A Technical Analysis of Low PiE Ratio Stock
Performance During a Rising Market
An Honors Thesis (ID 499)
by
f-1aureen P. Hale
-
Dr. Grant J. Wells
Ball State University
Muncie, Indiana
May 1984
Spring Quarter 1984
-
TABLE OF CONTENTS
Introduction
Historical Information:
Previous Studies
Dreman's Contrarian Theory
Ivlass Mutual Investment Strategy
Study:
Statement of Objectives
Procedures
Results
Discussion of Study Results
Conclusions and Recommendations
Data Tables
FOOTNOTES
BIBLIOGRAPHY
-
pa,e
2
9
15
19
21
49
50
A TECHNICAL ANALYSIS OF LOW PiE RATIO STOCK
PERFORMANCE DURING A RISING MARKET
INTRODUCTION
Throughout the years, one component of our country's
financial sector has consistently challenged, and often baffled,
even the most knowledgeable investors.
This intriguing component
is, of course, the stock market, which is the subject of thousands
of media publications each year.
Millions of Americans, including
specialists, analysts, brokers, financial institutions, and
average investors, participate in the stock market each year
with varying degrees of success.
An interesting fact about investors and the stock market
is that no one has devised a method for consistently achieving
maximum returns in the market.
In other words, there are no
guaranteed methods to beat the market.
Some individuals have
developed systems that evidently worked for them, yet when tried
by others, failed to perform.
For example, Nicolas Darvas,
author of "How I Made $2,000,000 in the Stock Market," developed
his box system for buying and selling stocks, and it worked for
-1-
2
-.
him.
He began as a novice in the market and made $2,000,000
in eighteen months. 1 However, no one else has reported
significant results from that same system.
One strategy that has gained some respect in the investment
community is that of purchasing undervalued stocks, or stocks
with low price-earnings ratios.
This thesis will deal specific-
ally with this low PiE ratio strategy and its performance during
the strong bull market of 1982 and 1983.
HISTORICAL INFORMATION
At this point, some background on low PiE ratio strategy
-
would be appropriate.
First of all, a PiE ratio is calculated
by dividing the current stock price by the latest twelve months'
earnings per share.
Stocks with low price-earnings ratios are
thought to be the dregs, so to speak, of the stock market.
represent companies that are out of market favor.
They
A stock with
a low PiE is considered to be low growth, or mature.
On the
other hand, a stock with a high multiple is usually considered
to have high growth potential. 2
Investors display the most
enthusiasm for the "best" companies which generally carry
high PiE ratios and are expected to have the best futures.
The
PiE ratio seems to be a judge of the optimism for growth in
earnings expected by companies.
Numerous studies have been conducted over the past twenty
-
years to test the validity of low price-earnings ratio strategy.
Among the first to study low PiE ratio strategy was S. Francis
3
-
Nicholson.
His article, "Price-Earnings Ratios," written in
1960 and published in the Financial Analysts Journal, JulyAugust 1960, is the first of significance to low PiE strategy.
Nicholson conducted two studies between 1937 and 1959,
which supported low PiE ratio strategy.
At the time the article
was written, most financial analysts believed that common stocks
with high price-earnings multiples resulted in better price
performance than low price-earnings multiples.
studies' results showed a contradicting theory:
Nicholson's
on the average,
the purchase of stocks with low price-earnings multiples will
result in greater appreciation.
The first Nicholson study used 100 common stocks composed
-
mainly of industrial issues of trust investment quality.
Prices
and PiE ratios were obtained for each stock in 1939, 1944, 1949,
1954 and 1959.
Next, the percentage of price appreciation in
eleven different time periods, ranging from six to 20 years, was
computed.
The stocks were put into five groups ranging from
the lowest 20 PiE ratios to the highest 20 PiE ratios, in each
of the eleven time periods.
Nicholson's study number two utilized 29 chemical common
stocks and their prices and PiE ratios for the years 1937 to 1954.
The percentage of price appreciation was calculated for 3-year,
6-year and 10-year periods.
The results were averaged over each
time period.
Both studies supported low PiE ratio strategy, with the
-
lowest multiples performing better than the highest multiples.
Overall, Nicholson discovered that current earnings are a
4
-
major factor in the future outlook for market prices on common
stock.
Typically, investors view stocks with high price-earnings
multiples as reflecting companies of high quality, or those
which have experienced several years of expansion and rising
earnings.
This can be misleading because prices have often
risen higher than earnings, causing the PiE ratio to rise without
justification.
Nicholson points out, however, that some growth
stocks appear to be exceptions, and that, at least in the shortterm period, price advances have been accounted for.
These
exceptions may be part of the reason that investors view high
PiE ratios as an indication of opportunity for growth and price
appreciation, instead of as potential danger signals.
-
Another analyst to evaluate low PiE ratio strategy was
James McWilliams.
His paper entitled "Prices, Earnings and
PiE Ratios," published in the May-June 1966 issue of Financial
Analysts Journal, evaluates the usefulness of the price-earnings
ratio as an analytical tool.
from 1953 to 1964.
computations.
His study sample was 390 companies
The IBM 7010 computer was used to ease the
Price-earnings ratios and returns were calculated
for the 390 stocks and the data arranged into deciles of low
PiE to high PiE ratio groups.
The results seemed to prove
Nicholson's study to be valid, as the returns in the lower
deciles were higher than those in the higher deciles.
An
additional test evaluated the riskiness of investments by standard
deviation comparisons.
low PiE ratio strategy.
The results were also supportive of the
5
-
Further evidence to support low PiE strategy was provided
by Nicholas Molodovsky in his article, "Recent Studies of
PiE Ratios," published in the May-June Financial Analysts Journal,
1967.
His article was basically a synopsis of past studies.
One such study, done by Paul Cootner, M.I.T. professor, was an
adjustment of Nicholson's studies for possible sampling biases.
He corrected the biases by, for example, including bankrupt firms,
and found the same results supporting higher returns for lower
price-earnings multiples as did Nicholson.
Another study set
up in the same way as McWilliams' study was done for Dow Jones
Industrial Average (DJIA) stocks by Drexel & Co. in 1963.
The
results were again, that the lowest PiE ratio stocks outperformed
-
the middle and higher PiE ratio stocks.
An additional study mentioned by Molodovsky was conducted
by Hammel and Hodes.
Their study evaluated the relationship of
growth and variability of earnings to PiE ratios.
Their
conclusions were that the greater the growth rate, the higher
the PiE ratio, and the more variable the growth rate, the lower
the PiE ratio.
Summing up, Molodovsky states that, recent studies
of PiE ratios merely confirmed empirically the rather obvious
fact that, on the average, investors naturally profit more by
paying less for one dollar of sound earnings.
Perhaps the most extensive study to support low PiE ratio
strategy was that done by S. Basu reported in his article,
"Investment Performance of Common St,ocks in Relation to their
-
Price-Earnings Ratios:
A Test of the Efficient Market HypotheSiS,"
published in the June 1977 issue of the Journal of Finance.
6
-
The purpose of his article was to determine empirically whether
the investment performance of common stocks is related to their
PiE ratios.
Before Basu's article, low PiE ratio strategy had been
proven to be successful by comparison of how much can be made
using low PiE stocks with gains on other types of stocks.
Basu's objective was to test the performance of low PiE ratio
strategy holding a risk factor constant.
In other words, using
a risk-adjusted performance evaluation. '!'I]o accomplish this
evaluation, Basu utilized Treynor's reward to volatility,
Sharpe's reward to variability and Jensen's index.
Vlith a
sample base of 1400 industrialized companies over the period
1957 tb 1971, Basu set up PiE groupings similar to rJIcWilliams'.
On the average, 500 firms were included in the study each year.
This larger scale strengthens the validity of Basu's results.
Those results showed once again that lower PiE ratio stocks had
a higher average return than higher PiE ratio stocks.
Also,
incorporat.ing the risk measures, the findings vlere quite similar.
Basu's next step was to adjust the rate of return calculations
for differential tax effects of dividends and capital gains.
He repeated his previous calculations with these new rates of
returns and came up with the same conclusion in support of the
low PiE ratio strategy.
An additional article that added support to the validity
of the low price-earnings ratio strategy was written by David
A. Goodman and John W. Peavy, III, entitled, "Industry Relative
Price-Earn:Lngs Ratios as Indica tors of Investment Returns,"
7
published in the July-August 1983 issue of the Financial
Analysts Journal.
The authors sought to test low PiE ratio
strategy by adjustments of some apparent biases in other studies.
These included small firm size, infrequent trading effects and
industry effects.
Tfie first two were easily adjusted by
changing the composition of the sample base used in the study.
When these changes were made, the results still showed more
favorable returns for low PiE ratio groups.
The industry
effect was accounted for by the use of price-earnings relatives
(PER's).
The PER is an index of the PiE ratio of a stock
relative to that of its industry.
The results indicated that
PER is a significant factor related to excess returns.
Low
PER portfolios tend to outperform high PER portfolios, according
to this study.
Each successive article added an additional test for validity
of the low PiE ratio strategy.
All of the studies reached the
same conclusion that an investor can make higher returns with
investments in low PiE ratio stocks rather than with higher
PiE ratio stocks.
Up to this point, it has been shown, through various
studies over the past two decades, that low PiE stocks have
consistently outperformed high PiE stocks.
Recently, low PiE
ratio strategy has been modified, largely by the work of
David Dreman, managing director of the New York City investment
firm Dreman, Grqy & Embry.
Dreman is the author of several
books, incJ_uding Contrarian Investment Strategy.
It is this
contrarian theory that is actually a modified low PiE ratio
8
-
strategy.
In a nutshell, Dreman's theory is that low PiE ratio
stocks consistently outperform the market.
According to Dreman,
in an interview with Beth Brophy in USA Today, studies over
50 years show that if an investor just blindly bought the
twenty percent of stocks that had the lowest price-earnings
ratios,
1':.is return would have been fifty percent or sixty percent
better than the market each year.
However, a low PiE is only the first step to the contrarian
theory.
A contrarian also looks for companies that are growing,
with growing dividends and high yields, in addition to having
low price-earnings ratios.
-
Dreman further states:
"We contrarians know you will never make your bundle
buying the best companies, the hottest industries or
the most exciting stories, whether in high tech, commun.ications, emerging growth or anything else ••• Stick with
quality, companies with financial strength, growing
markets and expanding earnings and dividends. But buy
them when they are out of favor and therefore cheap.")
Hence, contrarian theory starts with a basic low PiE ratio
strategy, and modifies it with additional requirements.
With the
addition of these requirements, the contrarian claims that these
low FIE ratio stocks will consistently outperform the market.
One additional, and less well-known supporter of the low
price-earnings ratio strategy is Mass Mutual Corporation.
It
is a $12 billion corporation managing over $4.0 billion in
pension fund assets.
One of their underlying investment
principles states that historically, below average valuations
(low PiE stocks) have offered better compensation for the uncertainty of the future than premium valuations (high PiE stocks).4
This principle is supported by Table 1 on the following page.
9
Below Average Valuations
Can Make a Difference
(1979- 1983)
Percent
Return
20
15
10
5
Low
High
S&P
PiE
PiE
500
TABLE 1
SOURCE:
SEI (A.G. Becker Database)
STUDY
As can be seen from the previous studies and from David
Dreman's contrarian theory, there is validity in the claim that
low PiE ratio stocks can achieve higher returns than the market
and high PiE ratio stocks.
The purpose of the study conducted
for this thesis is actually twofold.
The first objective was
to test the performance of traditional low PiE ratio strategy
during a strong bull market.
The second objective, with the
use of various criteria assumptions advocated by contrarian
theory, performed an additional test on low PiE stocks for a
10
--
similar rising market, as to whether low PiE ratio stocks
significantly outperformed the market.
The 1982-1983 bull
market was chosen because the stock market had been declining
for approximately a year and a half, about the normal life of
a bear market.
stocks were cheap in relation to real estate
and most other investments, and were near their lows of recent
years.
However, few people were optimistic about stocks during
those days, especially when the Dow Jones Industrial Average
slipped below 800 in mid-June.
As it happened, a record advance
began on August 12, 1982. 5 This advance peaked during the early
summer of 1983.
The Dow Jones Industrial Average climbed close
to the 1260 mark, then dropped back a little and rallied at the
end of August 1983.
These facts give an indication of the type
of market during the study period.
To accomplish the first objective, the study utilized
1,180 companies listed on the New York Stock Exchange, as well
as seven leading market indicators.
The stocks were selected
solely on the basis of the fact that their price-earnings ratios
were listed in the Wall Street Journal on Monday, August 2, 1982.
These stocks were put into groups according to PiE.
groups were established:
Five such
The first group consisted of those
stocks with PiE's between 1 and 5, which numbered 292.
The second
group consisted of 604 stocks with piE's between 6 and 10.
The
third group was made up of 162 stocks with piE's between 11 and
15.
The fourth group consisted of 71 stocks with PiE ratios
between 16 and 25.
piE's over 25.
The final group contained 51 stocks with
The PiE groups were chosen to give an appropriate
11
range of PiE's, so as not to lump all the stocks into two groups,
thus providing more figures for comparison.
Also, historically
the average price-earnings ratio of stocks covered in the
Standard & Poor's Composite Index ranges from about 5 to 20
times average annual earnings. 6
Once the PiE groups were formed, the average price appreciation for each individual stock for three periods was calculated.
This was accomplished by assuming that an investor had 100
shares of each stock on August 1, 1982.
The prices for
August 1, 1982, December 31, 1982 and August 31, 1983 were listed.
The first percentage, calculated by assuming that the investor
held the stocks from August 1, 1982 to December 31, 1982, represented the price appreciation for each stock for that six-month
period.
Likewise, a percentage of price appreciation was
computed similarly for the next six-month period (12-31-82 to
8-31-83), and for the thirteen-month period from August 1, 1982
to August
~51,
1983 for each stock.
Any stock which did not
survive any of the three periods was eliminated from the list.
Also, any stock that received a split during the measurement
period was adjusted for the change in shares and a splitadjusted price used in all computations.
This data can be found
in Tables 5 through 9 at the end of this thesis.
In addition to the previously mentioned
calcu~tions,
the average total percentages of price appreciation for each
PiE group during each period was figured.
Also, the price
appreciation for the seven market indicators, which include the
Standard & Poor's 500 Index and the Dow Jones Industrial Average,
12
were calculated for the two six-month periods and the thirteenmonth period.
This data can be found in Table 10.
The results of this part of the study were somewhat
surprising.
As it turned out, the higher price-earnings ratio
stocks within this sample showed significantly higher returns
than did the lower PiE ratio stocks.
As can be seen from
Table 2, the lowest PiE group showed an average price appreciation
of 59.2 percent for the thirteen-month period, while the highest
PiE group showed an amazing 91 percent average price appreciation
for the same period.
In both of the six-month periods, the
same type of results occurred; the two highest groups showed
higher returns than the three lowest PiE groups.
The 6-10 PiE
ratio group was the worst performer in two of the three periods,
even thougb it was the second lowest PiE group.
In comparison with the market, all five PiE groups outperformed six of the seven market indicators for the thirteenmonth period.
However, the two highest PiE ratio groups out-
performed
the highest market indicator, the Dow Jones
E~ven
Transportation Average, which showed a return of 77.7 percent.
In comparing the lowest two PiE groups solely with the market,
the low PiE stocks fared well, albeit not as well as the high
PiE stocks., outperforming five of the seven market indicators
in each period.
The Dow Jones Industrial Average showed a
price appreciation of 50.4 percent for the thirteen-month
period, while the S&P 500 Index showed a 53.5 percent increase
in price for that period.
These results can be seen in Table 3.
13
-
PERCENTAGES FOR
P /E GROUP TOl'AIS
PiE GROOP
% PRICE
APPROCIATION
8-1-82/12-31-82
% PRICE
APPROCIATION
12-31-82/8-31-83
% PRICE
APPROCIATION
8-1-8U8-31-83
NUMBER OF
STCO<S IN
GROOP
1-5
6-10
11-15
16-25
OVer 25
30.2%
34.6%
36.8%
44.7%
46.3%
22.3%
17.4%
16.5%
26.5%
30.6%
59.2%
58.1%
59.4%
83.0%
91.0%
292
604
162
71
51
TABLE 2
PERCENl'AGES FOR
INDICATORS
MARKEl'
% PRICE
APPROCIATION
8-1-82/12-31-82
% PRICE
APPROCIATION
12-31-82/8-31-83
%PRICE
APPROCIATICN
8-1-82/8-31-83
29.4%
16.2%
50.4%
Utility Average
15.7%
8.4%
25.5%
Dow Jones
Transportation Average
45.2%
22.3%
77.7%
Dow Jones
carposite
31. 7%
17 .1%
54.3%
New York stock
Exchange Ccrrposite
31. 7%
17 .1%
54.3%
Standard & Poor's
500 Index
31.3%
16.9%
53.5%
welshire Index
5,000 Equity
32.0%
19.5%
57.7%
MARKEl' INDICATOR
Dow Jones
Industrial Average
Dow Jones
-
TABLE 3
14
The second objective of the study was accomplished through
a slightly more complicated procedure.
Fourteen companies
were specially selected for various reasons.
These reasons
include a PiE ratio of 12 or less, yield of 5.0 percent or better,
estimates for growth in earnings and dividends of 10.0 percent
or greater, and a S&P rating of B+ or higher.
