Hunters & Hunted
Currently, about 19% of the overall market has an elevated probability of being involved in some level of merger, acquisition or breakup activity. Half of the activity is expected in SmallCap alone, 10.1%, and the other half split between MidCap at 4.7% and LargeCap at 3.9%.
Figure 1 is a graphical representation of the MAB possible activity distributed across the three market capitalizations: Large, Mid and SmallCap. Smallcap has the highest level of possible activity spread well on both sides of acquiring (red, hunter) and being acquired (green, hunted) with a slight tilt to the acquiring side. LargeCap has a clear tilt to being acquired while MidCap is evenly spread between the two sides.
Figures 2, 3 and 4 further segment the market by market capitalization, sector and MAB score. In Figure 2, it can be visualized that the activity center is in Consumer Discretionary and heavily tilted to being acquired. Health Care and Information Technology have some moderate levels of activity on the acquiring side.
Consumer Discretionary high levels of being acquired is also evident in MidCap and is shared with moderate levels in Energy, and Health Care. MidCap acquiring activity is expected in Consumer Discretionary, Financials, Health Care, Industrials and Technology. The activity on both sides is broad in MidCap.
SmallCap shares the high level of being acquired in Consumer Discretionary with moderate levels in Industrials and Technology. Acquiring activity is the strongest in SmallCap and focused in two sectors: Financials and Health Care with secondary levels in Industrials, Technology and Materials. Figure 5 displays the segmentation that exists between Core, Market and Aspirational stocks. The majority of activity is expected to originate in the broadest category, Market with a tilt to the Aspirational side. Core classified companies appear to be fairly quite at the moment with a slight tilt to the Aspirational category.
The report table that follows is a listing of the Hunters and Hunted sorted first by sector, then by industry group. The next level of segmentation is according to the ranking of A++, A+, A-, and A–. only stocks scored as A++, A+, A- and A– are listed.
The MAB score is based on a simple premise; if companies have extremely high market relative valuation scores respective to their sector counterparts, they have a higher probability to be seeking acquisitions (Hunters). They will take advantage of the premium within their stock price and acquire other less relatively valued companies. Companies with valuations that are lower relative to their sector counterparts have a higher probability of being acquired (Hunted).
Consideration for inclusion on the list is totally based on the securities relative fair value position. There may be other valid reasons why a company would or would not be a likely merger candidate. The MAB score is a single measure that can assist in the final determination.
| Ticker | B/S | Name | Sector | Industry | MBA | Index |
| DLPH | B | Delphi Technologies PLC | Consumer Discretionary | Automobiles & Components | A++ | S&P400 |
| HOG | H | Harley-Davidson, Inc. | Consumer Discretionary | Automobiles & Components | A- | S&P500 |
| AXL | H | American Axle & Manufacturing | Consumer Discretionary | Automobiles & Components | A- | S&P600 |
| MPAA | H | Motorcar Parts Of America, Inc | Consumer Discretionary | Automobiles & Components | A- | S&P600 |
| DAN | H | Dana Incorporated | Consumer Discretionary | Automobiles & Components | A- | S&P400 |
| BWA | H | BorgWarner Inc. | Consumer Discretionary | Automobiles & Components | A- | S&P500 |
| GT | H | Goodyear Tire & Rubber | Consumer Discretionary | Automobiles & Components | A- | S&P500 |
