 29 61% 75% 5 MAA
hydraulic cylinders to automobile OEMs producers, as well as manufacturers of as owns
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20 operates
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6 MSEX
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addition,
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O 89steel mecha-
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 52 52
Pts % Under value 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 Tic

Accenture Plc g O 366 3.88 1.06% 204 56% 162 2.40% -13 -4% 353 1.10% A 242 375 31 9.16 40 42% 0 ACN
Assurant, Inc g O 156 2.72 1.74% 68 44% 88 3.10% 14 9% 170 1.60% A- 122 172 103 8.49 18 32% 37 AIZ
Applied Materials, Inc G O 151 0.96 0.63% 112 74% 39 2.45% -4 -2% 148 0.65% A 81 159 14 6.41 24 15% 45 AMAT
Ameriprise Financial Inc g O 294 4.52 1.54% 172 58% 122 3.70% -56 -19% 238 1.90% A 183 312 50 18.51 16 24% 84 AMP
Amphenol Corporation G R 83 0.80 0.96% 33 40% 50 1.60% 17 21% 100 0.80% A 59 86 9 2.36 35 34% 71 APH
Ames National Corporation U 25 1.04 4.24% -2.1 -9% 27 3.90% 19 77% 43 2.40% A 21 28 23 2.61 9 40% 19 ATLO
BlackRock, Inc G O 928 16.52 1.78% 442 48% 486 3.40% -102 -11% 826 2.00% A 670 973 231 37.60 25 44% 21 BLK
C.H. Robinson Worldwide D 96 2.04 2.13% 25 26% 70 2.90% 12 12% 107 1.90% A- 85 104 14 5.65 17 36% 63 CHRW
Costco Wholesale Corp G O 555 3.16 0.57% 312 56% 243 1.30% -160 -29% 395 0.80% A 307 561 40 11.27 49 28% 47 COST
Enterprise Products Prt U 22 1.80 8.30% -0.5 -3% 22 8.10% 12 57% 34 5.30% A- 19 26 11 1.79 12 101% 117 EPD
Eversource Energy D 85 2.41 2.83% 22 26% 63 3.80% 20 23% 105 2.30% A 77 93 41 3.44 25 70% 127 ES
Extra Space Storage Inc g O 203 5.00 2.46% 96 47% 108 4.65% -28 -14% 175 2.85% A- 107 205 19 5.40 38 93% 196 EXR
FactSet Research Systems G O 469 3.28 0.70% 252 54% 217 1.51% -84 -18% 386 0.85% A+ 294 472 27 10.36 45 32% 57 FDS
Comfort Systems USA, Inc O 98 0.52 0.53% 62 63% 36 1.45% -3 -3% 95 0.55% A- 50 104 19 4.07 24 13% 34 FIX
Foot Locker, Inc D 48 1.20 2.50% 19 40% 29 4.20% 44 92% 92 1.30% A- 37 67 27 8.70 6 14% 4 FL
Gentex Corporation O 35 0.48 1.36% 18 52% 17 2.80% -3 -10% 32 1.50% A+ 30 38 8 1.73 20 28% 0 GNTX
Garmin Ltd. D 139 2.68 1.92% 63 45% 77 3.50% 18 13% 158 1.70% A- 114 179 29 5.86 24 46% 0 GRMN
The Goldman Sachs Group G D 387 8.00 2.07% 39 10% 348 2.30% 309 80% 696 1.15% B+ 230 426 246 60.69 6 13% 459 GS
J.B. Hunt Transport Svcs O 196 1.20 0.61% 110 56% 86 1.40% -24 -12% 171 0.70% A 133 203 25 6.30 31 19% 50 JBHT
Lithia Motors, Inc g D 284 1.40 0.49% 201 71% 82 1.70% 66 23% 350 0.40% A+ 268 418 100 34.22 8 4% 148 LAD
Lennox International G D 322 3.68 1.14% 128 40% 194 1.90% 46 14% 368 1.00% A+ 267 356 0 13.00 25 28% LII
Mastercard Incorporated G D 323 1.76 0.54% 103 32% 220 0.80% 68 21% 391 0.45% A+ 312 402 6 8.13 40 22% 195 MA
Magna International Inc G O 79 1.72 2.19% 30 38% 49 3.50% 7 9% 86 2.00% A 61 104 38 5.92 13 29% 35 MGA
Microsoft Corporation g O 337 2.48 0.74% 186 55% 150 1.65% -45 -13% 292 0.85% A- 209 350 19 8.94 38 28% 50 MSFT
Bank OZK G R 46 1.16 2.54% 22 49% 23 5.00% 70 154% 116 1.00% A 28 48 33 4.23 11 27% 18 OZK
Pool Corporation G O 560 3.20 0.57% 347 62% 213 1.50% -27 -5% 533 0.60% A+ 305 582 16 14.77 38 22% 65 POOL
Robert Half International G O 115 1.52 1.32% 51 45% 63 2.40% -6 -5% 109 1.40% A 60 121 11 4.68 25 32% 0 RHI
Simpson Manufacturing Co O 119 1.00 0.84% 69 58% 50 2.00% -8 -6% 111 0.90% A+ 89 124 23 5.20 23 19% 0 SSD
ViacomCBS Inc g U 32 0.96 2.97% -21 -65% 53 1.80% 74 230% 107 0.90% A 32 102 25 5.07 6 19% 123 VIAC
Williams-Sonoma, Inc g O 206 2.84 1.38% 125 61% 81 3.50% -17 -8% 189 1.50% A 99 223 22 13.30 15 21% 18 WSM

You see, man, you’re all about

the arrival and I’m all about
the journey.

FIRST - DECEMBER 2021 19

For the

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