John Rogers (Trades, Portfolio), a value investor and founder of Ariel Investment, LLC, was quite active in the third quarter, adding positions in four companies to his portfolio and expanding his holdings in 30 others. He also sold his holdings in six companies and reduced his stakes in 22.
Rogers has focused his investment choices on small and medium-sized companies whose share prices are undervalued. He believes that patience, independent thinking and a long-term outlook are essential to achieving good returns.
New buys
Rogers added Hanger Inc (HGR, Financial), Altera Corp (ALTR, Financial), Schlumberger NV (SLB, Financial) and American Express Co (AXP, Financial) to his portfolio in the third quarter. The acquisition of 161,420 shares of Hanger Inc., an Austin, Texas-based provider of prosthetic and orthotic patient care services, had the greatest impact on his portfolio (0.04%).
Adds to portfolio
Rogers increased his stakes in the following companies in his portfolio: Kennemetal Inc (KMT, Financial), Bristow Group Inc (BRS, Financial), Sothebys (BID, Financial), Laboratory Corp of America Hldgs (LH, Financial), Zimmer Holdings Inc (ZMH, Financial), MTS Systems Corp (MTSC, Financial), Contango Oil & Gas Co (MCF, Financial), First American Financial Corp (FAF, Financial), JM Smucker Co (SJM), Brady Corp (BRC), Simpson Manufacturing (SSD), Anixter International Inc (AXE), Bio-Rad Laboratories Inc (BIO), Blount International Inc (BLT), Century Casinos Inc (CNTY), International Speedway Corp (ISCA), Furmanite Corp (FRM), Erickson Inc (EAC), Rubicon Technology Inc (RBCN), Nokia Oyj (NOK), Oracle Corporation (ORCL), Core Laboratories NV (CLB), Qumu Corp (QUMU), Bed Bath & Beyond Inc (BBBY), Pier 1 Imports Inc (PIR), Southern Co (SO), Rockwell Collins Inc (COL), Banco Santander Chile (BSAC), Gulf Island Fabrication Inc (GIFI) and Ansys Inc (ANSS).
The purchase of 2,520,746 shares of Kennemetal, a Latrobe, Pennsylvania-based supplier of tooling and industrial materials, brought his total holdings to 3,938,655 shares and had a 1.34% impact on Rogers’ portfolio.
On two occasions, Rogers bought stock in Bristow Group, a Houston, Texas-based provider of offshore helicopter services, during the quarter. His August purchase had an impact of 0.58% on his portfolio; his September purchase had a 0.87% impact on his portfolio. Those purchases elevated his stake in Bristow to 4,074,155 shares.
He also invested in Rubicon, a private shareholding company based in Amman, Jordan, twice during the quarter. His August purchase had a 0.06% impact on his portfolio, and his September purchase had a 0.05% impact on his portfolio.
Sells and reductions
Rogers sold all of his holdings in Seventy Seven Energy Inc (SSE), Symmetry Medical Inc (SMA), Bolt Technology Corp (BOLT), Aware Inc (AWRE), FormFactor Inc (FORM) and CH Robinson Worldwide Inc (CHRW). He reduced his holdings in Autoliv Inc (ALV), International Game Technology (IGT), Bally Technologies Inc (BYI), Janus Capital Group Inc (JNS), Interpublic Group of Companies Inc (IPG), Hospira Inc (HSP), US Silica Holdings Inc (SLCA), Jones Lang LaSalle Inc (JLL), Gannett Co Inc (GCI), CBRE Group Inc (CBG), Lazard Ltd (LAZ), Fair Isaac Corp (FICO), Coach Inc (COH), Landec Corp (LNDC), Praxair Inc (PX), NVIDIA Corp (NVDA), Vanguard Total World Stock Idx Fd (VT), ARC Document Solutions (ARC), Vanguard MSCI Emerging Markets ETF (VWO), British American Tobacco PLC (BTI), HSBC Holdings PLC (HSBC) and Vanguard MSCI Pacific ETF (VPL).
The sale of 221,065 shares of his stock in International Game Technology represented a -2.46% impact on his portfolio. Selling 283,771 shares of Bally Technologies had a 1.17% impact on his portfolio.
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