| SUP | B | Superior Industries Int’l | Consumer Discretionary | Automobiles & Components | A– | S&P600 |
| CTB | B | Cooper Tire & Rubber Co. | Consumer Discretionary | Automobiles & Components | A– | S&P400 |
| F | B | Ford Motor Company | Consumer Discretionary | Automobiles & Components | A– | S&P500 |
| GM | H | General Motors Company | Consumer Discretionary | Automobiles & Components | A– | S&P500 |
| BLD | S | TopBuild Corp. | Consumer Discretionary | Consumer Durables & Apparel | A+ | S&P600 |
| UAA | B | Under Armour, Inc. Cl A | Consumer Discretionary | Consumer Durables & Apparel | A- | S&P500 |
| ETH | H | Ethan Allen Interiors, Inc. | Consumer Discretionary | Consumer Durables & Apparel | A- | S&P600 |
| MAT | BW | Mattel Inc. | Consumer Discretionary | Consumer Durables & Apparel | A- | S&P500 |
| HAS | H | Hasbro Inc. | Consumer Discretionary | Consumer Durables & Apparel | A- | S&P500 |
| TUP | H | Tupperware Brands Corp. | Consumer Discretionary | Consumer Durables & Apparel | A- | S&P400 |
| MDC | H | MDC Holdings Inc | Consumer Discretionary | Consumer Durables & Apparel | A- | S&P600 |
| WHR | H | Whirlpool Corporation | Consumer Discretionary | Consumer Durables & Apparel | A- | S&P500 |
| LEG | H | Leggett & Platt Inc. | Consumer Discretionary | Consumer Durables & Apparel | A- | S&P500 |
| FOSL | B | Fossil Group, Inc. | Consumer Discretionary | Consumer Durables & Apparel | A– | S&P600 |
| VSTO | B | Vista Outdoor Inc. | Consumer Discretionary | Consumer Durables & Apparel | A– | S&P600 |
| NWL | B | Newell Brands Inc | Consumer Discretionary | Consumer Durables & Apparel | A– | S&P500 |
| NLS | B | Nautilus, Inc. | Consumer Discretionary | Consumer Durables & Apparel | A– | S&P600 |
| HBI | B | Hanesbrands, Inc. | Consumer Discretionary | Consumer Durables & Apparel | A– | S&P500 |
| VRA | B | Vera Bradley, Inc. | Consumer Discretionary | Consumer Durables & Apparel | A– | S&P600 |
| TPX | BW | Tempur-Sealy International Inc | Consumer Discretionary | Consumer Durables & Apparel | A– | S&P400 |
| CECO | S | Career Education Corp | Consumer Discretionary | Consumer Services | A++ | S&P600 |
| APEI | S | American Public Education | Consumer Discretionary | Consumer Services | A++ | S&P600 |
| GHC | S | Graham Holdings Company | Consumer Discretionary | Consumer Services | A+ | S&P400 |
| ATGE | S | Adtalem Global Education Inc. | Consumer Discretionary | Consumer Services | A+ | S&P400 |
| SGMS | S | Scientific Games Corp. | Consumer Discretionary | Consumer Services | A+ | S&P400 |
| PZZA | B | Papa Johns Intl Inc. | Consumer Discretionary | Consumer Services | A- | S&P400 |
| SBUX | B | Starbucks Corporation | Consumer Discretionary | Consumer Services | A- | S&P500 |
| SONC | H | Sonic Corporation | Consumer Discretionary | Consumer Services | A- | S&P600 |
| CAKE | H | Cheesecake Factory Inc. | Consumer Discretionary | Consumer Services | A- | S&P400 |
| CHUY | H | Chuy’s Holdings, Inc. | Consumer Discretionary | Consumer Services | A- | S&P600 |
| LOCO | H | El Pollo Loco Holdings, Inc. | Consumer Discretionary | Consumer Services | A- | S&P600 |
| JACK | H | Jack in the Box Inc. | Consumer Discretionary | Consumer Services | A- | S&P400 |
| RCL | H | Royal Caribbean Cruises Ltd | Consumer Discretionary | Consumer Services | A- | S&P500 |
| FRGI | H | Fiesta Restaurant Group, Inc. | Consumer Discretionary | Consumer Services | A- | S&P600 |
| EAT | H | Brinker International | Consumer Discretionary | Consumer Services | A- | S&P400 |
| HRB | B | H&R Block Inc. | Consumer Discretionary | Consumer Services | A– | S&P500 |
| WWE | S | World Wrestling Entertainment | Consumer Discretionary | Media | A++ | S&P600 |