The stocks also
showed consistent payment of dividends over time.
The companies
possessed all the criteria advocated by the contrarian followers.
A listing of these stocks and each one's specific criteria can
be found in Table 11 at the end of this thesis.
Continuing, the total return, including dividend income,
was calculated for each stock for the twelve-month period from
December 31, 1982 to December 31, 1983.
This was done by assuming
that an investor purchased an equal dollar amount, $1,000.00 in
this study, of each stock on 12-31-82, and held those investments for the entire year 1983.
The amount of capital gain for
each stock was computed; and the amount of annual dividend income
added to it.
From this point, the dollar amount of total return
as well as the percentage of total return were calculated.
The next step determined similar computations for the total
group of fourteen issues.
The indicator used for market
comparisons was the S&P 500 Index.
The same calculations for
determining total return were performed to obtain results for
the market indicator.
The results of this part of the study strongly supported
the contrarian theory of investments.
These hand-picked low
PiE stocks, as a group outperformed the S&P 500 by more than
15
50 percent during the twelve-month period.
The total return
for the selected stocks was 33.7 percent, while the S&P 500 only
increased 22.3 percent.
Individually, ten of the fourteen issues
outperformed the market on their own.
The highest individual
return was shown by Texas Gas Transmission at 113.4 percent,
while the lowest was recorded by NL Industries, Inc. at a minus
7.6 percent.
These results can be found in Table 4 on the
following page.
DISCUSSION OF STUDY RESULTS
At first glance, the results from part one of this study
totally contradict all the previous studies done to support
~
low
p/]~
ratio strategy.
However, there are various explanations
for the results obtained, that will justify this author's belief
in low PiE ratio strategy.
The most obvious possible reasons
for the digressions are statistical technique biases.
This
study, unlike Nicholson's study, utilized one short time period.
Also, the size of the PiE groups was widely varied, due to
taking all available PiE's listed for NYSE stocks on a given day.
The highest PiE group had only 51 issues, while the lowest PiE
group contained 292 issues.
These sample size differences
could distort the results.
Along these same lines, by eliminating issues which did
not survive the thirteen-month period, certain positive and
~
negative biases were created.
These omitted stocks included
those issues which went bankrupt and those which were acquired
)
)
)
C<NrRARIAN INVES'IMENT
PERFORMANCE
1983
MARKEl' VAI1JE
PER SHARE
12/31/82
WEIGHTED MARI<FI' VAI1JE WEIGHTED WEIGHTED
DIVIDENDS
PER SHARE
VALUE
VAIDE
1983
12/31/82
12/31/83
12/31/83
CrnPANY
RRlURN
$
AnErican Hare Products
Ark1a, Inc.
City Investing Co.
CroIipton & Knowles Corp.
Enserch Corp.
Foote, Cone & Belding
Marsh & McC1ennan Cos.
NL Industries, Inc.
Reynolds, R.J. Ind. Inc.
Robertson, H.H. Co.
Texas Gas Transmission *
'fuscon Electric Pwr. Co.
United Energy Res. Inc.
westcoast Transmission
$45
17
29
19
18
41
49
18
51
27
26
24
25
11
5/8
7/8
3/8
3/4
3/4
1/8
3/8
3/8
5/8
5/8
5/8
1/2
&
POOR'S 500
* Reflects stock dividends
$1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
$49
22
37
23
22
48
49
15
60
46
54
38
24
12
5/8
1/8
5/8
1/2
1/4
1/2
3/4
3/4
3/4
5/8
7/8
1/8
$14,000.00
GROUP TOl'ALS
STANDARD
TCJl'AL
WEIGHTED
$140.64
$1,000.00
$1,102.77
1,255.32
1,259.41
1,212.90
1,186.67
1,182.93
1,198.80
868.97
1,182.48
1,680.36
2,053.97
1,543.15
970.73
1,054.35
$17,752.81
$164.93
$1,172.71
$53.33
55.60
60.25
54.71
85.33
53.66
53.01
55.17
59.37
58.45
79.76
89.34
96.78
90.43
%
15.5%
$156.10
310.92
31.1
319.66
32.0
26.8
267.61
272.00
27.2
252.46
25.2
251.81
25.2
(75.86) (7.6)
241.85
24.2
738.81
73.9
1,133.73 113.4
632.49
63.2
6.8
67.51
14.5
144.78
$945.19 $4,713.87
33.7%
$223.41
22.3%
$50.70
and acquisition by CSX Corp.
-"
0'\
TABLE 4
17
through mergers.
Both low PiE and high PiE stocks could be
among any bankruptcies that may have occurred, so it is possible
that both averages would have been lower had those issues been
included.
With respect to mergers, low price-earnings issues
are more likely to be acquired than high PiE issues.
As merged
stocks generally have excellent performance, the omission of
those stocks would have a negative effect on the low PiE group's
price appreciation percentages. 7
In addition to statistical biases, the type of market
played an important role in the percentages obtained in this
study.
As with other studies, the results are a function of
the market environment in which the study was conducted. 8
During this study, the market was extremely bullish.
According
to Mass Mutual, each bull market has a character of its own.
At the time of rising markets, stock performances are independent of their PiE ratios.
This offers a viable explanation for
the contrary results obtained in this study.
As it happened,
in the 1978 and 1979 rising markets, low PiE stocks outperformed
high PiE stocks.
Low PiE stocks and high PiE stocks showed
almost identical returns in the rising market of 1980.
And,
according to Mass Mutual and the results of this study, in the
1982 and 1983 rising markets, high PiE stocks outperformed low
PiE stocks.
These results emphasize the importance of the type
of market in which a study is conducted.
Oddly enough, the
type of market was seldom mentioned in previous studies, such
as Nicholson's and McWilliams', whose results supported low
PiE strategy in almost every period tested.
18
The results of the second part of the study were not as
surprising as the first.
Dreman's contrarian theory was proven
highly successful for the time period tested.
This may lead
one to believe that "total return" is more important than
strictly price appreciation.
In other words, apparently the
addition of dividend income will increase the return an investor
will receive on his stocks.
"In perhaps the most exhaustive analysis of stock returns
ever made, a team of researchers at the University of
Chicago, with funding from Merrill Lynch, calculated the
monthly investment performance of every New York Stock
Exchange common stock for the 35 year period 1926 to 1960.
One key part of that study revealed that the average stock
returned about 9% per year compounded-- but that 47% of
this return, almost half, was from dividends. 9
Forty-seven percent is a very large number to exclude when
discussing return.
As low PiE ratio stocks generally payout
a higher percentage in dividends than their high PiE counterparts, inclusion of dividend income would increase the total
return of low PiE stocks.
This was evident in part two of the
study, as the inclusion of dividend income added approximately
5 percent to the return of each stock and the group.
Therefore,
these specially selected stocks will outperform the market, and
with the dividend income added in to the return, they will
perform ev,en better.
Contrarian theory of investment seems to
be a sound one, based on the results discovered in this study.
Overall, the results from both parts of the study proved
to be enlightening.
part appeared
--
justified.
evidence.
Even though the results from the first
contradictory, the reasons for this were well
Part two supported contrarian theory with empirical
19
-
CONCLUSIONS AND RECOMMENDATIONS
This study proves that although high PiE stocks may have
outperformed low PiE stocks in the rising market of 1982-1983,
for various reasons already mentioned, low PiE ratio stocks
would still have earned a better return than the market in 1983.
However, after reviewing the results of both parts of this study,
one might ask: Why invest in low PiE stocks when the high PiE
stocks outperformed them significantly?
answer.
Consistency may be the
Assuming, from results of studies like Nicholson's
and McWilliams', that, in most cases, low price-earnings ratio
stocks provide higher returns for the investor than their high
-
PiE counterparts, the 1982-1983 bull market may have been an
exception to the norm.
For an investor to know when the high
PiE ratios were going to outperform the low PiE ratios, he
would have to know, before it occurs, the type of market and
its characteristics.
accomplish.
These are nearly impossible tasks to
Evidently, by following a low PiE ratio strategy or
a contrarian theory of investment, an investor can earn higher
returns than those of high PiE ratio stocks, and consistently
perform better than the market.
Trying to guess when and if the
higher piE's are going to perform exceptionally could prove to
be costly for the investor.
To change one's strategy to match
a certain type of market would not be easy.
Also, switching
strategies creates transactions, buys and sells, which in turn
-
create commission costs.
It is this author's belief that
following a low price-earnings ratio strategy or contrarian
20
theory would offer the best and most consistent returns under
most market conditions.
To conclude, low PiE ratio strategy, also modified into
the contrarian thoery of investments, has been tested and proven
successful over the past twenty years.
Even though this technical
analysis of the low PiE strategy showed contradictory results,
the explanations for those results were well-justified.
For
those million Americans who participate in the stock market
each year, low price-earnings ratio strategy offers a method
for earning returns consistently better than the market and,
more often than not, better than higher PiE ratio stocks.
This
strategy apparently comes as close to a guaranteed system for
maximum returns as exists today.
21
,-
TABLE 5
PiE GROUP 1-5
Company
-
-
ACE
AMF
Alglnt
AllgPw
AlldCp
AGnCp
AHoist
ANatR
AWatr
AmSth
AmStar
AnClay
Anta
Anthny
ArlnRt
ArmR
AshlOil
Athlone
AtH1tro
AtlRich
AtlasCp
Bkrlntl
BkNY
BankTr
Boeing
BritPt
BrkyUG
BrnsWk
Bundy
BrlNth
CBllnd
CCX
CSX
Cabot
Camrnl
CarsPir
CecoCp
Centlud
CnvtPs
CentryTl
Cenvill
Chase
Chelsea
ChNY
PiE
8-1-82
5X
5
4
5
4
5
4
4
4
5
4
4
4
5
1
4
5
4
4
5
1
5
4
4
4
5
5
2
4
5
5
3
4
5
4
5
4
5
4
5
5
4
5
3
$28
14
20
18
34
33
9
26
14
17
21
25
11
6
1/2
3/4
5/8
1/2
3/8
1/4
5/8
7/8
1/2
5/8
15/32
16 3/8
24 1/2
18 1/4
1
36 1/4
11 3/4
18 5/8
38 3/4
29 1/8
16
18
24 5/8
20
7 3/4
35 3/8
26 3/8
9 3/4
38
16 3/4
21 1/4
16
15 1/8
18 1/2
16 1/4
7
28 5/8
35 1/8
9 1/4
27 3/4
Price
12-31-82
$37
16
27
23
32
55
11
33
20
23
25
26
14
7
3/4
3/8
7/8
3/4
3/8
3/8
5/8
1/2
7/8
1/8
1/8
3/4
7/8
1/8
3/4
30 1/2
29
16 5/8
1 3/8
42
19 1/2
22 1/2
49 3/4
37 1/8
33 7/8
18 7/8
29 7/8
25
12 1/8
53 1/8
38 5/8
15 5/8
51 1/8
20 7/8
21
23 5/8
27 1/4
24 3/8
21 3/4
8 5/8
41 3/8
49
14 3/4
40 1/2
8-31-83
$31 3/4
15 5/8
33
24 1/2
53 7/8
60.
14 1/2
39 3/8
29 1/2
31 1/4
32 1/2
26 1/4
16 3/4
14 7/8
1 1/8
31 3/4
30 3/4
21 1/4
1 5/8
49 1/8
26
24
56 1/8
44
37 7/8
25 3/4
30 3/8
39
16 3/4
87
33 3/8
9 3/8
69
25 1/4
21 3/8
39 3/4
31 5/8
22 7/8
22 5/8
9 3/8
47 1/2*
47 1/2
17 1/2
47 1/8
% increase
or decrease
1
2
32.5%
11.0
39.4
27.5
(6.2)
65.9
29.2
28.8
46.5
31.2
14.9
4.9
35.2
7.5
60.0
86.3
18.4
(8.9)
37.5
15.9
66.0
20.8
28.4
27.5
111.7
4.9
21.3
25.0
56.5
50.2
