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John Rogers of Ariel Fund Reduces 4 Positions

GuruFocus.com

- By Holly LaFon

John Rogers (Trades, Portfolio), head of Ariel Investments, has trimmed four portfolio positions exceeding 5% of outstanding shares, he reported this week.


The group Rogers shank represents only a fraction of his $8.5 billion equity portfolios, which list 188 holdings. Two of the companies trimmed were AstroNova Inc. (ALOT) and Rosetta Stone Inc. (RST).

For the first company, AstroNova Inc., Rogers sold 153,149 shares, representing 23.86% of his holding. On the date of the sale, March 31, the company had a share price of $15.25. The price has fallen to $14 since then and remains down 1.75% for the year to date.

Microcap AstronNova specializes in data visualization technology for companies including the aerospace industry. In the first quarter, AstroNova revenue grew 1.4% year over year to $24.5 million, with 19% rise in international revenue. The company's earnings were $0.5 million, or 7 cents per share, compared to $1 million, or 14 cents per share in the comparable period a year ago. It had $23.8 million in cash at the end of the quarter, a decline from $24.8 million at the end of fiscal 2017.

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AstroNova also repurchased 826,305 shares of common stock during the quarter, at a cost of $11.2 million, using cash on hand.

Rogers removed 17.36% of the second holding, Rosetta Stone, selling 758,757 shares and retaining 3,612,437, or 16.3% of the company. On the date of the sale, May 31, the company's share price registered $11.87, and it has gained 18.2% year to date to almost a three-year peak.

Rosetta Stone is a digital language learning and literacy education company. In the first quarter, the company had $47.7 million in revenue, a 1% decline from the comparable quarter the previous year. It also posted earnings of $0.5 million, or 2 cents per diluted share, compared to a $7.5 million loss, or 34 cents loss per share, in the same quarter the previous year. Rosetta Stone's cash totaled $39.7 million, a $3.5 million increase from the end of 2016.

See more of John Rogers (Trades, Portfolio)' buys and sells at his portfolio here.

This article first appeared on GuruFocus.