| AMCX | H | AMC Networks Inc. cl A | Consumer Discretionary | Media | A- | S&P400 |
| CBS | H | CBS Corp. cl B | Consumer Discretionary | Media | A- | S&P500 |
| CMCSA | H | Comcast cl A | Consumer Discretionary | Media | A- | S&P500 |
| SSP | H | E.W. Scripps Cl A | Consumer Discretionary | Media | A- | S&P600 |
| VIAB | H | Viacom Inc cl B | Consumer Discretionary | Media | A- | S&P500 |
| DISH | H | DISH Network Corp cl A | Consumer Discretionary | Media | A- | S&P500 |
| DISCK | H | Discovery Communications C | Consumer Discretionary | Media | A- | S&P500 |
| MDP | H | Meredith Corporation | Consumer Discretionary | Media | A- | S&P400 |
| CHTR | H | Charter Communications cl A | Consumer Discretionary | Media | A- | S&P500 |
| DISCA | H | Discovery, Inc | Consumer Discretionary | Media | A- | S&P500 |
| OMC | H | Omnicom Group Inc | Consumer Discretionary | Media | A- | S&P500 |
| SCHL | H | Scholastic Corporation | Consumer Discretionary | Media | A- | S&P600 |
| TWX | H | Time Warner Inc | Consumer Discretionary | Media | A- | S&P500 |
| TGNA | B | TEGNA Inc. | Consumer Discretionary | Media | A– | S&P400 |
| NWS | B | News Corporation Class B | Consumer Discretionary | Media | A– | S&P500 |
| GCI | BW | Gannett Co. Inc. | Consumer Discretionary | Media | A– | S&P600 |
| DIS | B | Walt Disney Company | Consumer Discretionary | Media | A– | S&P500 |
| POOL | S | Pool Corporation | Consumer Discretionary | Retailing | A++ | S&P400 |
| NFLX | S | Netflix Inc | Consumer Discretionary | Retailing | A+ | S&P500 |
| HVT | H | Haverty Furniture Cos. | Consumer Discretionary | Retailing | A- | S&P600 |
| TSCO | H | Tractor Supply Co. | Consumer Discretionary | Retailing | A- | S&P500 |
| DKS | B | Dicks Sporting Goods Inc | Consumer Discretionary | Retailing | A- | S&P400 |
| LAD | H | Lithia Motors Inc. | Consumer Discretionary | Retailing | A- | S&P600 |
| AAP | B | Advance Auto Parts Inc | Consumer Discretionary | Retailing | A- | S&P500 |
| WSM | B | Williams-Sonoma Inc. | Consumer Discretionary | Retailing | A- | S&P400 |
| HIBB | H | Hibbett Sports, Inc. | Consumer Discretionary | Retailing | A- | S&P600 |
| BIG | H | Big Lots Inc | Consumer Discretionary | Retailing | A- | S&P400 |
| LOW | H | Lowes Companies Inc. | Consumer Discretionary | Retailing | A- | S&P500 |
| GPC | H | Genuine Parts Company | Consumer Discretionary | Retailing | A- | S&P500 |
| SBH | H | Sally Beauty Holdings, Inc. | Consumer Discretionary | Retailing | A- | S&P400 |
| FTD | B | FTD Companies, Inc. | Consumer Discretionary | Retailing | A– | S&P600 |
| VSI | B | Vitamin Shoppe, Inc. | Consumer Discretionary | Retailing | A– | S&P600 |
| FRED | B | Fred’s Inc. | Consumer Discretionary | Retailing | A– | S&P600 |
| JCP | B | J.C. Penney Company Inc. | Consumer Discretionary | Retailing | A– | S&P600 |
| TTS | B | Tile Shop Holdings, Inc. | Consumer Discretionary | Retailing | A– | S&P600 |
| ODP | B | Office Depot Inc. | Consumer Discretionary | Retailing | A– | S&P400 |
| FRAN | B | Francesca’s Holdings Corp | Consumer Discretionary | Retailing | A– | S&P600 |
| ASNA | BW | Ascena Retail Group, Inc. | Consumer Discretionary | Retailing | A– | S&P600 |
| CORE | B | Core Mark Hldg Co. Inc. | Consumer Discretionary | Retailing | A– | S&P600 |
| BKS | B | Barnes & Noble Inc. | Consumer Discretionary | Retailing | A– | S&P600 |
| RCII | B | Rent-A-Center, Inc. | Consumer Discretionary | Retailing | A– | S&P600 |
| BBBY | B | Bed Bath & Beyond Inc | Consumer Discretionary | Retailing | A– | S&P400 |
| EXPR | B | Express, Inc. | Consumer Discretionary | Retailing | A– | S&P600 |
| CATO | B | Cato Corporation Cl A | Consumer Discretionary | Retailing | A– | S&P600 |