46.4
60.3
34.5
24.6
(1.2)
47.7
80.2
31.8
33.8
23.2
44.5
39.5
59.5
45.9
(15.9~
3
11.4%
5.9
65.0
31.5
56.2
79.8
61. 1
51.4
107.0
77.3
48.6
7.8
104.5
124.5
140.0
93.9
25.5
16.4
62.5
35.5
121.3
28.9
44.8
51. 1
136.7
43.1
25.4
95.0
116. 1
145.9
26.5
~13.4~
40.0
(3.8)
81.6
35.0
21.0
50.7
1.8
.6
68.3 148.4
16.1 109.1
(6.2) 23.6
39.2
4.0
8.7
33.9
"14.8
65.9
(3.1) 35.2
18.6
89.2
16.4
69.8
(4.6
18.4
3.2
66.4
8.4
24.7
17.5
41.3
35.1
29.4
(1.9)
38.7
108.8
50.0
4.1
6.0
27.8
18.2
17.0
33.3
6.7
12.8
1S.5
11.8
36.4
1.7
56.0
38.1
63.8
22
ChurCh
Citicrp
Citylnv
ClevEl
ColGas
CombEn
ConnEn
CnnNG
ConEd
ConsFrt
CnsNG
ConsPw
CntlGrp
ContIll
Coopr
CooprT
CopWld
CumEn
CurtW
Cyclops
DaytPl
Dresr
EastGF
Elain
Emhart
Enserch
ENSTR
Entera
EqtGas
Esquir
Ethyl
Exxon
FedPb
FidUni
FnCpA
FtAtln
FstChic
FtBkTx
Flntste
FNStB
FtVaBk
FtWisc
FiSchb
FishFd
FltFinG
GEO
GasSvc
GnBcsh
GnHous
Getty
GlobJl1
Grace
GMP
Greyh
GlfWst
Halbtn
3X
5
5
5
5
5
5
5
5
4
5
5
4
4
3
5
5
5
5
2
5
4
5
4
4
5
5
5
5
5
5
5
4
5
4
4
4
4
5
4
4
3
5
2
4
3
5
4
5
5
3
4
3
5
4
4
$26
24
17
15
27
25
19
16
17
41
21
16
25
16
21
19
13
27
35
14
14
14
15
15
28
16
13
28
23
15
22
26
18
22
12
14
14
17
25
22
7
21
32
11
24
10
10
18
8
47
8
30
11
13
11
25
5/8
1/2
7/8
1/2
3/4
1/2
1/4
7/8
3/8
1/2
1/8
1/2
1/8
3/4
1/4
3/4
7/8
7/8
1/4
5/8
3/4
1/4
3/4
1/8
1/4
3/8
1/4
1/2
1/4
1/4
1/4
1/2
7/8
7/8
1/4
3/8
3/8
3/8
3/4
1/4
1/8
3/8
7/8
1/4
7/8
1/8
1/2
1/4
$35
32
30
19
28
32
24
19
20
50
23
19
34
20
28
36
16
48
43
18
17
19
21
21
45
19
16
23
24
26
29
29
28
27
25
20
18
22
31
31
11
30
48
8
34
11
11
20
18
48
9
38
13
17
16
35
1/2
1/2
1/8
3/4
7/8
7/8
1/8
5/8
1/2
$34 5/8*
36 1/8
33 1/2
19 3/8
30
33 7/8
25 1/4
20 7/8
21 5/8
57 1/8
5/8
31
18 1/2
5/8
46
3/8
23 7/8
5/8
31 1/2
3/4
27 3/4*
1/4
17 1/8
67
3/4
7/8
47 5/8
7/8 . 31 -7/8
1/4
17
3/4
23 1/4
5/8
23
25 1/4
1/2
48 1/2
22 1/8
1/2
27 3/8
1/4
18 3/8
39 3/4
1/8
27 3/4
1/2
52 3/4*
3/4
38
3/8
34 7/8
3/4
40 1/4
7/8
36 1/4
7/8
31 1/4
1/8
24 5/8
21 1/4
3/8
42 5/8
1/4
34 7/8
3/8
17 1/4
1/4
41 3/4*
5/8
42 1/4
1/8
11 1/8
1/2
46 5/8
12 3/4
1/2
15 1/2
28 3/8
1/8
23 1/8
1/2
69
1/4
12 3/8
3/8
44 1/2
7/8
14
1/4
21 3/8
3/4
27 3/8
3/8
43 7/8
33.3%
32.7
68.5
27.4
4.1
31.5
27.0
18.9
18.8
22.0
8.0
19.8
33.3
26.4
33.1
92.2
25.0
75.5
24.5
28.0
16.0
32.8
41.8
34.4
58.3
16.9
20.0
(17.3)
4.3
71.3
31.8
14.4
55.5
26.1
107.0
5.0
27.2
27.5
23.0
36.6
44.4
42.4
50.2
(26.1)
41.5
6.0
7.0
9.6
123.6
2.4
4.2
26.9
16.8
31.4
45.7
40.1
(2.3)% 30. OCfo
11.2
47.4
11.2
87.4
(1.2) 25.0
8.1
3.9
3.0
35.5
32.9
4.7
6.4
26.5
25.4
5.5
14.3
39.3
3 J. 2
41.7
(5.7) 13.0
80.4
35.3
17.2
48.1
10.0
46.5
(24.5) 45.1
31.7
5.4
37.4 141.4
8.5 135.1
68.9 116. 1
(1.4) 14.3
17.7
56.3
6.4
50.8
30.2
61.6
6.6
68.7
16.4
36.2
65.9
99.1
(21.0) (34.7)
65.6
72.8
6.2
82.0
78.0 135.8
27.7
46.2
22.9
91.1
45.0
83.0
40.1 190.0
7.0
3.0
72.8
35.9
(3.4) 23.2
67.2
35.9
11.6
52.5
51.6 119.0
38.0
96.5
(13.1) 30.5
36.9
1• 1
35.1
91.3
15.9
22.9
34.8
44.2
41.9
55.5
27.6 184.6
42.3
45.6
33.8
39.4
16.0
47.1
.9
17.9
23.9
62.9
63.4 138.0
24.0
73.8
23
HamrP
Hanna
HarBrJ
Harsco
HwiiEI
HelmP
HiShear
HonWll
HorzBn
HouInd
HouNG
HughTI
ICInd
INAIn
IngerR
IntMin
Intpapr
IntTI
IntNrth
IntstPw
IowaEl
IowIlG
IrvgBk
JeffPilt
JewelC
Jorgen
JoyMfg
KaisSt
Kaneb
KCtyPL
KanGE
Kat yIn
Kenai
KerrGl
Kidde
Kuhlm
LFE
LTV
Lac Gas
LearSq
Litton
Loews
LILCo
Lowenst
Manhln
r1frHan
MarfJIid
MatteI
Iv1ellon
Nesab
Midcn
Midsut
r'UnPL
Misnlns
5X
5
5
5
5
5
4
5
4
5
4
4
5
2
5
4
4
5
4
5
5
5
4
5
4
5
4
3
5
5
5
5
2
5
4
5
3
2
5
5
5
5
5
5
4
4
4
5
5
5
5
5
5
5
$22
18
13
15
25
16
7
66
14
18
28
17
25
14
38
24
34
23
21
12
12
18
34
24
35
20
20
17
12
23
15
8
5
11
17
10
6
9
20
23
40
90
14
26
12
28
14
13
30
7
21
12
18
20
1/2
1/4
1/4
3/4
1/2
1/8
1/8
5/8
1/4
1/4
1/4
7/8
7/8
1/4
7/8
1/2
7/8
3/8
7/8
1/8
5/8
7/8
5/8
3/4
5/8
3/4
1/2
1/8
3/4
1/2
3/8
1/2
1/8
3/4
1/8
1/8
7/8
1/4
1/2
5/8
3/4
3/4
3/4
$310 1/4
18 1/4
18 1/4
18 3/4
30 3/8
19 1/2
10 5/8
85 3/8
19 1/2
20
35 3/4
22 1/8
35
16 1/4
39 1/2
32 1/8
48 3/8
31 1/4
26 3/4
16 1/4
15 3/4
22
41 1/8
29 1/2
50
26 1/4
23 5/8
20 5/8
15
27 3/4
18 3/8
12 1/8
5 3/8
13
23 1/2
12 1/8
7 5/8
11 3/8
25 1/8
34 7/8
50 1/8
143 1/2
17 1/8
36 3/4
13 1/2
41 5/8
18 3/4
16 5/8
37 7/8
8 5/8
25 3/4
14 7/8
23 3/4
28
$41
21
25
22
30
25
13
120
24
20
44
24
42
16
50
48
54
42
38
15
15
23
47
33
50
29
25
36
19
28
20
21
5
16
29
15
15
15
26
41
57
146
15
49
5/8
1/4
5/8
1/8
1/2
1/8
1/2
7/8
3/4
3/8
3/8
1/8
5/8
7/8
7/8
7/8
7/8
1/2
1/4
3/4
3/4
7/8
1/8
7/8
3/4
1/8
7/8
7/8
3/8
7/8
1/4
3/4
1/4
3/4
20 5/8
39
23
8
52
9
35
15
24
28
7/8
7/8
7/8
3/8
1/4
5/8
5/8
3/4
42.0%
1.4
35.2
23.0
20.3
21.9
37.1
28.4
38.1
10.3
24.9
30.1
38.6
14.0
3.3
29.1
38.7
34.4
22.3
30.0
22.3
19.7
17.9
22.9
42.9
30.4
14.5
21.3
16.5
20.7
17.6
38.6
4.4
18.2
32.4
15.5
24.5
16.7
22.6
49.2
23.8
59.2
16.1
41.3
11.3
48.0
26.1
25.5
24.2
13.1
22.6
16.7
26.7
34.9
31.2%
18.5
38.4
20.7
(.8)
30.8
22.4
40.7
25.6
4.4
23.1
11.9
21.1
.8
26.9
4g.4
11.6
36.4
45.3
(2.3)
.8
:8.5
15.5
12.7
1.5
10.5
5.8
74.5
31.7
4.1
9.5
80.4
7.0
23.1
23.9
30.9
96.7
39.6
5.0
20.1
14.2
2.3
(10.9)
35.4
52.8
(4.2)
27.3
(46.6)
38.3
4.3
36.9
5.0
3.7
2.7
86.4%
20.1
87.0
48.4
19.3
59.4
67.7
80.6
73.5
15.2
53.7
45.6
67.8
14.9
31.0
93.0
54.8
83.3
77.7
27.0
23.3
29.9
36.2
38.5
45.0
44.1
21.2
111.8
53.4
25.5
28.8
150.0
2.2
45.5
64.1
51.2
144.9
62.8
28.7
79.1
41.4
62.8
3.4
91.3
70.1
41.8
60.5
(33.0)
71.7
18.0
67.9
22.5
31.3
38.6
24
-
-
f-1oPSv
Mobil
f-1ohRub
Monrch
l\1ntDU
MonPwr
MoreM
Morkrd
Munfrd
MurpO
NBD
NCNB
NLInd
NatEdu
NatFG
Natom
NevPw
NYSEG
Newell
Nwpark
NiaMP
NoblAf
Norlin
Norstr
Nortek
NwstEn
NwtInd
OcciPet
ODECO
Ogden
Olin
Oneida
ONEOK
OrionC
OvShip
OwenIll
OxfrdIn
PSA
PacGE
PacPw
PanhEC
Pargas
ParkDrl
Pengo
PeopEn
Philvtl
Pioneer
pittstn
ortGE
Presley
PSInd
PSvNH
4X
5
4
4
5
5
3
5
5
4
3
4
3
5
4
4
5
5
5
5
5
5
3
5
3
4
2
3
5
4
5
5
5
3
3
5
5
2
5
5
4
5
3
2
5
5
5
5
4
5
5
5
$12
20
17
17
20
20
15
17
13
18
20
12
16
12
27
15
20
16
13
6
13
10
14
23
7
14
45
17
17
18
16
13
24
11
11
21
30
25
23
16
21
14
9
3
8
14
14
12
12
9
22
14
3/4
1/8
1/4
3/4
1/2
1/8
1/2
1/4
3/8
5/8
3/4
1/2
1/4
5/8
5/8
1/8
1/4
1/2
3/8
1/8
1/4
1/2
1/8
5/8
5/8
7/8
1/2
1/2
1/4
1/2
7/8
1/4
5/8
7/8
1/4
1/4
1/4
5/8
3/8
1/4
$13
25
24
18
23
25
22
24
15
23
30
18
18
25
30
16
27
21
30
6
15
14
23
30
10
15
35
19
21
28
23
17
26
16
15
28
43
30
28
21
26
28
10
3
9
19
20
13
15
18
24
17
5/8
1/8
1/8
7/8
5/8
7/8
1/2
1/4
1/2
1/4
1/4
3/4
3/8
1/8
5/8
1/4
1/4
5/8
3/4
3/8
5/8
1/4
7/8
$15 1/4
32 5/8
31 1/4
22 3/8
28 1/2
27 1/2
25 1/2
30 3/8
18 5/8
36 1/8
42 3/4
26 7/8
19 1/4
60*
34 3/8
28 7/8
26 1/4
20 1/8
37 1/4*
7 1/2
16 3/4
19 3/8
27 1/2
35 1/2
3/4
13 1/2
7/8
30 1/4
7/8
42
3/4
25 1/8
33 1/8
29 1/8
1/2
30 1/2
1/4
21 3/8
28
5/8
1/4
27 1/2
20
1/2
1/4
32
3/4*
44
22
5/8
1/8
31*
1/8
22 1/4
1/4
35 3/4
41 7/8
1/8
12 3/4
1/8
2 7/8
7/8
9 3/8
1/2
37
1/2
31 7/8
16 1/8
3~4
1 4
14 1/4
26 1/4**
7/8
24 3/8
1/2
16 3/8
13.5%
21. 1
40.9
11.0
16.7
24.7
45.2
41.6
19.2
25.7
49.4
56.3
12.2
109.4
10.9
8.3
31.3
25.0
132.1
(3.8)
14.7
40.7
67.5
27.7
45.8
12.4
(20.3)
14.5
23.5
55.6
42.4
31.4
8.1
39.8
40.9
29.1
43.4
20.1
21.0
28
20
96.5
5.2
(19.4)
19.7
36.8
43.9
14.6
20.8
100
11.2
22.8
11.9%
57.2
29.5
:18.5
20.6
6.3
13.3
25.3
20.2
55.4
41.3
43.3
4.8
138.8
12.2
77.7
(3. 7~
(6.9
21.1
17.6
7.2
36.0
15.2
18.3
25.6
90.6
17.1
27.2
57.7
4.0
29.3
23.9
5.2
69.2
29.0
13.3
.6
(28.2)
10.2
5.3
36.2
49.6
25.9
~8.0~
5.1
89.7
55.5
17.3
(6.6)
45.8
(2.0)
(6.4)
27.1%
57.2
82.5
31.6
40.7
32.5
64.5
77.4
43.3
95.3
111. 1
124.0
17.6
400.0
24.4
92.5
26.5
22.0
181. 1
13.2
22.9
91.4
93.0
51. 1
83.1
114.2
(6.7)
45.7
94.9
61.8
84.1
62.9
13.7
136.6
81.8
46.3
44.3
(13.7)
33.3
34.8
63.4
193.9
32.5
(25.8)
13.6
159.6
123.7
34.4
12.9
191.7
8.9
14.9
25
-
-
PugetP
PuritF
Pyro
Quanx
Raymdl
ReadBt
RepBk
RshCot
ReynIn
Rio Gran
Robtsn
RochG
RohrIn
Roper
Rowan
RoylD
RusTog
SPSTec
Salant
SDieGs
SavELP
ScottP
SeaCont
Seagrm
SecPac
Sedco
SelgLt
Shaklee
Smi thIn
Sonat
SoetBk
SoUnCo
SwBKsh
Sperry
Staley
StOilCl
StOOh
Standex
StopShp
SuavSh
SunCh
SunCo
Sundstr
Tannet
Teldyne
Tennco
Texaco
TxABc
TexEst
Tidwtr
TodShp
TolEdis
5X
3
4
3
4
3
5
5
5
5
4
4
5
5
3
4
5
4
4
5
5
5
5
4
4
4
4
5
3
5
5
5
5
5
5
5
4
5
5
4
4
4
5
5
5
4
4
5
5
5
4
5
$12
7
4
6
10
11
26
11
8
31
23
13
9
10
8
31
12
11
7
14
10
14
25
46
27
27
9
18
19
22
14
14
22
20
16
25
28
12
30
8
13
29
28
6
89
23
26
26
42
18
26
16
3/4
7/8
1/8
5/8
3/4
1/4
1/8
5/8
3/4
7/8
1/4
7/8
3/4
3/4
1/8
3/4
3/4
3/$
3/4
1/2
7/8
1/2
3/8
1/8
1/4
3/4
7/8
3/4
1/2
5/8
1/2
7/8
1/2
1/4
1/2
1/2
1/2
5/8
1/8
5/8
7/8
7/8
1/2
3/4
3/4
1/2
7/8
1/4
1/4
$15
18
5
6
13
13
30
14
1,1
5-:)
3/8
1/2
7/8
1/2
1/4
3/4
1/2
c-
27
17
14
21
10
34
19
14
9
17
12
20
23
73
37
29
10
39
28
26
20
16
24
33
19
32
35
16
54
9
17
31
44
8
129
32
31
28
58
25
31
20
1/8
1/8
1/4
3/8
3/8
5/8
3/4
1/4
3/4
1/4
1/2
3/4
1/4
1/2
3/4
1/4
1/2
7/8
1/2
5/8
5/8
1/2
1/4
7/8
3/8
5/8
3/8
3/8
1/8
1/4
3/4
3/8
$13 3/4
19 1/4
7 1/4
8 5/8
26 3/4
17 1/4
36 3/8
18 7/8
1403/8
47 5/8
37 1/2
17 1/2
28 5/8
42 1/2*
14 1/8
47 1/8
22 3/8
22
10 3/4
19 3/4
13 5/8
26 3/4
23 1/8
97 7/853 1/2
44 3/4
15 1/8
50*
27
33 3/4
25 7/8
21 1/2
26
45 3/8
24 1/2
36 7/8
57 5/8
27 3/4
100 1/2*
9
27 1/2
43
46 1/2
13 3/8
157
39 3/8
37 3/8
42 7/8
61
27 1/2
34 5/8
20 3/4
20.6%
134.9
21.2
3.8
20.9
22.7
15.2
32.6
33.3
63.8
13.6
29.2
44.3
98.8
18.6
11.2
54.9
19. 1
22.0
16.9
21.4
36.1
(7.8)
59.0
36.4
7.3
7.7
120.8
42.1
16.5
37.9
15.4
8.9
61.1
15.2
26.7
27.2
28.0
78.7
8.8
31.2
7.7
53.7
25.5
43.9
37.8
16.4
5.6
36.5
36.4
18.1
25.4
(10.6)% 7.8%
,4. 1 144.4
45.0 75.8
25.5 30.2
105.8 148.8
27.8 56.8
20.2 38.6
28.0 69.7
25.0 66.7
(8.4) 50.0
38.2 57.1
2.2 32.1
100.9 189.9
98.8 295.3
36.1 61.4
36.1 51.4
13.3 75.5
57.1 87.2
19.4 45.8
14.5 33.9
6.9 29.8
32.1 79.8
(1.6) (9.3)
32.7 111.1
44.6 97.2
53.0 64.2
44.0 55.1
25.8 177.8
4.4 35.8
27.4 48.4
29.4 78.4
27.4 47.0
6.1 15.6
34.9 117.4
28.9 48.5
15.2 46.0
61.8 105.8
73.4 122.0
84.4 229.5
(2.7) 5.9
53.8 101.8
37.1 47.6
5.7 62.4
55.1 94.5
21.4 74.7
21.6 67.6
20.1 39.7
51.8 60.3
5.2 43.5
6.8 45.7
10.5 31.9
1.8 27.7
26
-
Tosco
Transm
Transco
Travlr
TriSoln
Trico
Trinty
TuscEP
TwinDs
TycoLb
UGI
UnitDr
UnEnrg
UIllum
UJerBk
USSteel
UnTech
Univar
USLIFE
Valero
Valeyln
Varco
VIINCOR
VlellsF
\IICNA
WPacl
\VestgE
Whittak
WilmEl
WiscPL
Witco
Xerox
zapata
2X
5
4
5
5
5
5
5
4
5
5
2
3
4
4
2
5
5
4
4
4
3
5
4
4
5
5
4
5
5
5
5
4
Totals:
Percentages:
1st 6-month
2nd 6-month
13-month
$10
16
24
18
3
6
9
20
15
13
19
6
24
20
12
17
41
14
15
15
4
5
16
21
9
53
26
19
13
20
21
29
14
1/2
7/8
5/8
1/4
3/4
3/4
5/8
3/4
1/8
1/2
1/2
1/8
3/4
5/8
1/8
7/8
1/2
5/8
1/2
3/4
1/2
1/2
1/4
1/4
1/2
$11
23
25
24
6
9
12
24
15
17
20
6
27
25
18
21
56
17
23
24
4
5
19
26
8
55
38
25
11
24
27
37
16
$5,651.344
30.2%
22.3%
59.2%
* Adjusted for 2-for-1 split
Adjusted for 3-for-2 split
• Adjusted for 3-for-1 split
*~
-
1/8
3/8
5/8
1/8
1/2
3/4
3/8
1/2
1/8
1/2
1/8
1/2
3/8
5/8
1/2
1/4
1/4
7/8
1/2
7/8
7/8
1/4
7/8
1/4
1/8
1/2
3/8
1/4
$11
25
38
29
5
9
16
32
18
22
20
7
29
25
27
27
68
23
23
31
5
8
20
35
12
74
45
28
11
25
45
44
21
$7,358.875
1/4
3/4
7/8
3/4
3/4
6.0%
38.5
4.1
32.2
60.0
50.0
28.2
5/8
20.0
3/4
1/2
2.5
1/8
27.3
3/4
5.2
8.3
5/8
1/8
10.7
3/8
24.4
1/4
51.5
18.3
3/4
36.0
1/4
25.0
52.1
5/8
5/8
61.7
(12.8)
7/8
1/2
6.8
1/2
17.3
25.0
1/4
(1.4)
2.8
1/2
7/8
46.7
5/8
29.5
1/4
(16.0)
1/2
18.5
3/4** 31.0
26.7
3/4
1/8
16.1
$8,999.500
1.1%
10.2
51.7
21.8
(4.2)
0.0
33.0
32.3
20.3
26.4
1
---3
17.3
7.4
(.5)
48.3
32.1
20.1
32.9
2.7
30.4
38.2
44.7
5.1
31.2
35.2
34.8
18.0
13.4
1. 1
6.3
66.4
19.7
30.0
.
