PI 400 -- M&A Activity - Acquisitions Yield To Slow Economy

Consolidated Graphics (CGX) owns 63 companies and has a superb income statement and balance sheet. CGX has missed the Wall Street analysts' consensus earnings estimates for a few quarters, but its stock appreciation for the past 12 months is ranked third on the PI/Compass 28 Stock Report with stock price appreciation of 45.3 percent for the past 52 weeks. Despite its recent stock performance, CGX is still priced about $6 per share below its book value of $22 per share. Theoretically, this means CGX management could liquidate the assets, pay off the liabilities and send the shareholders $22 per share.