| GME | B | Gamestop Corp | Consumer Discretionary | Retailing | A– | S&P400 |
| SIG | B | Signet Jewelers Limited | Consumer Discretionary | Retailing | A– | S&P400 |
| FINL | B | Finish Line Inc. | Consumer Discretionary | Retailing | A– | S&P600 |
| BGFV | B | Big 5 Sporting Goods Corp | Consumer Discretionary | Retailing | A– | S&P600 |
| NTRI | BW | NutriSystem, Inc. | Consumer Discretionary | Retailing | A– | S&P600 |
| LB | B | L Brands, Inc. | Consumer Discretionary | Retailing | A– | S&P500 |
| BKE | B | Buckle Inc. | Consumer Discretionary | Retailing | A– | S&P600 |
| EXPE | B | Expedia, Inc. | Consumer Discretionary | Retailing | A– | S&P500 |
| BNED | B | Barnes & Noble Education, Inc. | Consumer Discretionary | Retailing | A– | S&P600 |
| FL | B | Foot Locker Inc | Consumer Discretionary | Retailing | A– | S&P500 |
| CVS | B | CVS Health Corporation | Consumer Staples | Food & Staples Retailing | A- | S&P500 |
| SPTN | B | SpartanNash Company | Consumer Staples | Food & Staples Retailing | A- | S&P600 |
| SVU | B | SUPERVALU, Inc. | Consumer Staples | Food & Staples Retailing | A– | S&P600 |
| CALM | S | Cal-Maine Foods Inc. | Consumer Staples | Food Beverage & Tobacco | A++ | S&P600 |
| DAR | S | Darling Ingredients Inc. | Consumer Staples | Food Beverage & Tobacco | A+ | S&P600 |
| SAFM | S | Sanderson Farms Inc. | Consumer Staples | Food Beverage & Tobacco | A+ | S&P400 |
| THS | B | TreeHouse Foods Inc | Consumer Staples | Food Beverage & Tobacco | A- | S&P400 |
| ENR | S | Energizer Holdings | Consumer Staples | Household & Personal Products | A++ | S&P400 |
| MED | S | Medifast, Inc. | Consumer Staples | Household & Personal Products | A++ | S&P600 |
| CNX | S | CNX Resources Corporation | Energy | Energy | A++ | S&P400 |
| CXO | S | Concho Resources Inc. | Energy | Energy | A++ | S&P500 |
| NE | S | Noble Corporation plc (UK) | Energy | Energy | A++ | S&P600 |
| BBG | S | Bill Barrett Corporation | Energy | Energy | A+ | S&P600 |
| OII | SW | Oceaneering International | Energy | Energy | A+ | S&P400 |
| CLD | S | Cloud Peak Energy Inc. | Energy | Energy | A+ | S&P600 |
| SM | BW | SM Energy Company | Energy | Energy | A- | S&P400 |
| INT | B | World Fuel Services Corp | Energy | Energy | A- | S&P400 |
| ERA | B | Era Group Inc. | Energy | Energy | A- | S&P600 |
| CPE | B | Callon Petroleum Co. | Energy | Energy | A– | S&P400 |
| CRR | B | Carbo Ceramics Inc. | Energy | Energy | A– | S&P600 |
| SWN | B | Southwestern Energy Co. | Energy | Energy | A– | S&P400 |
| RRC | B | Range Resources Corp | Energy | Energy | A– | S&P500 |
| MCF | H | Contango Oil & Gas Co | Energy | Energy | A– | Other |
| CHK | B | Chesapeake Energy Corp | Energy | Energy | A– | S&P400 |
| CRZO | B | Carrizo Oil & Gas Inc. | Energy | Energy | A– | S&P600 |
| LION | S | Fidelity Southern Corp | Financials | Banks | A++ | S&P600 |
| WABC | S | WestAmerica Bancorp. | Financials | Banks | A++ | S&P600 |
| STBA | S | S&T Bancorp Inc. | Financials | Banks | A++ | S&P600 |
| EWBC | S | East West Bancorp, Inc. | Financials | Banks | A++ | S&P400 |
| GBCI | S | Glacier Bancorp, Inc. | Financials | Banks | A++ | S&P600 |
| SIVB | S | SVB Financial Group | Financials | Banks | A++ | S&P500 |
| FFIN | S | First Financial Bankshares | Financials | Banks | A++ | S&P600 |
| INDB | S | Independent Bank MA | Financials | Banks | A++ | S&P600 |
| BOFI | S | Bofl Holding, Inc. | Financials | Banks | A+ | S&P600 |
| HBAN | S | Huntington Bancshares, Inc. | Financials | Banks | A+ | S&P500 |
| FULT | S | Fulton Financial Corp | Financials | Banks | A+ | S&P400 |
| IBOC | S | International Bancshares | Financials | Banks | A+ | S&P400 |
| BRKL | S | Brookline Bancorp, Inc. | Financials | Banks | A+ | S&P600 |