7.1%
52.6
57.9
61.0
53.3
50.0
70.5
58.8
23.3
60.9
8.5
27.1
18.9
23.8
124.7
56.3
63.4
66.1
56.2
110.8
20.5
54.5
23.3
64.0
33.3
38.6
73. 1
46.8
(15.1)
25.9
117.9
51.7
50.9
27
-
TABLE 6
PiE GROUP 6-10
Company
-
ARA
AcmeC
AcmeE
AdmDg
AetnaLf
AirPrd
Alberto
Albtsn
AlcoStd
AlexAl
AllgCp
AllenG
AlldStr
AldTel
AmHes
ABrand
ABdcst
ABldM
ABusP
AmCan
ACyan
ADT
AEIPw
AmExp
AFamil
AHerit
AShip
AmStd
ASteril
AmStr
ATT
AmesD
Ametk
Amsted
Anchor
AndrG
Angelic
Anheus
Apache
ArchDn
ArizPS
Arkla
Armco
AroCp
PiE
7X
6
7
7
6
7
7
10
7
8
6
10
7
6
10
6
7
8
7
10
8
10
7
7
9
9
7
7
9
7
6
8
10
10
8
8
10
10
8
6
6
9
10
8
8-1-82
$28
17
6
5
34
27
12
35
19
22
39
12
27
15
16
38
39
24
12
27
28
37
16
37
10
18
9
20
13
45
52
22
25
20
13
11
20
53
9
13
19
15
15
15
3/4
7/8
7/8
1/8
5/8
3/8
3/4
3/8
3/4
7/8
1/2
3/4
7/8
3/4
3/4
5/8
5/8
3/8
5/8
1/8
3/4
1/4
3/4
1/2
3/8
5/8
3/8
1/2
1/8
7/8
1/4
1/2
7/8
5/8
Price
12-31-82
$35
18
7
9
36
36
18
47
30
25
49
13
38
22
25
45
57
31
17
30
34
50
17
63
15
19
12
30
14
65
59
20
34
23
19
13
34
64
10
21
24
17
16
13
3/4
1/8
7/8
3/8
3/8
3/8
1/4
1/4
3/8
3/8
3/4
1/8
1/8
7/8
5/8
3/8
3/8
7/8
3/4
1/4
3/4
5/8
1/4
7/8
3/4
3/8
7/8
1/2
3/4
1/4
1/2
1/2
1/2
1/2
3/8
1/2
3/8
1/4
8-31-83
% increase
or decrease
1
2
$48
27.7%
2. 1
23 3/4
11 7/8
14.5
18 7/8
59.6
6.6
35 3/4
48 5/8
34.7
15 1/2
44.6
49 3/4*
35.0
37 1/2
54.8
21 1/2
15.3
60 1/8
26.6
19 1/2
7.8
48
41.2
22 7/8
43.9
33 3/4
49.3
50
18.0
7/8
47.8
55
28. 1
24 1/2
30 5/8
36.3
40 5/8
10.8
56 5/8
20.9
33.1
49 1/4*
17 7/8
6.8
63 3/4** 69~ 1
22 1/4
47.0
24 1/8
6.7
12 5/8
33.3
32 1/8
50.0
20 5/8
12.4
102·
42. 1
65 1/2
13 .6
29 1/2
8.2
47 3/4*
33.3
30 1/4
15.3
28
45.0
14 1/4
16.5
40 3/8** 68.3
65
21 .4
15
6.3
21 1/4
62.3
24 3/8
25.0
27
10.2
19 1/4
4.8
18 3/4
(11.7)
3
34.3% 71.4
61.0
31.0
50.8
72.7
101.3 221.3
( 1 .7)
4.8
80.1
33.7
(15.1) 22.8
42. 1
5.3
25.0
93.5
(15.3) (2.3)
21.8
54.2
41.8
52.9
25.9
77.8
48.8
3.4
35.0 106.3
28.6
9.0
(3.0~ 43.3
(21 .0
0.0
76.3 140.2
31.6
45.7
62.9
97.0
(2.0) 30.5
0.7
7.5
0.2
69.4
45.9 114.5
21.4
29.5
5.2
40.3
7.1
60.6
39.8
57.1
56.9 123.0
10.3
25.4
41.3
29.7
86.3
39.7
28.7
48.7
41.8 105.5
7.5
25.3
16.8
97.0
0.8
22.4
42.9
51.9
( 1 .2) 60.4
0.0
25.0
70.1
54.3
17.6
23.2
41.5
25.0
28
-
-
-,
AsdDG
AtCyEl
AvcoCp
Avery
Avnet
Avon
Axia
Bairnco
BallCp
Ballyl\1f
BaltGE
Bandag
Bk of Va
BnkAm
BkARty
Banner
Barnet
BasRes
BayStG
Bearing
BeatFd
BectnD
BeldnH
BelHow
Bemis
BengtB
BestPd
BigThr
BlkHPw
BlairJn
BlckHR
BlueB
BoiseC
Borden
BorgW
BosEd
BrigSt
BwnGp
BwnFer
BucyER
Burlind
Burndy
Burrgh
Butlrln
CBS
CNAFn
CPClnt
CPNat
CTS
Caesar
CamSp
CapHld
Carlisle
Carnat
9X
6
6
8
10
6
9
6
6
9
7
10
7
6
8
8
7
7
6
8
8
10
7
7
7
6
8
7
6
8
8
8
8
6
6
6
9
7
10
9
7
7
9
8
6
8
7
6
'10
7
8
7
6
7
$33
17
16
25
40
20
18
16
35
30
26
26
16
17
21
5
20
3
17
27
20
39
6
20
24
3
15
18
25
34
26
24
21
33
25
21
24
38
30
11
20
16
32
10
38
13
32
24
22
7
34
23
20
33
5/8
7/8
5/8
1/4
5/8
1/8
1/2
7/8
1/4
1/8
5/8
3/8
1/4
3/4
1/4
3/4
3/4
7/8
1/8
1/2
3/4
1/2
5/8
7/8
3/8
3/4
3/8
1/8
1/2
1/8
1/2
1/8
7/8
3/8
1/8
1/2
5/8
1/4
3/8
3/8
1/4
1/8
$44
20
28
36
60
26
19
23
42
23
28
42
21
20
33
7
27
7
22
36
23
42
8
30
33
7
25
22
32
44
41
31
39
47
37
26
36
56
53
14
28
21
41
17
59
17
41
29
30
7
48
35
32
44
$60
22
29
46
80
27
3/4
22
3/4
7/8
36
7/8** 49
22
3/8
30
3/4
1/2
56
3/8
27
1/8
22
3/4
35
11
3/8
37
11
5/8
21
1/4
33
1/2
28
1/2
40
18
3/4
25
1/2
37
1/4
8
34
1/4
26
3/4
37
1/8
83
3/4
43
1/8
36
37
5/8
55
7/8
47
1/4
26
28
68
3/8
58
3/4
14
41
3/4
23
3/4
53
3/8
22
67
3/4
21
3/8
5/8
37
7/8
39
1/4
44
12
1/4
3/8
53
1/4
34
26
1/4
1/4
47
1/2
3/4
3/8
1/4
1/4
3/4
7/8
1/4
1/2*
3/8
7/8
32.3%
22. 1
68.1
41.5
49. 1
29.7
9.0
44.7
1/2** 19.5
5/8
(22.7)
1/2
10.6
1/8
62.7
1/2
28.6
15.8
1/4** 58.8
28.3
3/4
33.3
1/4
103.3
3/8
25.4
1/2
29.1
1/8
17.5
5/8
9.0
7/8
42.9
1/4
33.3
7/8
36.7
3/4
93.3
61.3
7/8
7/8
23.6
1/2*
27.8
1/2*
26.5
5/8
58.3
1/8
29.7
3/4
79.3
5/8
44.3
5/8
49.3
1/2
24.3
1/4
46.9
1/2 *
47.4
3/8** 77.2
3/8
28.3
3/4
39.1
1/4
28.9
1/4
29.0
1/4
73.8
1/8
57.2
1/4
33.7
1/8
29.6
21.9
3/4
33.7
0.0
3/4
3/4
40.7
50.8
59.3
33.6
35.4%
9.6
5.3
27.6
34.2
2.3
15.8
50.8
15.3
(3.2)
6.1
32. 1
28.7
9.3
4.4
59.3
37.0
47.5
(3.9)
(6.9)
19.7
(4.4)
115.7
(15.8)
13.1
20.7
39.5
20.8
14.5
89.2
4.5
16. 1
(3.2 )
16.8
25.7
1.0
(21.5)
22.3
9.3
(2.5)
49.1
6.9
27.5
28. 1
12.4
22.3
(10.8)
33.1
45.5
75.9
11. 1
(3.5)
(19.4)
6.2
79.2%
33.8
77.0
80.5
100.0
32.7
26.2
118.2
38.0
(25.2)
17.3
114.8
65.4
26.6
65.9
104.3
82.7
200.0
20-.4
20.2
40.6
4.2
208.2
26.3
54.6
·:133.3
125.0
49.3
46.3
125. 1
65.4
50.5
73.6
68.6
87.7
25.4
15.3
80.3
93.8
25.0
107.5
37.8
64.5
122.5
76.6
63.5
15.6
62.2
94.5
75.9
56.4
45.5
28.4
41.9
29
CaroFt
CarPw
CarTee
CartHw
CartWl
CascNG
CatrpT
Celanse
Centel
Centex
CenSoW
CenIllLt
CenIlIPS
CeMPw
CessAir
ChesVa
ChesPn
CinBell
CinGE
CinMil
ClvClf
Clevpk
Clorox
CluettP
CocaCl
Coleco
Colemn
ColgPal
CollAik
ColFd
CombIn
Comds
CmwE
ComES
ConAgr
ConeMl
ConFds
CntlCp
ConTel
CtData
Conwod
CoopLb
Cordura
CoreIn
CorBlk
Crane
CrockN
Crmpkn
CrwnCk
CrwZel
Culbro
DanaCp
Daniel
DartK
7X
6
6
8
8
8
10
6
7
10
6
6
6
7
8
8
9
6
6
9
8
7
7
6
9
10
9
7
8
7
6
8
6
7
8
7
7
6
7
6
8
9
9
7
10
6
8
7
7
9
8
9
7
9
$15
19
29
11
12
8
36
42
28
21
15
15
12
12
14
20
32
28
15
21
16
7
13
15
36
16
20
16
13
12
20
17
20
13
20
28
35
22
15
24
25
28
10
8
20
18
23
13
25
16
25
23
11
53
5/8
5/8
1/4
3/4
3/4
1/4
5/8
1/4
5/8
3/8
7/8
1/2
3/4
1/4
3/4
1/2
5/8
5/8
7/8
5/8
3/4
1/2
5/8
1/4
7/8
7/8
5/8
1/2
7/8
3/4
3/4
5/8
5/8
5/8
3/8
7/8
1/2
1/2
7/8
1/2
7/8
3/4
1/2
1/4
1/8
7/8
1/8
1/4
3/4
$26
20
40
15
19
9
40
45
36
41
17
18
15
17
23
27
45
32
18
25
18
11
24
21
52
36
29
19
21
20
27
34
25
18
28
33
45
29
17
37
39
66
17
12
26
24
26
19
29
29
34
34
10
68
3/8
7/8
1/8
5/8
3/8
1/8
1/4
3/4
1/2
3/8
3/4
1/2
5/8
1/2
3/4
5/8
3/8
1/4
7/8
3/4
1/4
3/4
1/2
5/8
1/4
1/8
5/8
1/2
1/4
5/8
1/8
5/8
1/4
1/8
3/4
1/2
1/8
5/8
3/8
1/2
3/8
3/4
3/4
3/4
1/2
$29 1/4
21 3/4
45 3/8
20 3/4
22
9 3/8
39 1/4
74 3/8
36 5/8
40 1/8**
18
20
14 5/8
14 7/8
28 1/2
31 1/8
37 5/8
36
17 1/8
28 1/4
22 7/8
16 3/4
27 1/8
27 1/2
51 1/2
42 5/8
41 1/4
21 1/2
39 1/4
26 5/8**
33 7/8
37
26 7/8
20 3/4
28 1/8
43 3/4
42 5/8
31 1/4
22 1/8
55 3/4
47*
84 3/8.1lJ
21 1/4
14 3/8
23
31 5/8
30 5/8
23 5/8
33 5/8
28 3/8
47 1/2
39
11
68 1/4
68.8%
6.4
37.2
33.0
49.0
13.6
9.6
7. 1
28.4
97.6
13.0
25.5
20.4
36.0
60.2
35.8
37.4
14.9
19.2
17.3
8. 1
55.7
80.0
37. 1
42.0
126.2
41.3
16.3
56.0
61.0
32.3
14.4
21.7
32.1
35.8
17.5
27.7
29.5
11.3
51.5
50.7
131.6
56.3
45.7
29.3
32.3
15. 1
49.0
18.0
74.1
39.0
50.3
(4.4)
27.4
10.9%
4.2
13. 1
32.8
15.8
0.0
(2.2)
64.4
(0.3)
(3.3 )
3.6
6.7
(5.6)
(12.5)
20.6
13.2
(16.4)
9.9
(8.1)
11 .3
25.3
41. 1
9.6
29.4
( 1 .0)
16.0
39.8
9.6
84.7
32.3
22.6
7 -.2
6.4
15.3
0.4
30. 1
(5.5)
5.5
28.3
50.2
20.5
27.8
25.0
12.7
(13.2)
31.2
15.0
21.9
14.0
(3.4)
36.7
9.4
2.3
(0.4)
87.2%
10.8
55. 1
76.6
72.5
13.6
7.2
76.0
27.9
91.1
17 • 1
33.3
13.6
19.0
93.2
53.7
14.9
26.3
9.6
30.6
35.6
119.7
97.3
77.4
40.6
162.3
97.6
27.4
188. 1
113.0
62.3
108.5
29.5
52.3
36.4
52.8
20.5
36.6
42.7
127.6
81.6
196.1
95.4
64.3
12.2
73.3
32.4
81.7
34.5
68.1
90.0
68.6
(2.2)
27.0
30
-
.-
DataGn
Dayeo
Deere
DelmP
Deltona
DixChk
DenMfg
Dennys
DetEd
Dexter
DiGior
DiamS
Digital
DrPepp
Donald
DonIJ
Donnly
Dover
DowCh
Dreyfus
duPont
DukeP
DuqLt
DyeoPt
DynAm
EagleP
Easeo
EastUtl
Eaton
Eekerd
EdisBr
Edwrd
ElPaso
EmrsEl
EmpDs
EnglCp
EnnisB
Entex
Equifx
Esmark
Estrine
ExCelo
FMC
FabrCt
Fairehd
Farah
FdMog
FdSgnl
Fed DST
Ferro
FtMiss
FtUnRl
Flemng
FlaPL
8X
10
10
7
7
10
7
10
7
9
7
6
9
9
8
8
10
8
8
9
6
7
6
6
8
8
6
6
7
9
7
6
6
10
7
8
6
6
9
6
8
7
7
8
8
8
8
9
8
9
10
7
7
6
$24
8
22
13
7
26
18
26
11
24
9
17
66
13
14
9
41
21
20
32
30
21
13
13
6
10
19
11
22
18
22
14
15
43
12
20
19
11
32
41
15
24
25
16
16
5
19
15
40
20
8
14
26
32
1/4
7/8
1/4
1/4
1/2
1/8
1/8
1/2
3/8
5/8
1/2
7/8
5/8
1/4
1/4
5/8
1/4
1/8
1/8
3/4
3/8
5/8
1/2
3/4
3/4
5/8
7/8
1/2
1/8
5/8
1/2
5/8
1/2
1'/8
5/8
1/2
7/8
3/4
3/8
7/8
1/4
7/8
1/4
1/4
1/8
1/8
5/8
5/8
1/4
$39
10
29
16
8
40
23
31
13
28
10
20
99
12
18
18
59
30
25
37
35
23
14
13
10
14
23
14
32
24
27
30
22
60
14
32
26
18
26
57
20
26
32
18
14
12
30
21
47
26
8
19
45
36
3/4
1/4
1/2
3/8
5/8
1/4
3/4
7/8
1/8
3/4
3/4
7/8
1/2
5/8
1/2
1/8
1/4
5/8
7/8
3/4
7/8
1/4
3/4
5/8
1/2
1/4
1/8
5/8
3/8
1/8
3/4
1/2
3/8
1/2
3/8
3/4
1/2
3/4
5/8
1/4
1/2
1/4
3/8
1/4
3/8
1/2
1/2
1/2
1/4
$69 3/4
12 3/4
38 7/8
16 1/8
11 1/8
37 3/8
33 1/8
31
14 3/4
42 5/8
13
24 3/8
103 1/4
