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RPM

RPM

$64.44

0.52 (0.81%)

10:07
08/20/18
08/20
10:07
08/20/18
10:07

RPM up in early trading after eliminating 'poison pill' provision

In a regulatory filing after the close on Friday, RPM International reported that on August 17 the company and Equiniti Trust Company, as rights agent, entered into an amendment the accelerated the expiration of the rights to purchase common stock under the company's rights agreement from May 11, 2019 to August 17, 2018. This had the effect of terminating the rights agreement on that date, the company noted. A rights agreement, which is used as an anti-takeover strategy in anticipation of a hostile takeover attempt, is often referred to as a "poison pill." In early trading, RPM International shares are up 97c, or 1.5%, to $64.90.

RPM RPM
$64.44

0.52 (0.81%)

07/23/18
MSCO
07/23/18
NO CHANGE
Target $70
MSCO
Overweight
RPM price target raised to $70 from $60 at Morgan Stanley
Morgan Stanley analyst Vincent Andrews raised his price target on RPM shares to $70 from $60 after company management acknowledged that the addition of Elliott as a shareholder has opened up further margin opportunities that it hadn't previously considered. A reduction of working capital, combined with margin expansion, could double RPM's free cash flow conversion by 2021 and he believes the company should favor repurchasing stock over M&A during its cost structure and cash conversion transformation, he tells investors. Andrews reiterates an Overweight rating on RPM shares.
07/20/18
NRCS
07/20/18
DOWNGRADE
NRCS
Neutral
RPM downgraded to Neutral on valuation at Northcoast
Northcoast analyst Kevin Hocevar downgraded RPM to Neutral from Buy citing valuation following the recent run in shares.
07/18/18
BOFA
07/18/18
UPGRADE
Target $70
BOFA
Buy
RPM upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill analyst Steve Byrne upgraded RPM to Buy from Neutral and raised its price target to $70 from $56. The analyst sees significant self-help opportunities, combined with Elliott's involvement, to improve cost and revenue synergies from managing its collection of bolt-on acquisitions.
07/17/18
GHSC
07/17/18
DOWNGRADE
GHSC
Neutral
RPM downgraded to Neutral on valuation at Seaport Global
Seaport Global analyst Michael Harrison downgraded RPM to Neutral from Buy citing valuation and maintained a $58 price target.

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