| ENVA | S | Enova International, Inc. | Financials | Diversified Financials | A++ | S&P600 |
| GDOT | S | Green Dot Corp cl A | Financials | Diversified Financials | A++ | S&P600 |
| EZPW | S | EZCORP Inc | Financials | Diversified Financials | A++ | S&P600 |
| WRLD | S | World Acceptance Corp | Financials | Diversified Financials | A++ | S&P600 |
| ETFC | S | E*TRADE Financial Corp | Financials | Diversified Financials | A+ | S&P500 |
| WETF | B | WisdomTree Investments | Financials | Diversified Financials | A– | S&P600 |
| PGR | SW | Progressive Corp. | Financials | Insurance | A+ | S&P500 |
| KMPR | S | Kemper Corp | Financials | Insurance | A+ | S&P400 |
| GNW | B | Genworth Financial Inc | Financials | Insurance | A- | S&P400 |
| MHLD | B | Maiden Holdings Ltd. | Financials | Insurance | A– | S&P600 |
| UIHC | B | United Insurance Hldgs Corp | Financials | Insurance | A– | S&P600 |
| IDXX | S | Idexx Laboratories, Inc. | Health Care | Health Care Equipment & Services | A++ | S&P500 |
| EW | S | Edwards Lifesciences Corp. | Health Care | Health Care Equipment & Services | A++ | S&P500 |
| MGLN | S | Magellan Health, Inc. | Health Care | Health Care Equipment & Services | A++ | S&P600 |
| AMN | S | AMN Healthcare Services | Health Care | Health Care Equipment & Services | A++ | S&P600 |
| ABMD | S | Abiomed Inc. | Health Care | Health Care Equipment & Services | A++ | S&P400 |
| TCMD | SW | Tactile Systems Technology Inc | Health Care | Health Care Equipment & Services | A++ | S&P600 |
| ITGR | S | Integer Holdings Corporation | Health Care | Health Care Equipment & Services | A++ | S&P600 |
| STE | S | Steris PLC | Health Care | Health Care Equipment & Services | A++ | S&P400 |
| GMED | S | Globus Medical, Inc. | Health Care | Health Care Equipment & Services | A++ | S&P400 |
| SRDX | S | Surmodics, Inc. | Health Care | Health Care Equipment & Services | A++ | S&P600 |
| INGN | S | Inogen, Inc | Health Care | Health Care Equipment & Services | A++ | S&P600 |
| ALGN | S | Align Technology Inc | Health Care | Health Care Equipment & Services | A++ | S&P500 |
| HAE | S | Haemonetics Corporation | Health Care | Health Care Equipment & Services | A++ | S&P600 |
| VAR | S | Varian Medical Systems Inc. | Health Care | Health Care Equipment & Services | A+ | S&P500 |
| OFIX | S | Orthofix Intl N.V. | Health Care | Health Care Equipment & Services | A+ | S&P600 |
| MMSI | S | Merit Medical Systems, Inc. | Health Care | Health Care Equipment & Services | A+ | S&P600 |
| AMED | S | Amedisys Inc. | Health Care | Health Care Equipment & Services | A+ | S&P600 |
| BEAT | S | BioTelemetry, Inc. | Health Care | Health Care Equipment & Services | A+ | S&P600 |
| TVTY | S | Tivity Health, Inc. | Health Care | Health Care Equipment & Services | A+ | S&P600 |
| MCK | B | McKesson Corp | Health Care | Health Care Equipment & Services | A- | S&P500 |
| CYH | B | Community Health Systems | Health Care | Health Care Equipment & Services | A– | S&P600 |
| ACET | B | Aceto Corporation | Health Care | Health Care Equipment & Services | A– | S&P600 |
| PDCO | B | Patterson Companies Inc | Health Care | Health Care Equipment & Services | A– | S&P400 |
| OMI | B | Owens & Minor Inc. | Health Care | Health Care Equipment & Services | A– | S&P600 |
| ACHC | B | Acadia Healthcare Company Inc | Health Care | Health Care Equipment & Services | A– | S&P400 |
| LGND | S | Ligand Pharmaceuticals | Health Care | Pharmaceuticals & Biotechnology | A++ | S&P600 |
| SPPI | S | Spectrum Pharmaceuticals | Health Care | Pharmaceuticals & Biotechnology | A++ | S&P600 |
| ENTA | S | Enanta Pharmaceuticals, Inc. | Health Care | Pharmaceuticals & Biotechnology | A++ | S&P600 |