12 7/8
20
16 3/4
86 1/4*
30 1/4
37
54 3/8
52 1/2
22
15 3/4
14 1/2
20 1/4
19 1/2
32 1/2
15 5/8
41
24 1/2
40 3/4
37+
23 1/4
55 3/8
14 7/8
39 1/2
43 3/4*
21 7/8
32 3/4
67 1/4
30 1/8
38
43 1/4
18 3/8**
20 5/8
24 3/8
28
18 1/4
55 3/4
30 3/4
15 1/8
21 1/4
50 1/2*
36 5/8
63.9%
28.1
29.0
23.6
23.2
53.3
28.4
22.0
18.0
17.3
19.4
20.1
50.8
(7.3)
27.6
83.5
42.3
44.1
27.8
15.7
18.6
10. 1
12.4
(0.9)
56.9
36.5
19.2
20.2
40.7
32.2
19.7
107.8
50.4
38.7
15.0
57.6
35.3
68.5
(18.8)
39.2
29.9
5.1
27.1
6.7
(10.8)
108.5
55.8
42.5
17.4
31 • 1
4.6
33.3
70.9
12.4
187.6%
59.4
69.9
21 .7
58.9
42.4
79.1
18.7
32.6
74.0
44.4
40.3
56.4
(5.5)
37.9
69.6
107.2
42.4
82.7
66.7
73.6
4. 1
20.0
5.5
217.6
83.5
66.7
33.0
80.2
31.5
78.1
155.4
53.7
26.9
19.0
91.5
124.4
96.6
' 0.5
62.0
89.8
53.5
70.4
8.9
26.9
314.9
(6.7~ 45.5
(14.6
21.7
18.0
38.5
16.6
52.8
86.2
77.9
9.0
45.3
11.0
89.7
1.0
13.6
75.5%
24.4
31.8
( 1.5)
29.0
(7.1)
39.5
(2.7)
12.4
48.3
20.9
16.8
3.8
2.0
8. 1
(7.6)
45.6
( 1 .2)
43.0
44.0
46.3
(5.4)
6.8
6.4
102.5
34.5
39.8
10.6
28. 1
(0.5 )
48.9
22.9
2.2
(8.5)
3.5
21.5
65.9
16.7
23.6
16.5
46.1
46.2
34. 1
2. 1
42.2
99.0
31
-
-
FlaPrg
FlwGen
Fluor
FooteC
ForM
FostWh
FoxStP
Foxbro
FrptMc
Frigtrn
Hndlmn
Handtt
HarrBK
Harris
Harttt
HattSe
Hecks
Heilmn
Heinz
Herculs
Hershy
Hilnbd
Hilton
Holiday
Honda
Hoovu
HotelIn
HougTv1
HousFb
HousInt
HowPt
Hubbrd
Huffy
IUInt
IdahoP
IllPowr
ITW
IndiGas
IndiPL
Inexco
Infmtc
Insilico
IntegRs
IntRFn
Interco
Intrfst
Intrlk
IntAlu
IntMult
GAF
GATX
7X
8
6
7
7
6
7
7
8
7
8
9
6
8
10
9
8
9
8
8
7
9
9
8
8
9
8
7
9
8
7
8
6
7
7
6
8
6
9
7
8
6
6
9
6
6
6
8
6
6
6
$15
7
13
32
29
10
10
26
13
12
13
13
23
26
25
13
9
28
31
17
42
28
32
26
27
16
23
22
16
18
9
15
11
12
21
19
27
23
23
8
11
12
15
13
39
19
26
9
26
10
20
1/4
5/8
1/2
1/2
7/8
1/4
7/8
1/4
1/2
3/4
3/8
1/2
5/8
7/8
1/2
1/4
1/4
1/8
3/4
5/8
1/8
3/8
1/4
3/4
3/8
5/8
3/4
5/8
1/2
7/8
3/4
7/8
1/2
7/8
1/2
1/4
1/8
1/8
1/4
1/2
$19
11
19
41
38
13
13
35
16
16
19
19
32
37
40
15
13
39
40
27
56
38
44
36
43
24
24
38
28
23
15
17
11
16
28
23
39
28
26
8
20
20
34
21
61
23
33
19
30
14
25
7/8
1/2
1/2
7/8
1/2
1/2
3/8
1/8
5/8
3/4
1/2
3/8
3/4
3/8
5/8
3/8
1/4
3/4
5/8
1/2
1/4
3/4
1/8
5/8
1/4
3/8
3/4
3/4
1/2
1/2
1/8
3/4
1/4
7/8
1/2
1/8
1/4
1/8
1/2
3/4
$18 5/8
24.6%
11 5/8
55.7
21 5/8
44.4
46
29.7
31.8
57
14 5/8
19.5
13 7/8
31.7
36.5
34 5/8
18.0
25
251/2
31.6
31 1/2
40.7
20 5/8
51.0
57 1/2
37.9
35 3/4
45.5
45 1/2*
56.9
15 1/2
13.8
16 7/8
35.4
70 1/2*
42.0
28.2
44 1/4
60.1
38
34.0
54 1/2
43 1/2
36.6
51 7/8
39.3
50 3/4
36.9
35
55.7
33 1/8** 51.9
24 1/2
4.9
74.2
45*
18+
75.0
30 1/4
22.7
29
68.1
22 1/8
14.6
17 1/4
2.3
29
29.7
30 5/8
32.2
21 3/4
25.0
49
43.0
31 1/4
19.7
28 1/4
13.0
13 1/2
(8.5)
24 3/4
76.6
22 3/8
57.3
46 1/2** 125.0
16
55.0
67
54.4
20 1/2
21.7
40 1/4
26.7
18 1/4
109.6
31 1/8
16.7
15 1/4
36.6
31
25.6
(2.0)%
(2.1)
10.9
10.8
46.6
12.5
2.8
(2.5)
52.7
58.1
65.8
5.1
75.6
(3.4)
13.8
0.0
23.9
77.4
9.6
37.6
(3.3)
13.7
15.9
38.6
(18.6)
35.5
j.o
16.1
(35.8)
31.5
91.7
25.5
53.3
77.1
6.5
(8.4)
24.1
11. 1
8.7
66.2
19.3
10.5
33.3
(25.6)
9.8
(11.4)
21.1
(4.6)
2.0
8.9
20.4
22.1
52.5
60.2
43.8
93.2
34.5
35.4
33.2
80.2
108.2
133.3
58.7
142.1
40.1
78.4
13.8
70.9
151.8
40.5
120.3
29.0
55.4
61.5
89.7
27.7
105.4
3.7
102.2
12.5
61.3
222.2
41.6
56.8
129.7
40.8
14 t. 7
77.4
33.0
22.8
52.1
110.6
75.7
200.0
15.3
69.6
7.9
53.3
100.0
19.1
48.8
51.2
32
-
Geico
GTE
Galttou
GapStr
Gearht
Gelco
GCinm
GenEl
GnFds
GHost
GnMills
GernRe
GnSignl
GTire
GaPac
GerbPd
Gillette
GldNug
Gdrich
Goodyr
GordJ
Gould
Graingr
GtNoNk
GWHsp
GrowG
Guard I
GlfStut
GulfUtd
HRT
-
IntpGp
IntBakr
IowaPS
IowaRs
JRiver
Jewlcr
JohnCn
KDI
KLrJI
KaisCe
KaneMl
KCSou
KanPLt
Keller
Kellogg
Kellwd
Kenmt
KyUtil
KerrMc
KimbCl
KrghtR
Kroger
6x
6
10
8
8
6
10
9
7
7
10
9
8
7
6
7
9
7
6
8
6
9
9
6
10
8
7
6
7
7
10
10
7
7
8
7
6
7
10
6
7
7
6
7
9
6
10
7
7
6
10
8
$24
28
15
17
14
15
46
65
36
15
43
39
34
22
14
19
37
23
16
23
15
21
35
31
8
7
15
11
19
9
30
8
19
22
16
4
21
4
30
16
12
29
19
10
25
13
24
18
26
59
30
36
1/4
1/4
3/4
7/8
3/4
3/8
3/4
3/4
5/8
3/4
1/2
1/2
7/8
7/8
1/8
7/8
1/4
1/4
1/4
5/8
3/4
1/2
5/8
5/8
5/8
1/2
3/4
1/4
3/8
1/4
3/4
1/2
3/8
5/8
1/4
3/4
7/8
5/8
3/8
1/4
5/8
1/4
1/8
3/8
$43
41
17
24
15
20
29
94
39
14
48
63
44
32
26
24
45
31
32
35
18
37
53
35
9
12
32
13
27
:3
48
9
22
26
37
5
35
5
54
24
15
46
24
16
26
20
28
21
28
73
49
39
1/2
1/4
3/8
1/4
7/8
1/8
7/8
5/8
1/2
3/4
3/4
7/8
3/8
1/4
5/8
5/8
1/8
1/2
1/2
1/2
7/8
1/8
1/8
3/4
3/8
5/8
1/2
1/4
1/4
7/8
1/4
7/8
1/8
3/8
1/4
5/8
1/4
1/8
3/4
5/8
7/8
3/4
3/4
3/4
7/8
1/2
5/8
$58
42
12
34
22
17
38
102
44
18
50
60
47
32
23
35
43
76
36
30
23
34
52
49
15
14
34
13
26
3
55
11
22
25
36
8
43
7
48
21
14
60
26
23
27
33
27
21
34
85
57
36
1/2
3/4
3/4
3/4
77.3%
46.9
9.5
36.4
3.4
3/8
35.8
7/8
(37.7)
1/4*
44.3
1/4
8.2
3/4
(7.9)
1/4
13.4
1/8
63.5
30.1
1/4
43.9
3/8
76.5
3/4
23.9
21.2
7/8++ 37.5
1/2
90.4
1/2
50.5
1/4
21.3
3/8
76.5
5/8
50.2
1/4
13.0
5/8
7.4
3/8
59.0
5/8** 118.3
3/4
15.1
1/4
40.8
1/2
(61.1)
58.2
1/4
5.7
3/4
18.8
3/4
17.3
133.1
1/2
7.9
3/4
64.5
5/8
14.3
1/2
77.1
1/2
51.5
3/4
17.6
54.8
1/8
22.9
5/8
61.4
3/8
5.4
3/4
60.6
19.8
20.8
5/8
8.0
1/2
24.7
1/4
64.3
1/4
8.9
36.0%
3.0
(28.3)
42.6
44.3
(16.8)
33.5
7.8
11.7
29.3
3. 1
(5.7)
4.7
(. 4 ~
(11.0
45.2
(4.4)
143.1
13.6
(12.9)
25.7
(8.3~
(1.6
37.3
71.2
18.6
131.3
2.8
(5.0 )
0.0
14.0
21.6
<.5j
~ 1. 9
5.0
65.9
23.7
34.4
(10.6)
(21.7~
(1.7
29.7
8.3
41.0
2.8
61.7
(6.1~
(3.4
20.4
15.7
15.7
(8.5)
141.2%
51.3
(21.4)
94.4
49.2
13.0
(16.8)
55.5
20.8
19.0
16.9
54.2
36.2
43.3
57.1
79.9
15.8
234.2
116.3
31.2
52.5
61.8
47.7
55.1
83.8
88.5
5.9
18.3
33.8
(61.1)
80.3
28.6
18.2
15.1
121.5
78.9
103.5
74.3
58.4
32.3
15.7
100.8
33.1
127.7
8.4
159.6
12.5
16.7
30.0
44.3
90.0
(.3)
33
LNtto
Lanier
LeaRnl
LswyTr
LegPlat
LeviSt
Lilly Eli
LincNt
LomFn
LomNt
LongIlr
LouvGs
Lubrzl
LuckyS
Lukens
r,1GMGr
flIacy
MgtAst
ManCre
MAPCO
fJIarcd
fJfll'S blJI
fJIartfJI
f'1dCup
fJIasco
MasI\l
MatsuE
rJIayIlS
IYIcIlnld
r,lcIlnIl
f/IcGEd
f.1cNeil
T1ead
Melville
MercSt
MerTex
Merdith
fJIerrLy
fJIesaPt
Metrm
MdCTel
MidRos
MilerW
rJIil tBrd
MiltR
r,TI111I
l\1ohasc
f.1onsan
MONY
MooreC
Moran
6X
10
8
8
7
7
10
6
8
7
10
6
8
7
7
9
9
9
9
10
8
10
6
8
9
8
8
6
10
8
6
6
8
9
7
6
7
6
8
8
6
9
8
7
7
10
6
6
7
7
7
$20 3/4
15 1/4
12 7/8
26 1/4
18 3/8
23 7/8
54 3/4
37 1/4
25
20 1/2
30 3/8
18 3/8
15
13 3/8
8 7/8
5 3/4
36
9
14 1/4
27 3/4
1 7/8
32 5/8
23 7/8
34 3/4
31 1/4
11 7/8
39 1/8
25 5/8
73 1/4
37 5/8
25 5/8
14
15 5/8
46 3/4
67 1/4
22 3/4
58 1/2
25
13 3/4
215
17 1/2
14 5/8
21 3/4
16 3/4
14
53 1/8
10 3/4
63 3/4
5 3/4
29
9 7/8
$29
18
22
39
25
38
57
44
43
29
35
21
18
17
12
8
61
10
36
23
3
41
43
44
28
16
61
47
60
42
39
15
18
70
115
26
86
60
11
296
22
16
27
24
22
75
16
76
7
41
16
1/2
1/8
1/2
5/8
1/2
1/2
3/4
1/8
3/4
5/8
3/8
3/4
1/2
1/2
1/4
1/2
1/2
1/4
1/4
3/4
1/4
3/8
1/2
1/8
3/8
1/4
3/8
3/4
3/4
3/4
1/4
5/8
3/4
5/8
3/8
1/2
1/2
3/4
1/8
1/4
3/4
3/8
7/8
$26 3/8
17 3/4
20
38 7/8
38 1/2*
45 3/8
60 3/4
55
44 1/2
28 7/8
43
22 1/2
26 5/8
22 5/8
13 1/2
12 7/8
73 5/8**
10
32 1/8**
24 1/8
4 1/2
40 1/2
57 1/2
49 5/8
32
16.1/4
64 3/8
48 3/4
60 3/8
48 1/4
36
17 3/8
32 3/4
77 1/4*
130
27 3/4
116 5/8 e
86*
17
327 1/2 e •
23 3/8
17 3/8
37 1/4*
20 1/2
26 5/8**
78 3/8
22 1/2
111 3/4
8 1/2
44 1/2
15 7/8
42.2%
18.9
74.8
48.6
39.5
61.3
5.0
20.1
72.5
45.1
17.3
16.3
25.0
30.8
40.8
43.5
49.2
16.7
152.6
(15.3)
73.3
26.4
83.2
27.3
(9.2)
38.9
55.9
83.9
(17.6)
11.6
53.2
9.8
20.0
51.3
72.1
15.4
48.1
140.0
(14.5)
37.7
29.3
12.0
26.4
46.3
62.5
41.2
50.0
19.6
34.8
42.7
70.9
(10.6)%
(2.1)
(11.1~
(.3
50.2
17.9
5.7
22.9
3.2
(2.9)
20.7
5.3
42.0
29.3
8.0
53.0
20.8
(4.8~
(10.9
2.7
38.5
(1.8)
31.4
12.1
12.8
(1.5)
5.5
3.4
0.0
14.9
(8.3)
13.0
74.7
9.2
12.3
5.7
34.6
43.3
44.7
10.6
3.3
6.1
35.5
(16.3)
17.0
4.5
39.5
46.6
9.7
7.6
(5.9)
27. 1%
16.4
55.3
29.0
109.5
90.1
11.0
47.6
7.1
40.9
41.6
22.4
77.5
69.2
52.1
123.9
104.7
11 • 1
125.0
(13.1)
140.0
24.1
140.8
42.8
2.4
36.8
64.5
90.2
(17.6)
28.2
40.5
24.1
109.6
65.2
93.3
22.0
99.4
244.0
23.6
52.3
33.6
18.8
71.3
22.4
90.2
47.5
109.3
75.3
47.8
53.4
60.8
34
-
Horgan
MorseS
MtFuel
r·1urryO
NCR
NCR
NabscB
Nalco
NatCan
NatDist
Nr-1dCre
NMdEn
~rst
-
NEngEI
NJRsc
N1COR
NACoal
NoAPhl
NEuro
Noestut
NindPS
NoStPw
Norton
NorSirn
Nucor
Oaklnd
Ohio Ed
OKlaGE
Omark
OranRk
OutbM
OvrTrn
PHH
PNBMt
PPG
PacLtg
PacLum
PacSci
PanABK
Papcft
Par klan
Parsn
Payln
Penney
PaPL
Penwlt
Pennzol
PeopDr
PepsiCo.