| NKTR | S | Nektar Therapeutics | Health Care | Pharmaceuticals & Biotechnology | A++ | S&P500 |
| EBS | S | Emergent Biosolutions, Inc. | Health Care | Pharmaceuticals & Biotechnology | A+ | S&P600 |
| MDCO | SW | Medicines Co (The) | Health Care | Pharmaceuticals & Biotechnology | A+ | S&P600 |
| WAT | S | Waters Corporation | Health Care | Pharmaceuticals & Biotechnology | A+ | S&P500 |
| MTD | S | Mettler-Toledo Intl | Health Care | Pharmaceuticals & Biotechnology | A+ | S&P500 |
| PGNX | SW | Progenics Pharmaceuticals | Health Care | Pharmaceuticals & Biotechnology | A+ | S&P600 |
| BIO | S | Bio-Rad Laboratories Cl A | Health Care | Pharmaceuticals & Biotechnology | A+ | S&P400 |
| PAHC | S | Phibro Animal Health Corp CL A | Health Care | Pharmaceuticals & Biotechnology | A+ | S&P600 |
| AKRX | B | Akorn, Inc. | Health Care | Pharmaceuticals & Biotechnology | A- | S&P400 |
| AGN | B | Allergan plc. | Health Care | Pharmaceuticals & Biotechnology | A- | S&P500 |
| PBH | B | Prestige Brands Holdings Inc | Health Care | Pharmaceuticals & Biotechnology | A- | S&P400 |
| EGRX | B | Eagle Pharmaceuticals, Inc. | Health Care | Pharmaceuticals & Biotechnology | A- | S&P600 |
| REGN | B | Regeneron Pharmaceuticals | Health Care | Pharmaceuticals & Biotechnology | A- | S&P500 |
| MNK | B | Mallinckrodt plc. | Health Care | Pharmaceuticals & Biotechnology | A– | S&P400 |
| DEPO | B | DepoMed Inc | Health Care | Pharmaceuticals & Biotechnology | A– | S&P600 |
| LCI | B | Lannett Company | Health Care | Pharmaceuticals & Biotechnology | A– | S&P600 |
| ENDP | B | Endo International plc | Health Care | Pharmaceuticals & Biotechnology | A– | S&P400 |
| SPXC | S | SPX Corporation | Industrials | Capital Goods | A++ | S&P600 |
| FLOW | S | SPX FLOW, Inc. | Industrials | Capital Goods | A++ | S&P600 |
| NDSN | S | Nordson Corporation | Industrials | Capital Goods | A++ | S&P400 |
| HII | S | Huntington Ingalls Industries | Industrials | Capital Goods | A++ | S&P500 |
| VICR | S | Vicor Corporation | Industrials | Capital Goods | A++ | S&P600 |
| GATX | S | GATX Corporation | Industrials | Capital Goods | A++ | S&P400 |
| GTLS | S | Chart Industries, Inc. | Industrials | Capital Goods | A++ | S&P600 |
| AAXN | S | Axon Enterprise, Inc. | Industrials | Capital Goods | A+ | S&P600 |
| BGC | S | General Cable Corp. | Industrials | Capital Goods | A+ | S&P600 |
| PRLB | S | Proto Labs, Inc. | Industrials | Capital Goods | A+ | S&P600 |
| CAT | S | Caterpillar Inc | Industrials | Capital Goods | A+ | S&P500 |
| HSC | S | Harsco Corporation | Industrials | Capital Goods | A+ | S&P600 |
| TDY | S | Teledyne Technologies Inc. | Industrials | Capital Goods | A+ | S&P400 |
| KLXI | S | KLX Inc. | Industrials | Capital Goods | A+ | S&P400 |
| TGI | B | Triumph Group Inc. | Industrials | Capital Goods | A- | S&P600 |
| NX | B | Quanex Building Products | Industrials | Capital Goods | A- | S&P600 |
| TTC | B | Toro Company | Industrials | Capital Goods | A- | S&P400 |
| GFF | B | Griffon Corp | Industrials | Capital Goods | A- | S&P600 |
| ESE | B | Esco Technologies Inc | Industrials | Capital Goods | A– | S&P600 |
| UFPI | B | Universal Forest Products | Industrials | Capital Goods | A– | S&P600 |
| GE | B | General Electric Company | Industrials | Capital Goods | A– | S&P500 |
| AYI | B | Acuity Brands, Inc. | Industrials | Capital Goods | A– | S&P500 |
| ASGN | S | On Assignment Inc. | Industrials | Commercial & Professional Services | A++ | S&P600 |
| CTAS | S | Cintas Corporation | Industrials | Commercial & Professional Services | A++ | S&P500 |
| VRSK | S | Verisk Analytics, Inc. | Industrials | Commercial & Professional Services | A+ | S&P500 |
| CPRT | S | Copart, Inc. (DE) | Industrials | Commercial & Professional Services | A+ | S&P400 |
| HSII | B | Heidrick & Struggles | Industrials | Commercial & Professional Services | A- | S&P600 |
| RRD | B | R.R. Donnelley & Sons | Industrials | Commercial & Professional Services | A- | S&P600 |
| ESND | B | Essendant Inc. | Industrials | Commercial & Professional Services | A– | S&P600 |
| TISI | B | Team Inc. | Industrials | Commercial & Professional Services | A– | S&P600 |
| KNX | S | Knight-Swift Trnsptn Hldgs Inc | Industrials | Transportation | A++ | S&P400 |
| CAR | S | Avis Budget Group, Inc. | Industrials | Transportation | A++ | S&P400 |
| SKYW | S | SkyWest Inc. | Industrials | Transportation | A+ | S&P600 |
| MRTN | S | Marten Transport, Ltd. | Industrials | Transportation | A+ | S&P600 |
| AAWW | S | Atlas Air Worldwide | Industrials | Transportation | A+ | S&P600 |
| HA | B | Hawaiian Holdings Inc. | Industrials | Transportation | A- | S&P600 |
| ALK | B | Alaska Air Group Inc | Industrials | Transportation | A- | S&P500 |
| RRTS | B | Roadrunner Trans. Sys. | Industrials | Transportation | A– | S&P600 |
| AMD | S | Advanced Micro Devices | Information Technology | Semiconductors and Semiconductor Equipment | A++ | S&P500 |
| KLIC | S | Kulicke & Soffa Industries | Information Technology | Semiconductors and Semiconductor Equipment | A++ | S&P600 |
| FSLR | S | First Solar, Inc. | Information Technology | Semiconductors and Semiconductor Equipment | A++ | S&P400 |
| SEDG | S | SolarEdge Technologies, Inc. | Information Technology | Semiconductors and Semiconductor Equipment | A++ | S&P600 |
| MU | S | Micron Technology Inc | Information Technology | Semiconductors and Semiconductor Equipment | A++ | S&P500 |
| TER | S | Teradyne Inc. | Information Technology | Semiconductors and Semiconductor Equipment | A+ | S&P400 |
| MSCC | S | Microsemi Corporation | Information Technology | Semiconductors and Semiconductor Equipment | A+ | S&P400 |
| XPER | B | Xperi Corporation | Information Technology | Semiconductors and Semiconductor Equipment | A- | S&P600 |
| WEX | S | WEX Inc. | Information Technology | Software & Services | A++ | S&P400 |
| ADSK | S | Autodesk Inc. | Information Technology | Software & Services | A++ | S&P500 |
| DXC | S | DXC Technology | Information Technology | Software & Services | A++ | S&P500 |
| QNST | S | QuinStreet, Inc. | Information Technology | Software & Services | A++ | S&P600 |
| RHT | S | Red Hat, Inc. | Information Technology | Software & Services | A+ | S&P500 |
| AKAM | S | Akamai Technologies Inc. | Information Technology | Software & Services | A+ | S&P500 |
| EPAY | S | Bottomline Technologies | Information Technology | Software & Services | A+ | S&P600 |
| FTNT | S | Fortinet, Inc. | Information Technology | Software & Services | A+ | S&P400 |
| PYPL | S | PayPal Holdings, Inc. | Information Technology | Software & Services | A+ | S&P500 |
| FICO | S | Fair Isaac Corp | Information Technology | Software & Services | A+ | S&P400 |
| BCOR | S | Blucora, Inc. | Information Technology | Software & Services | A+ | S&P600 |
| SNPS | S | Synopsys Inc. | Information Technology | Software & Services | A+ | S&P500 |
| VRSN | S | VeriSign Inc | Information Technology | Software & Services | A+ | S&P500 |
| ANSS | S | Ansys Incorporated | Information Technology | Software & Services | A+ | S&P500 |
| TDC | S | Teradata Corp | Information Technology | Software & Services | A+ | S&P400 |
| QLYS | S | Qualys, Inc. | Information Technology | Software & Services | A+ | S&P600 |
| CVLT | S | CommVault Systems, Inc. | Information Technology | Software & Services | A+ | S&P400 |
| CATM | B | Cardtronics plc Cl A | Information Technology | Software & Services | A- | S&P600 |