Prrnian
Petrie
Petrln
PhilaEl
6X
8
7
6
9
7
7
10
6
6
7
9
6
6
6
6
8
6
9
6
10
6
6
7
10
8
6
6
6
6
6
8
10
6
8
6
10
7
7
8
7
7
9
7
6
6
8
8
10
6
10
6
6
$49
11
29
14
13
52
34
19
17
20
6
14
25
27
13
25
30
35
19
9
10
26
25
20
37
16
12
14
14
15
22
22
19
8
35
24
15,
9
13
24
15
14
16
39
18
23
27
18
39
9
23
11
14
1/4
7/8
3/4
3/8
3/8
5/8
1/4
5/8
7/8
5/8
1/2
7/8
1/2
3/8
1/2
7/8
3/4
5/8
1/2
3/4
5/8
5/8
1/2
1/8
1/2
1/4
1/4
1/8
5/8
1/4
3/4
7/8
7/8
5/8
7/8
1/2
3/8
1/8
5/8
1/4
5/8
5/8
1/8
$67
16
35
20
16
86
36
29
23
24
10
29
31
33
15
27
24
47
20
12
12
30
32
24
62
14
14
19
20
18
28
34
37
14
51
28
22
19
17
26
21
21
28
48
21
29
35
28
38
9
15
13
17
1/2
5/8
1/8
1/2
3/4
1/2
1/2
1/4
1/4
5/8
7/8
1/4
1/8
5/8
5/8
1/2
3/8
3/8
5/8
7/8
7/8
1/2
3/8
3/4
3/8
5/8
1/8
3/8
1/8
1/2
3/8
1/4
1/8
5/8
3/4
3/4
3/4
7/8
$70 1/8
37.1%
3.9%
42.4%
33 7/8
40.0 . 103.8
185.3
18.1
53 3/4
53.0
80.7
28 7/8
42.6
100.9
40.9
18
23.1
12.5
38.5
120 5/8
132.0
56.4
40.3
38 1/8
6.9
10.9
3.7
18.1
34 1/4
47.8
74.5
23
0.0
35.3
35.3
26 3/8
21.0
30.2
7.7
14 1/8
113.2
41.3
50.9
32 5/8 + 95.0
12.6
119.5
37 1/8
26.0
17.9
48.5
37 7/8
20.4
13.9
37.1
16 3/4
13.0
24.1
9.8
31
12.2
6.8
19.8
37
(18.4) 48.7
21.3
67 1/2
33.6
42.9
90.8
19
2.6
(2.6)
~5.0)
- 2. 1)
11 7/8
22.8
20.3
13 1/2
17.4
6.9
25.6
34
12.7
13.3
27.7
41 1/4
26.4
30.5
65.0
30 1/4
26.0
17.1
47.6
69 1/2
68.9
10.8
87.2
8 1/4
(14.2) (42.6) ( 103.0)
15 1/8
10.9
8.0
19.8
18 7/8
(2.6)
32.5
29.1
24 3/8
18.2
42.2
68.1
19
24.8
25.6
.7
43 1/4
28.3
92.2
49.8
55 3/4*
52.8
64
150.6
33 5/8
94.8 (10.3~
74.7
14 1/8
76.9
(1.7
73.8
63 3/4
23.2
45.3
78.9
32 5/8
17.0
15.0
34.5
23 1/4
2.8
43.7
47.6
32 3/8
69.3
227.8
93.7
20 3/4
22.1
22.5
49.5
26 1/2**
~.6
7.4
1.7
27 5/8
29.2
34.6
74.0
27 1/8 0
28.6
45.7
87.4
22.8
35*
74.0
113.7
55 5/8
23.6
15.0
42.2
22 5/8
16.7
7.7
25.7
40 1/4
23.8
37.6
70.4
38 1/4
28.9
8.9
40.4
42. 1/8** 53.7
126.5
47.4
34 1/4
(8.3) (4.2) (12.2)
9 7/8
8.3
' :1.3
9.7
12.0
33
28.2
43.5
16
19.4
15.3
37.6
16 1/4
20.4
(4.4)
15.0
35
-
-
PhilSub
PhilMr
PhilInd
PhilPet
PiedAvt·
PieNG
Pieri
Pilsbry
PitnyB
Pneumo
PogoPd
Pondr
Portec
Potitch
PotmEl
Prmrk
ProctG
PSvcol
PSvNM
PSvEG
Pueblo
Purolf
QuakO
QuakSO
RCA
RLC
RTE
RalsPur
Ranco
Raycm
Raythn
RitRef
RelchC
Revlon
Rexham
Rexnrd
Reyr1Jtl
RchVck
RiegelT
Robins
RochTl
Rockwl
Rohmtt
Rollins
RCCOS
RyderS
SCA
SCM
SFN
Safewy
SagaCp
StRegP
SFeInd
7X
8
10
6
7
6
7
6
8
7
8
9
7
8
7
6
9
7
6
7
6
8
8
8
9
9
7
8
9
10
10
7
9
7
6
9
10
8
7
8
7
8
8
7
9
8
8
6
9
9
8
6
8
$10
47
16
25
24
15
6
39
32
27
19
17
10
21
15
24
85
14
23
19
4
32
41
10
17
9
6
14
10
39
38
7
10
23
14
8
20
22
18
14
23
33
50
11
18
30
9
21
20
32
27
19
13
7/8
3/4
3/4
1/8
3/4
5/8
1/2
1/2
5/8
3/4
1/8
7/8
3/8
7/8
7/8
1/2
5/8
3/4
3/4
3/4
5/8
1/8
3/4
3/4
5/S
1/2
7/8
1/4
5/8
3/8
5/8
1/2
1/8
7/8
1/8
7/8
7/8
3/4
3/4
1/8
1/2
1/2
1/4
$13
60
25
32
29
17
11
50
45
32
21
24
13
36
18
24
118
17
26
23
8
49
42
15
22
9
12
17
16
66
44
10
19
30
20
11
25
27
25
17
26
43
78
15
19
50
17
29
32
45
38
24
22
1/2
1/4
5/8
1/8
3/8
3/4
3/8
3/4
3/4
3/4
1/4
1/2
1/4
3/8
1/4
1/2
3/4
7/8
3/4
1/2
1/8
1/2
3/4
3/8
3/8
1/4
1/4
1/2
3/8
3/4
3/4
7/8
7/8
1/4
3/4
7/8
3/4
7/8
5/8
1/2
$15 7/8
62 3/8
34*
37 3/4
31 5/8
23 3/4
18 5/8
63 1/2
56 1/2*
51 1/2*
26 1/8
28 7/8**
14 1/8
34 1/4
17 3/4
36 1/8
107*
17
26 3/4
22 5/8
9 1/4
54 7/8
47 1/4
17 3/8
29
15 5/8
15 3/4
22 1/2
18 3/4
77 1/2
47 3/4
11 5/8
32 1/2
32
20 5/8
14 3/8
40
24 7/8
26
24 1/2
30 1/8
55 1/4*
136*
15 3/8
23 3/4
52 1/2
16 3/8
32 3/4
38
48 3/4*
71*
31 1/4
29 3/4
35.0%
25.3
57.8
26.7
17.7
15.8
83.3
27.8
43.0
19.9
7.6
40.4
23.8
70.9
16.8
(1.0)
38.9
16.8
11.2
17.0
74.4
53.1
3.0
46.5
26.8
(7.7)
83.0
23.9
55.8
67.0
14.9
36.7
74.7
31.5
40.4
33.3
24.5
19.3
43.1
22.4
16.8
29.8
56.0
26.3
9.7
62.8
79.7
37.4
54.2
42.4
41.4
26.3
69.8
17.6%
4.0
34.6
15.7
8.6
36.7
69.3
27.0
23.5
59.1
22.9
16.7
8.7
~6.8~
2.7
47.4
~9.5j
2.2
2.9
(2.7)
8.8
10.3
10.2
10.3
28.9
73.6
29.9
28.6
11.9
16.8
7.6
13.4
71.1
5.8
3.0
25.0
57.6
(7.8)
9.7
38.0
14.9
28.5
74.4
2.5
19.5
4.5
(7.7)
9.6
18.8
6.6
82.6
26.9
32.2
58.8%
30.3
112.5
46.6
27.8
58.3
210.4
62.3
76.6
90.7
32.3
63.8
34.5
59.3
13.6
46.0
25.7
14.3
14.4
13.8
89.7
68;8
13.5
61.6
63.4
60.3
137.7
59.3
74.4
95.0
23.6
55.0
198.9
39.1
44.7
66.7
96.3
9.9
30.8
69.0
34.2
66.S
172.0
29.5
31.0
70.0
65.8
50.6
83.1
51.8
158.2
60.3
124.5
36
SgtWel
SaulRE
SchrPlo
Schlmb
ScotFet
Scottys
Scovill
Seagul
SealAir
SealPw
Sears
SvcCp
Shawln
Shello
She lIT
ShelGlo
Shrwin
SierPac
Signal
SimPre
Smuckr
SnapOn
SonyCp
SooLin
ScrEG
SoJerln
Soudwn
SoetPS
SCalEd
SouthCo
SoInGE
SNETel
SouPac
Soutlnd
SwFlBk
SwtGas
SwEnr
SwtPs
Spartn
Springs
SquqrD
StBPnt
StMot
StOlnd
StanWk
Starrett
StaufCh
Sterchi
StrlBcp
SterlDg
Stwi'lrn
StoneW
6X
8
10
7
7
10
10
10
9
7
9
9
9
6
6
8
7
7
6
8
8
10
10
6
7
6
7
7
6
6
6
6
7
8
8
7
10
8
7
6
7
10
8
6
7
6
6
10
6
10
9
7
$15 1/8
5./3/8
31 3/8
35 3/4
29
20 7/8
15 5/8
6 1/8
21
30 1/2
19 1/8
24 3/4
5 3/4
31 5/8
26 7/8
15 3/8
24
10 7/8
14 7/8
15 5/8
47 3/8
20 7/8
12 1/4
21 1/4
15 7/8
17 5/8
33 1/4
10 3/8
29 3/4
12 7/8
20 1/4
41 1/8
30 3/8
33
12 1/2
8 3/4
11 3/4
13 3/4
12
27 3/8
22 7/8
25 1/2
22
35 1/2
13 1/2
19
18 7/8
9 5/8
6 7/8
20 7/8
21 1/2
35 5/8
$27
10
39
46
35
29
24
9
28
44
30
46
12
37
26
20
44
13
25
29
67
27
15
29
18
19
34
10
35
15
25
59
36
38
14
9
13
16
17
39
34
39
33
39
24
26
23
13
8
22
25
46
1/4
1/4
3/8
5/8
7/8
1/2
5/8
1/4
5/8
1/8
3/4
7/8
1/2
7/8
3/8
1/4
1/2
7/8
1/4
1/8
5/8
1/2
3/4
1/4
3/4
7/8
1/8
7/8
1/4
1/4
1/4
1/4
1/4
3/4
1/2
1/2
1/4
5/8
3/4
1/2
1/2
$26 1/8
80.2% (4.1)% 72.7%
13
26.8
90.7
141.9
42 1/4
25.5
7.3
34.7
57 3/8
23.1
60.5
30.4
45 7/8
23.7
27.9
58.2
23 1/4** 38.9 (19.8)
11.4
26 1/8
56.8
6.6
67.2
18 7/8
208.2
57.1
96.1
40 3/4
34.5
44.2
94.0
21.6
54 1/4*
46.3
77.9
37 1/2
96.1
57.5
24.5
62 1/8** 88.9
32.8
150.8
24
123.9
86.4
317.4
46
17.0
24.3
45.5
36< .1/2
(1.4) 37.7
81.3
27 7/8
81.3
35.8
33.5
46 3/4*
6.3 . 94.8
83.3
23.0
13 5/8
1.2
25.3
68.1
35 3/8
137.8
41.5
56
85.6
258.41
93.1
78 1/2*
41.4
17.2
65.7
30
11. 1
29.3
43.7
13 1/2
24.5 (11.5~
10.2
28
38.8
31.8
(.51
19
13.4
5.6
19.7
22 3/8
12.8
12.6
27.0
40 5/8
18.6
3.0
22.2
14 3/8
(3.8) 43.8
38.6
37 1/2
18.1
6.8
26.1
15 3/8
21.4
(1.6)
19.4
25 3/4
1.0
25.9
27.2
71
18.8
45.3
72.6
40 3/8
19.3
11.4
32.9
44 1/4
17.4
14.2
34.1
18
12.0
28.6
44.0
10 1/4
12.9
3.8
17.1
20 3/8
11.7
20.7
73.4
17 1/2
22.7
3.7
27.3
38 3/4
43.8 124.6
222.9
36 1/4
43.4
?7.6~:. c32.4
32 1/2
49.7
5.1
42.1
43*
68.6
53.9
9.6
51.1
150.0
55
65.4
12
51 7/8
46.1
30.5
21 1/8
81.5 (~3.8)
56.5
27 5/8
39.5
4.2
45.4
30
23.2
29.0
58.9
17 5/8
41.6
83.1
29.4
10 1/8
27.3
15.7
47.3
25 7/8
7.8
15.0
24.0
27 1/4
16.3
9.0
26.7
42 1/4
30.5
(9.1)
18.6
37
,-
,-
-
StonC
StorTec
StridRit
SunBks
SuprVl
SuprOil
SuprnkG
Sybron
Syntex
TECO
TRW
TacBoat
TaftBrd
Tektrnx
Telex
Tesoro
TexCrn
Texlnd
TxNJvtc
TxOGas
TxPac
TexUtil
Textron
ThrmEl
Thornln
ThornMd
Thrifty
TiCaro
TimeH
Tirnkn
Tokhrn
TootRl
Trchrpk
Towle
Trane
Tranwy
Tricntr
Tyler
UIVIC
Ul1ET
USFG
UCamp
UnCarb
UnElec
UnPac
Uniroyl
USAirG
US Gyps
USLeas
USShoe
US TObc
UniTel
7X
6
8
6
10
10
7
8
10
7
8
7
8
10
8
6
6
8
7
10
10
6
6
8
8
6
7
6
9
7
7
9
6
8
7
6
7
7
6
10
8
7
6
6
8
6
6
9
10
6
9
7
$13
17
25
15
18
27
27
15
37
17
50
20
31
44
8
18
30
19
18
24
19
21
17
12
10
15
12
14
38
45
12
11
23
21
25
20
6
13
8
2
33
44
42
11
30
7
16
29
23
31
45
16
7/8
3/4
1/2
1/8
1/2
1/8
1/2
1/2
7/8
7/8
1/2
3/8
1/2
3/4
3/4
3/4
1/2
3/8
7/8
3/8
1/2
3/4
1/2
.1/4
1/8
3/4
3/4
7/8
5/8
5/8
1/8
7/8
1/8
5/8
1/2
1/8
5/8
3/4
7/8
3/8
1/2
1/2
3/4
1/4
5/8
$20 5/8
21 1/4
39 1/4
22 1/8
25 7/8
28 3/4
37 1/2
16 3/8
48
20 3/4
67 5/8
37 1/439 5/8
57 3/4
21
16 7/8
37 3/8
38 3/8
20 1/4
34
20 7/8
23 1/4
23 3/4
15 3/8
18 1/4
19 1/2
18 5/8
22
62 3/8
50 3/4
14 1/2
14 5/8
26 1/8
26 7/8
29.1/2
26 3/4
:5 1/4
19
9
3 1/4
45 3/8
60 1/4
52 7/8
13 3/4
47
11 3/4
33 1/4
50 1/2
35 3/4
54 7/8
70 3/8
20 7/8
$29 1/4
48.6%
20 1/8
19.7
60 1/2*
53.9
26 1/4
46.3
30 1/2
39.9
38 3/8
6.5
38.2
45 3/4*
26
5.6
52 1/2
28.0
22 7/8
16.1
68 3/4
32.9
26 1/2~
81.7
48
26.3
77 5/8
29.8
28 1/8
140.0
16 1/2
(6.3)
41 3/8
21.5
38 7/8
94.3
26 1/8
12.5
50 7/8
41.7
29 3/8
7.1
24 5/8
8.8
32 1/2
32.9
30 3/8
24.2
16 1/8
73.8
46*
23.8
18
55.2
21 7/8** 51.7
64.1
79
58
12.2
21 3/4
19.6
17 1/4
24.5
33 3/8
10.0
22 7/8
22.9
36 1/8
15.1
29
29.7
6 1/2
(14.3)
27 1/8
36.9
16 1/2
10.8
4 3/8
23.8
52 7/8
35.4
71 3/4
36.5
70 3/8
24.0
14.5/8
17.0
56 3/8
52.2
14 3/4
59.3
31
101.5
45 7/8
74.1
37
52.2
40 5/8
72.8
93 3/455.5
22 1/2
25.6
41.8%
(5.3)
54.1
50.3
17.9
33.5
2Z.'0
58.8
9.4
9.6
1.7
(28.9)
21.1
34.4
33.9
(2.2)
10.7
1.3
29.0
49.6
40.7
5.9
36.8
97.6
( 11 • 6)
135.9
(3. 3 ~
(.6
26.7
14.3
50.0
17.9
27.8
(14.9)
22.5
8.4
23.8
42.8
83.3
34.6
16.5
19.1
33.1
6.4
19.9
25.5
(6.8~
(9.2
3.5
(26.0)
33.2
7.8
150.0%
13.4
137.0
73.6
64.9
77.8
68.7
67.8
40.0
28.0
35.1
29.3
53.0
74.4
221.4
(8.3)
34.6
96.8
45.1
112.0
50.6
15.2
81.8
145.5
53.6
192.1
50.0
50.9
107.9
28.2
79.4
46.8
40.5
4.6
39.4
40.6
6.1
95.9
103.1
66.7
57.8
62.6
65.1
24.5
82.6
100.0
87.8
58.2
57.4
28.0
107.2
35.3
38
.-
UnivFd
UnLeaf
Upjohn
UtlaPL
VFCp
VanDrn
VulcnII1
Vlachov
\tlackht
Walgrn
WalCSv
Warnac
I'lrnCm
WashGs
7X
7
7
8
6
7
7
6
10
10
10
6:
10
7
7
6
8
7
7
6
9
9
10
10
7
6
8
9
8
9
7
10
10
6
Wshl~at
WshVlt
\\T elFIVl
\'lstPtP
WUnion
\'lestvc
Whirlpl
William
'iJilshro
WinDx
WiscPS
:';;olvr\'i
1t!olwth
Vlrigly
Wynns
XTRA
ZaleCp
Zayre
Zero
Zurnin
Totals:
$19 1/4
27
39
18 1/4
49
12 1/2
41 3/4
25 7/8
14 1/4
32
29 1/2
29 1/4
45
25 1/8
18 1/4
17 5/8
18 7/8
26 3/4
27 5/8
19
31 1/2
14 1/8
7 1/2
38 5/8
19 3/4
12
18 5/8
34 5/8
14 1/4
12 1/2
18
35 1/2
20 5/8
20 3/4
$13,570.375
$23
27
47
21
79
16
54
31
28
56
45
44
33
25
24
20
25
38
44
25
43
17
10
44
23
20
25
40
17
19
20
61
29
29
Adjusted
Adjusted
Adjusted
Adjusted
Adjusted
+t Adjusted
~ Adjusted
.e Adjusted
*
**
•
o
+
for
for
for
for
for
for
for
for
$23
39
51
22
1/4*
7/8
118~
7/8
1/4
1/8
3/8
7/8
1/2
3/8
3/8
3/4
5/8
3/8
3/4
7/8
3/4
3/4
3/4
3/4
7/8
7/8
1/4
3/4
1/2
5/8
3/8
3/4
$18,266.625
Percentages:
1st 6-month
2nd 6-month
13-month
1/8
1/8
1/8
34.6%
17.4%
58.1%
2-for-1 split
3-for-2 split
3-for-1 split
4-for-3 split
5-for-4 split
5-for-1 split
5-for-2 split
10-for-1 split
3/4
3/4
5/8
1/2
21 3/8
66 1/4
42 3/8
24 3/4
67*
51 3/4*
56 1/4*
21 1/8
27 1/2
26 1/8
19 3/8
27
43 3/4
37 3/4
31 5/8
46 3/8
29 3/8
7 3/4
53 3/4
25 1/2
19 7/8
35 3/4
49 3/4
18 3/8
25 1/4
30 7/8
87*
40+
25 3/4
$21,453.75
20.1%
(.5)
20.8
15.1
61.7
35.0
29.3
23.2
98.2
75.4
53.8
53.4
(25.6)
1.0
33.6
17.7
35.8
43.5
62.0
36.2
38.9
20.4
43.3
15.9
20.3
74.0
38.9
16.2
24.6
56.0
14.6
72.9
44.2
39.8
2.7%
46.5
9.5
7.1
48.9
26.7
22.7
32.9
(12.4)
19.4
14.0
25.3
(36.9)
8.4
7.2
(6.6)
5.4
14.0
(15.6)
22.2
6.0
72.8
(27.9)
20.1
7.4
(4.8)
38.2
23.6
3.5
29.5
49.7
41.8
34.5
(11.2)
23.4%
47.2
32.4
23.3
20.4
71.0
58.7
63.8
73.7
109.4
75.4
92.3
(53.1)
9.5
43.2
l.9.9
43.0
63.6
36.7
66.4
47.2
108.0
3.3
39.2
29.1
65.6
91.9
43.7
28.9
102.0
71.5
145.1
93.9
24.1
39
-
TABLE 7
PiE GROUP 11-15
Company
-.