| DHX | B | DHI Group, Inc. | Information Technology | Software & Services | A– | S&P600 |
| SNCR | B | Synchronoss Technologies | Information Technology | Software & Services | A– | S&P600 |
| EGHT | B | 8×8 Inc. | Information Technology | Software & Services | A– | S&P600 |
| MEI | S | Methode Electronics Inc | Information Technology | Technology Hardware & Equipment | A++ | S&P600 |
| BHE | S | Benchmark Electronics, Inc. | Information Technology | Technology Hardware & Equipment | A++ | S&P600 |
| FARO | S | Faro Technologies Inc | Information Technology | Technology Hardware & Equipment | A++ | S&P600 |
| ESIO | S | Electro Scientific Industries | Information Technology | Technology Hardware & Equipment | A++ | S&P600 |
| IIVI | S | II-VI Inc. | Information Technology | Technology Hardware & Equipment | A+ | S&P600 |
| ROG | S | Rogers Corporation | Information Technology | Technology Hardware & Equipment | A+ | S&P600 |
| CMTL | S | Comtech Telecommunications | Information Technology | Technology Hardware & Equipment | A+ | S&P600 |
| PLXS | S | Plexus Corp. | Information Technology | Technology Hardware & Equipment | A+ | S&P600 |
| ZBRA | SW | Zebra Technologies Corp | Information Technology | Technology Hardware & Equipment | A+ | S&P400 |
| IPGP | S | IPG Photonics Corporation | Information Technology | Technology Hardware & Equipment | A+ | S&P500 |
| DBD | B | Diebold Incorporated | Information Technology | Technology Hardware & Equipment | A- | S&P400 |
| FNSR | BW | Finisar Corporation | Information Technology | Technology Hardware & Equipment | A- | S&P600 |
| AAOI | B | Applied Optoelectronics, Inc. | Information Technology | Technology Hardware & Equipment | A– | S&P600 |
| NTCT | B | Netscout Systems Inc | Information Technology | Technology Hardware & Equipment | A– | S&P400 |
| CC | S | Chemours Company | Materials | Materials | A++ | S&P400 |
| X | S | United States Steel Corp | Materials | Materials | A++ | S&P400 |
| AVD | S | American Vanguard Corp | Materials | Materials | A++ | S&P600 |
| CENX | S | Century Aluminum Co. | Materials | Materials | A++ | S&P600 |
| FCX | S | Freeport-McMoRan Inc. | Materials | Materials | A++ | S&P500 |
| ASIX | S | AdvanSix Inc. | Materials | Materials | A++ | S&P600 |
| KOP | S | Koppers Holdings Inc. | Materials | Materials | A+ | S&P600 |
| NGVT | S | Ingevity Corp | Materials | Materials | A+ | S&P600 |
| SWM | S | Schweitzer-Mauduit Int’l Inc. | Materials | Materials | A+ | S&P600 |
| TMST | S | TimkenSteel Corporation | Materials | Materials | A+ | S&P600 |
| MYE | SW | Myers Industries, Inc. | Materials | Materials | A+ | S&P600 |
| MTRN | S | Materion Corporation | Materials | Materials | A+ | S&P600 |
| SON | S | Sonoco Products Co | Materials | Materials | A+ | S&P400 |
| KRA | S | Kraton Corporation | Materials | Materials | A+ | S&P600 |
| LXU | B | LSB Industries Inc | Materials | Materials | A– | S&P600 |
| FTK | B | Flotek Industries Inc | Materials | Materials | A– | S&P600 |
| VG | S | Vonage Holdings Corp. | Telecommunication Services | Telecommunication Services | A++ | S&P600 |
| IRDM | S | Iridium Communications Inc | Telecommunication Services | Telecommunication Services | A++ | S&P600 |
| ATNI | H | ATN International, Inc. | Telecommunication Services | Telecommunication Services | A+ | S&P600 |
| CNSL | B | Consolidated Comm Hldgs | Telecommunication Services | Telecommunication Services | A- | S&P600 |
| PNM | S | PNM Resources, Inc. | Utilities | Utilities | A++ | S&P400 |
| SR | S | Spire Inc. | Utilities | Utilities | A+ | S&P600 |
| NRG | S | NRG Energy Inc | Utilities | Utilities | A+ | S&P500 |
| SCG | B | Scana Corporation | Utilities | Utilities | A- | S&P500 |