APL
AbtLab
Alcan
Alcoa
AHome
AHosp
AMI
Amfac
AMPIn
Amoco
Anacomp
Anixtr
ApplMg
ArkBst
Arvin
Auto Dt
Baldor
BanCal
BardCr
BaryWr
BaxTr
Binney
BlackD
BristM
BrushW
CapCits
CnSoya
ChamSp
Chmed
ColeN
ColtIn
Comsat
CompSc
Conrac
ComG
Datpnt
Diebld
Disney
DunBr
EGG
Eskod
Echlin
EmryA
FamDl
PiE
15X
14
14
12
11
13
14
13
14
11
13
11
11
12
11
14
11
13
14
11
15
11
11
12
12
12
11
11
15
13
11
12
11
12
12
15
14
15
15
13
11
14
12
12
8-1-82
$ 3 3/8
30
18
23
37
29
29
18
52
12
12
12
15
7
12
23
19
19
36
15
35
30
12
56
37
75
10
7
23
25
23
52
1/8
3/4
1/2
1/2
3/4
1/2
1/2
1/4
3/8
1/4
1/2
3/4
1/4
1/2
1/2
7/8
7/8
7/8
3/4
1/2
3/8
1/2
1/4
7/8
13 1/4
23 3/8
45
13
60
50
71
17
75
13
9
18
3/4
3/4
7/8
1/8
5/8
1/2
1/2
5/8
Price
12-31-82
$ 3
38
27
31
44
40
36
26
68
11
16
23
20
8
19
37
22
20
45
19
48
33
18
66
50
119
16
10
33
37
31
78
19
32
65
18
74
63
98
28
86
19
15
35
8-31-83
$13 5/8
47
39 5/8
47 1/4
3/4
45 3/8
1/4
44 1/2
5/8
58 1/4*
26 5/8
1/8
97 1/2
14
7/8
11 3/8
3/4
24 5/8
3/8
29 1/8
7/8
23 1/4
26 1/8
35 3/4
25 1/8
1/8
45 7/8
3/8** 63*
3/4
29 1/4
3/8
58 1/8
1/2
40
1/8
19 3/4
5/8
75 1/4*
1/4
55 3/8
141 3/4
5/8
5/8
14 7/8
5/8
10 1/2
1/4
32 1/2
1/2
31 3/8
42
74 1/2*
1/8
16 7/8
5/8
41 1/2*
7/8
72 3/4
3/8
22
1/2
85 1/8
1/4
58 7/8
1/2
123*
1/4
34 3/4
66 7/8
1/2
19 3/4
21 1/2
5/8
3/8
43 1/2*
3/8
3/4
7/8
% increase
or decrease
1
2
·0.0%
28.6
48.7
31.9
20.9
36.4
23. 1
40.5
31
(5.0)
36.7
85.9
33.6
18.3
49.0
59.1
15.8
3.2
24.3
24.4
38.2
8.5
40.8
17.4
34.0
59.5
66.3
44.1
41.5
50.0
33.3
47.5
44.3
39.6
46.4
41.3
22.6
24.6
37.0
65.0
13.7
44.4
64.4
89.9
303.7%
21.3
42.2
52.4
1.4
10.6
59.0
2.4
43. 1
17.9
(32 • 1 )
7.1
42.9
162.0
37.5
(3.4)
14.2
128.0
38.8
48.1
20.2
19.4
9.0
12.9
10.2
18.5
(10.5)
( 1 .2 )
(2.3~
(16.3
35.5
(4.5)
(11,8)
27.2
10.4
19.7
14.3
(6.9)
24.9
23.0
(22.2)
1.3
37.6
23.0
3
303.7%
56.0
111.3
101.2
22.6
50.8
95.8
43.9
87.5
12.0
( 7 • 1)
99.0
91.0
210.0
104.9
53.8
32.2
135.3
72.6
84.3
66.1
29.6
53.4
32.6
47.7
89.0
48.8
42.4
38.3
25.5
80.6
40.9
27.4
77.5
61.7
692.0
40. 1
16.1
76.1
102.9
(11.6)
46.3
126.3
133.6
40
FedlCo
FdExp
Fldcst
FlexiV
FligtSf
FlaEC
FtHowd
Gannett
GnDyn
Glnst
GPU
Gensco
GenuPt
GerbSc
GleasW
GtWFin
BMW
HallFB
Harlnd
HeritC
HewlP
Hexcel
HiVolt
Hitach
Horizon
HospCp
Human
HuntCh
HuttEF
IBM
IntFlav
IpcoCp
JWT
JohnJn
Josten
KMart
Keyslnt
Komor
Kopers
Lawtlnt
LehVal
Lennar
Lifemk
Limitd
Loctite
LnStar
Loral
LaLand
MACOM
MEl
Macmil
MagiCf
Malontt
Marriot
Maytg
11 X
12
13
14
13
13
11
11
13
11
11
11
11
14
14
14
15
11
13
15
15
16
13
11
11
13
13
13
11
11
13
14
15
15
11
11
11
14
11
13
13
13
12
14
13
12
15
11
13
11
11
12
12
11
11
$22
46
17
20
18
15
35
35
29
36
5
4
32
7
9
12
8
28
23
8
41
15
7
21
9
35
26
10
26
65
23
6
18
39
21
17
16
18
11
9
12
25
22
18
19
35
24
14
38
12
10
33
36
28
3/4
1/8
5/8
3/8
1/8
1/4
1/2
1/8
3/8
5/8
1/4
5/8
1/2
5/8
1/2
5/8
1/2
5/8
3/4
3/8
1/8
1/2
3/4
7/8
5/8
1/8
3/4
5/8
3/8
3/8
1/4
1/2
3/8
7/8
1/2
5/8
3/8
5/8
7/8
1/4
3/4
1/8
1/2
1/2
5/8
$28
74
29
20
22
18
47
63
33
49
6
4
45
12
10
27
11
28
37
10
73
19
7
35
11
55
45
18
37
96
27
13
28
49
25
22
20
22
16
10
1
27
38
24
28
30
41
21
23
28
23
20
49
58
37
1/4
1/4
7/8
7/8
3/8
3/8
3/4
3/4
5/8
1/4
3/4
1/2
3/8
3/8
3/4
1/4
5/8
1/2
7/8
3/4
1/8
1/2
1/2
1/4
5/8
1/4
1/2
5/8
3/4
5/8
5/8
1/2
1/4
3/4
1/2
3/8
1/8
1/8
1/8
1/8
3/4
1/2*
1/2
5/8
$24 7/8
73 1/8
31 3/4
24 3/4
27 5/8
29 3/8
53
61 1/4
47 3/4
38 1/2
8 3/4
8 7/8
42 1/8
24 1/8
15 5/8
21 3/4
38 1/2
27 7/8
36 7/8
11 5/8
87*
26 1/2
9 3/4
35 1/8
9 3/8
24.2%
61.0
64.5
( 1 .8)
26.2
23.8
35.4
81. 1
11 .9
37.7
25.6
15.6
38.7
75.9
9. 1
128.1
33.8
2.7
57.7
25.0
75.4
25.8
3.3
64.4
18.7
62°
58.0
69.8
44 3/80
19 3/8
67.4
46
39.5
119 1/2
46.7
28 7/8
20.1
15
116.3
36
52.0
41 1/8
25.2
26 7/8
17.0
26.6
34 3/8
20
27.7
27 3/4
25.7
17 1/4
39.1
17
13.3
1 3/4
14.9
129.2
17
40 7/8** 50.0
26 7/8
6. 1
39 5/8
56.5
26 5/8
55.4
52 3/4
15.3
28 7/8
(12.0)
28 5/8
62.3
31 1/8
(27.4)
29 5/8
90.7
36
97.6
44 1/4*
47.8
76 1/4
59.7
45 1/4
34.4
(11.9%) 9.3%
(1.5) 58.5
80.1
9.5
23.8
21 .5
20.8
52.4
55.6
92.6
11.9
51.4
(3.4) 75.0
61 .9
44.7
(22.6)
6.6
29.6
25.6
91.9 121.9
(7.0) 29. 1
89.2 232.8
48.8
62.3
(20.5) 81.3
238.5 352.9
(3.0) (0.4)
( 1 .0) 56.1
36.8
9.4
19.2 109.0
71.0
35.9
23.8
27.9
( 1 .7) 61.5
(15.7)
0.0
11 .7
76.5
( 1 .4) 67.5
80.2
7.6
22.7
71.2
82.1
24.2
4.5
25.5
13 .2 144.9
26.3
92.0
(17.1)
3.8
25.7
7.5
56.3
97.8
(3.6) 23.1
22.7
54.2
7.8
50.0
60.0
81.3
1.0
75.0
(38.2) 41.7
6.9
60.3
12.0
18.8
37.8 115.6
(12.7) 35.7
27.5
47.0
36.7
20.3
23.8 100.9
10.7 (19.7)
28. 1 144.3
73.5 242.9
(16.7) 23. 1
30.3 108.2
61.6
20.3
41
McGrH
Medtrn
Merck
MohkDt
Motrola
NCnVSt
NatGyp
NWhaI
NWStW
Omncre
PatptrI
PayCsh
PerkEI
PIanRsc
Plantrn
Premrl
PrimeC
PrimM
Prdrsh
Proler
Rampc
RepNY
Revco
RiteAid
Robshw
RolmCp
Rorer
Rubrm
SfgdBs
SJuanB
SAnitRt
SciAtI
SCOA
ScotLad
SearIeG
SimpPt
Singer
SmkB
SwAirI
Squibb
Storer
Sysco
TRE
Tandy
ThmBet
Timel
TonkaCp
Tracor
TriaPc
Unitlnd
Veeco
Viacom
WarnrL
Waste
12X
13
13
11
13
12
11
12
14
15
12
15
12
15
11
12
13
13
13
12
12
12
12
12
11
15
11
12
11
11
15
12
12
14
13
13
13
12
13
13
12
15
15
14
12
12
13
12
12
11
13
13
11
14
$50
39
69
12
66
17
16
25
15
30
6
22
18
6
16
20
17
14
7
20
18
34
29
34
17
24
19
39
13
8
13
12
25
3
34
6
12
62
39
34
23
24
15
28
44
28
16
20
14
44
11
19
21
30
1/4
7/8
5/8
1/4
5/8'
3/4
3/4
1/4
3/8
1/2
1/2
3/4
1/4
3/4
1/2
1/2
5/8
1/2
5/8
B/8
3/4
3/4
7/8
1/2
1/4
1/4
5/8
3/8
5/8
1/4
5/8
1/2
7/8
1/4
1/8
7/8
1/4
1/4
3/4
1/4
1/2
1/8
3/4
$75
53
84
15
87
18
27
36
20
43
4
43
28
10
19
27
34
22
14
28
22
38
40
46
23
50
24
30
23
9
18
16
37
4
41
7
19
69
53
44
31
39
24
50
52
52
17
29
21
41
19
30
28
53
$88 1/2
96 3/8
96 3/8
13 1/8
130 1/4
26 1/4
3/4+
1/4
30
28 3/8
1/8
22 1/4
56 7/8**
5/8
3/4
5 5/8
51 1/2*
7/8
3/8
34 1/4
18 3/8
3/4
19 3/4
1/2
33 5/8
5/8
24 3/8**
7/8
31 1/2**
21 1/8**
3/8
5/8
32
3/4
27 3/4
47 1/4
1/2
46 1/2**
1/4
55 3/8**
5/8
36 1/4
3/4
58 7/8
1/2
27 1/4
45 1/8
3/4
32 1/4
10
1/4
1/4
23 3/8
18 3/8
1/4
48 1/4 +
5/8
6 3/4
3/8
54 5/8
5/8
10 3/8
24 1/4
69 3/8
1/4
72*
1/4
46 3/4
31 3/8
1/4
33
7/8
33 1/8
3/4
42 3/8
1/2
65 3/4
1/8
63 3/8
1/4
19 3/4
30+
3/4
28 1/4
1/4
46 1/2
7/8
24
1/4
34 5/8
1/4
29 1/8
1/2
48 1/4
1/4
5/8
5/8
49.8%
37.5
2 1• 1
18.8
3 1• 1
6.4
62.7
39.8
32.0
45.4
(25.5)
95.0
57.6
53.8
17.9
35.8
95.1
63.4
91.7
39.6
22. 1
10.1
36.7
34.5
33.1
105.1
23.3
(24. 1 )
79.2
15.6
37.7
26.7
46.8
27.6
20.8
15. 1
52.0
9.7
35.7
29.7
34.8
63.5
65.8
75.8
18.6
86.2
7.8
43.2
55.4
(7.8)
76.7
55. 1
33.7
74.0
17.7%
(17.2)
13.9
(12.5)
49.7
40.0
10.1,
(21.2)
10.6
30.4
18.4
17.4
20.7
83.8
0.0
22.3
(29.6)
37.7
47.0
11.8
22.0
24.3
14.8
19.7
53.4
16.0
11.2
50.4
35.8
8. 1
28.1
14.8
29.5
45.9
32.0
36.1
27.6
(0.5)
35.2
5.6
1.2
(15.9)
33.2
(16.5 )
25.2
21.6
14.5
3.4
29.9
12.7
20.8
14.5
3. 1
(9.8 )
76.1%
13.8
37.9
4.0
96.6
48.9
79. i
10.2
45.9
89.6
(11.8)
128.9
90.3
182.7
17.9
66.0
37.3
125.0
181.7
56. 1
49.0
37.0
57.0
61 • 1
104.2
137.9
37.1
14.2
143.3
25.0
76.4
45.5
90.1
86.2
59.5
56.6
94.0
10.4
83.4
37.0
36.4
37.5
120.8
46.8
48.6
126.3
23.4
48.1
101 .8
3.9
113.3
77.6
37.9
56.9
42
Watkin
WebbD
Wendys
white
Whithl
Wiebldt
WisEP
Wornet
WoodPt
15X
11
11
11
13
15
11
14
11
Totals:
$37
7
16
25
24
4
21
25
20
1/4
3/8
1/4
1/8
1/2
1/2
$3,921 .75
$50
9
21
36
31
4
22
26
21
$5,364.125
Percentages:
1st 6-rnonth
2nd 6-rnonth
13-rnonth
36.8%
16.5%
59.4%
* Adjusted for 2-for-1
** Adjusted for 3-for~2
o Adjusted for 4-for-3
+ Adjusted for 5-for-4
$76 3/4
1/4
16 1/2
3/4
23
3/8**
7/8**
36 7/8
52
3/4
9 3/4
23 3/4
3/4
1/,8
40 3/4
28 3/4
7/8
split
split
split
split
$6,250.875
34.9%
39.2
27.5
42.6
29.2
18.8
7.7
2.5
6.7
52.7%
69.2
6.9
2.4
67.7
105.3
4.4
56.0
31.4
106.0%
135.7
42.7
46.0
116.7
143.8
12.4
59.8
40.2
43
-
TABLE 8
PiE GROUP 16-25
Company
-
AAR
AdmMl
AirbFrt
ArmWin
Augat
Aydin
Brock
ChkFull
ChrisCf
Chroma
Coachm
Comdi
CoPsyc
Cptvsn
CrayRs
Cullin
DeSoto
DowJon
ESys
ElecAs
EDS
Fabrge
Firestn
FleetEn
Floatpt
GNC
GiffHill
Hazeltn
Helrlnt
ICN
IdealB
Koger
Kysor
LQuint
LevitzF
LibtyCp
Lowes
Lubys
MCA
MGMUa
MaryK
ModCpt
MurphC
NBI
PiE
19x
18
16
20
16
16
16
23
16
19
18
16
19
16
16
25
24
16
19
17
16
17
16
22
17
19
24
19
18
17
16
21
24
17
18
16
16
17
17
19
16
25
16
20
8-1-82
$ 6
7
11
15
23
32
11
16
38
7
10
37
26
21
23
27
16
38
34
8
26
16
10
18
20
12
10
26
13
6
13
10
7
15
26
11
15
27
64
5
30
7
13
21
3/8
5/8
1/8
1/4
3/8
1/2
3/4
5/8
5/8
3/4
5/8
1/4
1/8
1/2
1/4
3/4
1/4
1/2
5/8
1/4
1/8
1/4
1/8
1/4
3/4
5/8
7/8
1/8
1/8
1/4
3/4
5/8
1/2
3/8
5/8
7/8
1/2
3/8
7/8
3/8
% increase
Price
12-31-82
$ 9
8
14
24
28
37
8
14
58
9
24
66
36
30
38
46
24
65
50
9
45
18
18
40
26
27
18
40
23
8
18
15
6
18
44
14
34
36
70
6
50
10
18
37
3/8
1/2
1/4
3/4
1/4
3/4
7/8
1/4
1/4
1/4
1/8
7/8
5/8
1/8
1/4
3/4
1/4
3/4
3/4
1/2
5/8
1/8
1/4
1/4
1/8
3/4
3/8
1/2
1/4
5/8
3/8
7/8
5/8
1/4
5/8
3/4
8-31-83
$14 3/4
16 1/2
20 5/8
27
39
45 3/4
7 1/8
19 1/4
69 3/813 5/8
60 1/4*
86 1/4*
52 1/8**
50
43
86 3/4*
28
106 1/4*
69 1/2*
13 1/2
74,1/4*
21 1/4
19 3/8
33 1/2
36 1/2
16 3/4
17
75 3/430 1/4
10 1/4
19 1/4
26 5/8
16 1/2
19 7/8
71*
20 3/4
43 1/8 16
40 3/4-t
69*
15 1/2
50 1/2*
14 3/8
34 1/2
28 3/4
1
or decrease
47.1%
11.5
28. 1
62.3
22.8
16.6
(22.8)
(16.4)
52.6
21.3
128.2
75.5
35.7
45.3
67.0
67.7
49.2
69.7
46.7
21 .9
69.8
12.8
80.5
125.7
29.8
122.4
80.2
52.4
67.3
22.6
35.1
51.9
(8.8)
18.0
64.5
22.6
123.4
32.9
9.7
12.8
64.8
44. 1
35.1
73.1
2
3
57.3%
94.1
44.7
9.1
38.1
21 .2
(19.7)
37.5
19.6
47.3
148.5
30.2
44.3
61.9
11 .3
88.1
15.6
61.6
38.4
38.5
65.0
13.3
4.7
(17.5)
39.7
(38.5)
(6.8)
89.4
31 .5
26.2
2.7
73.2
153.8
10.4
61 .4
45.6
24.5
12.0
(2.6)
134.0
0.5
35.3
84.0
(22.3)
131.4%
116.4
85.4
77.0
69.6
41.3
(38.0)
14.9
82.6
78.7
467.1
128.5
95.8
135.3
85.9
215.5
72.3
174.2
102.9
68.8
180.2
27.8
89.0
86.1
81.4
36.8
67.9
188.6
120.0
54.7
38.7
163.0
131.6
30.3
165.4
78.5
178.2
48 .9
6.7
163.8
65.6
94.9
148.6
34.5
44
-
-
NMinesS
Newmt
Novo
OvrhDr
PaineW
Pardyn
ParkPn
Pfizer
Redmn
RyanH
Sabine
SoRoy
StPacCp
Sunstat
TDK
TndyCft
Texlnst
Texlnt
ToyRU
Tymshr
UCblTV
Varian
Varo
Vulclnc
WlMrt
Weyerhr
Wyly
24X
16
18
25
22
16
18
17
23
16
18
25
21
22
19
16
16
23
18
18
16
18
16
25
21
20
25
Totals:
$ 7
32
39
9
19
27
11
44
12
15
31
19
4
5
31
10
88
9
26
16
20
39
7
10
27
24
10
1/2
3/8
7/8
1/8
1/4
1/4
7/8
3/4
3/4
7/8
1/8
5/8
3/8
7/8
5/8
7/8
3/4
1/2
3/4
1/8
1/4
3/8
$12
55
43
13
39
37
14
68
19
43
15
15
11
5
43
15
134
8
40
18
21
64
11
9
49
36
9
$1,459.375
Percentages:
1st 6-month
2nd 6-month
13-month
44.7%
26.5%
83.0%
* Adjusted for 2-for-1
** Adjusted for 3-for-2
• Adjusted for 3-for-1
~ Adjusted for 5-for-3
+ Adjusted for 5-for-4
-
split
split
split
split
split
3/4
7/8
1/2
1/2
1/2
1/2
7/8
5/8
7/8
1/4
1/8
7/8
5/8
1/2
3/8
5/8
3/4
5/8
3/4
1/2
7/8
1/4
$2,112.00
$25 7/8
59 3/8
65 3/4
17 7/8
43 1/2
24 3/8**
18
76 1/2*
17 3/4
33 3/4
22 7/8
19 1/2
15
7 1/2
43 5/8
15 1/8
116 1/4
7 3/4
66**
23 1/2
23 3/4
109 1/2*
18 3/8
9 1/8
78 3/4*
34 1/2
13 1/8
70.0%
69.9
10.0
47.9
105.2
37.6
22.1
23.5
53.9
176.4
(50.8)
(26.4)
156.8
4.7
36.5
53.8
5 '1. 9
(19.0)
52.3
9.1
4.2
65.5
57.1
5.0
83.0
47.7
(7.5)
$2,671.00
102.9%
8.0
49.9
32.4
10. 1
(35.0)
24.1
11 • 1
(9.6)
(23.1)
52.5
28.9
26.3
33.3
0.3
( 1.6)
(13.6)
(3.1)
62.0
30.6
9.8
69.1
67.0
(3.9)
57.9
(4.2 )
41.9
245.0%
83.4
64.9
95.9
126.0
(10.6)
51.8
37.2
39.2
112.6
(26.2)
2.0
224.3
39.5
36.9
51.3
31.2
(21.5)
146.7
42.4
14.5
179.9
162.5
(8.8)
189.0
41.6
31.3
45
-,
TABLE 9
PiE GROUP OVER 25
Company
AVX
AMD
Anlog
ArowE
Artra
Bausch
BayFin
Berkey
Callhn
CanalR
CastCk
Champln
CNWst
ChiMlw
ChiPnT
Clabir
DeltaAr
Dravo
ElMeMg
ERad
GCA
GemCa
GGth
GMot
Grumm
Gulton
Harnish
Homstk
LOF
LaPac
Marion
MarkC
Measrx
NVF
Nicolt
NorTI
OwenC
Peabody
Polarid
PopTal
Raymk
Skyline
SpectP
Teradyn
PiE
36X
38
34
49
30
29
33
85
71
30
40
27
74
47
30
69
57
26
206
318
138
65
28
45
29
32
29
32
48
325
33
57
36
44
80
38
37
46
51
56
38
35
90
38
8-1-82
$16
25
18
11
17
41
8
4
11
37
7
12
14
57
12
6
29
10
4
15
13
33
13
42
31
8
6
21
20
16
33
7
13
1
8
35
17
5
21
11
11
16
15
34
1/4
5/8
1/4
1/2
1/4
1/4
1/8
3/4
1/8
1/2
7/8
7/8
3/4
3/4
1/2
1/8
7/8
3/4
3/4
1/4
3/8
3/4
7/8
1/2
1/4
3/8
3/8
1/2
3/4
1/4
1/2
1/2
3/4
3/8
1/4
1/8
Price
12-31-82
$35 3/4
25 1/8
27 5/8
19 1/4
16 3/8
45 3/4
11 1/2
5 3/4
19 1/8
53 7/8
8 7/8
23 3/4
21 3/4
60
13 1/2
6 3/8
44
12 3/8
6 3/8
18 3/4
21 3/4
48 1/8
16 3/4
61 3/8
48 1/4
12 1/4
6 3/8
55 3/8
30
28 7/8
50 1/2
12 1/2
15 7/8
1 5/8
11 5/8
70
37 1/2
8 3/8
25 1/4
18 718
10 1/2
24
22
57*
8-31-83
$48
31
54
26
19
58
15
5
26
77
16
23
36
99
3/4
3/8**
5/8
3/8
1/8
5/8
1/2
17 3/4
11
33
12
8
7/8
7/8
7/8
1/4
21~
47
58 1/4
19
70 1/4
53 1/4*
17 1/4
8 1/2
72 1/2*
37 3/4
26 1/8
72 1/4*
15 1/8
31 3/8
2 5/8
18 1/4
121 1/834 3/8
13 3/8
26 1/8
26 7/8
1'/ 7/8
21 7/8
29
64*
% increase
or decrease
1
2
123.4%
(0.5)
48.3
71. 1
(3.8 )
10.2
39.4
35.3
71.9
42.7
24.6
90.0
46.2
3.7
12.5
(5.6)
47.9
17.9
54.5
18.1
58.2
45.8
28.8
43.6
(35.2)
46.3
(5.6)
153. 1
46.3
77.7
51.3
69.5
17.6
(7. 1 )
45.3
98.6
120.6
52.3
17.4
60.6
(7.7)
50.0
44.3
67.0
34.4%
26.4
96.8
38.3
18.3
26.8
31.5
(13.0)
39.2
42.9
80.3
( 1 .2)
65.5
59.1
31.5
86.3
23.0
4.0
29.4
12.0
116. 1
21.0
13.4
14.5
54.4
40.8
33.3
30.9
25.8
(9.5)
43.1
21 .0
97.6
61 .5
57.0
73.0
(8.3)
59.7
3.5
42.4
13. 1
(8.9)
31.8
12.4
3
200.0%
25.7
191.9
136.7
14.0
39.8
83.3
17.6
139.3
104.0
124.6
88.0
142.0
71 • 1
47.9
75.9
13.9
22.6
100.0
32.3
241.8
76.5
46.2
64.3
70.4
106.0
25.9
231.3
84.1
60.8
116.5
105.1
132.4
50.0
128. 1
243.6
102.2
237.5
21.5
128.7
4.4
36.7
90.2
87.5
46
TARlty
Trialnd
UNCRes
Un13rnd
UPkMn
WaltJm
Winnbg
52X
50
27
38
50
126
27
$ 7
11
5
7
2
21
6
3/4
1/8
1/4
1/2
3/8
$862.625
Totals:
$12
13
4
8
2
36
13
*
**
Adjusted
Adjusted
• Adjusted
e Adjusted
for
for
for
for
46.3%
30.6%
91.0%
2-for-1
3-for-2
3-for-1
5-for-3
3/4
3/4
5/8
3/4
1/4
$1,262.00
Percentages:
1st 6-month
2nd 6-month
13-month
1/4
split
split
split
split
$12
16
6
17
2
35
17
1/2
1/2
3/4
7/8
1/4
$1,648.00
58.1%
18.2
(7.3)
20.7
31.3
70.9
107.8
(2 • 0% ) 54. 8%
23.1
45.5
26.8
36.8
100.0 141.3
4.8
37.5
(2.3) 66.9
30.2 170.6
)
)
INDICATOR
DATA
MARKEl'
PRICE
PRICE
PRICE
8/1/82
12/31/82
8/31/83
$808.60
$1,046.54
$1,216.16
Dow Jones
Utility Average
103.22
119.46
129.53
Dow Jones
Transportation Average
308.75
448.38
548.58
Dow Jones
Catp)site
310.56
409.15
479.29
New York Stock
Exchange Catp:>site
61.51
81.03
94.89
Standard & Poor's
500 Index
107.09
140.64
164.40
1,099.699
1,451.588
1,734.145
INDICATOR
Dow Jones
Industrial Average
welshire Inde..x
5,000 Equity
TABLE
10
~
-.:J
)
SELECI'ED STOCKS
FOR PART 2
EST. 3-5 YR.
DESCRIPI'IOO
DIV
YIELD
EPS
PE
Arrerican Hane Products
$2.40
Arkla, Inc.
.92
City Investing Co.
1. 70
Crcmpton & Knowles Corp. 1.04
Enserch Corp.
1.60
Foote, Cone & Belding
2.20
Marsh & McClennan Co.
2.20
NL Industries, Inc.
1.00
Reynolds, R.J. Ind. Inc. 3.00
Robertson, H. H. Co.
1.60
Texas Gas Transmission
2.12
Tuscon Electric Pwr. Co. 1.92
United Energy Res. Inc.
2.32
west Coast Transmission 1.04
5.3%
5.0
6.2
6.2
8.2
5.4
5.3
5.4
6.0
5.9
7.7
8.1
9.2
9.1
$3.49
1.86
3.43
1.49
3.04
4.43
3.22
4.28
8.06
5.27
5.42
3.81
7.76
1.86
12X
9
7
10
6
9
12
4
6
4
4
6
3
5
MARKET
MARKET
12/31/82
12/31/83
$45
17
29
19
18
41
41
18
51
27
33
24
25
11
5/8
7/8
3/8
3/4
1/2
1/8
3/8
3/8
1/4
5/8
5/8
1/2
$49
22
37
23
22
48
49
15
60
46
47
38
24
12
5/8
1/8
5/8
1/2
1/4
1/2
3/4
3/4
3/4
3/4
7/8
1/8
ANNUAL GRCM'H
S&P
EPS
DIV
RATING
13.5%
18.0
13.0
11.5
17.0
14.0
12.5
13.5
11.5
11.0
11.0
12.0
14.0
14.5
13.0%
17 .0
20.0
10.0
14.5
10.5
13.0
17.5
12.5
18.0
12.0
14.5
15.5
12.0
A+
A+
B+
AA
A
A+
AA+
B+
A+
AAA
SOURCE: Feldman Securities Corporation
135 South LaSalle Street
Chicago, Illinois
TABLE
11
..p.
en
49
-
FOOTNOTES
1 Nicolas Darvas. Wall Street: The Other ve~as. Ace
Publishing Corporation, New York, N.Y. Copyright 964.
2 "Successful Investing and Money Management." Hume Financial
Education Services. Hume Publishing Inc. Copyright 1984. pg. 7.21.
1984.
3 David Dreman.
pg. 196.
"Why Not the Best?"
Forbes.
February 27,
4 Mass Mutual Corporation Annual Report 1983.
5 Harold M. Finley. "Economic Outlook: It's Affect on the
Security Market." Concepts in Financial Planning -- Elmhurst
National Bank. \vinter 1984.
6 "Successful Investing and Money Management."
pg. 7.22.
7 Norman G. Fosback. Stock Ivlarket Logic - A Sophisticated
Approach to Profits on Wall Street. The Institute for Economic
Research, Fort Lauaeraale, Florida. Copyright 1976. pg. 203.
-
-
8 Ibid.
pg. 201.
9 Ibid.
pgs. 275-276.
50
-
BIBLIOGRAPHY
Cobleigh, Ira U. and Bruce K. Dorfman. The Roaring '80s on
Wall street. MacMillan Publishing Co., New York.
CopyrIght 1981. 238 pgs.
Darvas, Nicolas. Wall street: The Other ve~as. Ace Publishing
Corporation, New York, N.Y. Copyrlgfit 964. 192 pgs.
Dreman, David.
New York.
Contrarian Investment strategy.
Copyright 1979. 302 pgs.
Dreman, David. "Why Not the Best?".
1984. pg.196.
Forbes.
Random House,
February 27,
Finley, Harold M. "Economic Outlook: It's Affect on the
Security Market." Concepts in Financial Planning -Elmhurst National Bank. Winter 1984.
Fosback, Norman G. Stock Market Logic - A Sophisticated Approach
to Profits on Wall Street. The Institute for Economic
Research, Fort Lauderdale, Florida. Copyright 1976.
372 pgs.
Mass Mutual Corporation Annual Report 1983.
"Successful Investing and l'-'!oney Management." Hume Financial
Education Services. Hume Publishing Inc. Copyright 1984.
pg. 7.21.
-