EnPro re-initiated with a Buy at Sidoti » 15:0104/0704/07/21
Sidoti re-initiated coverage of EnPro with a Buy rating and $111 price target.
Watts Water files automatic mixed securities shelf 11:1604/0504/05/21
|Over a week ago|
Franklin Electric acquires Puronics in an all-cash transaction » 15:0104/0104/01/21
Franklin Electric Co.…
Franklin Electric Co. announced that it has acquired Puronics and its wholly owned subsidiaries, headquartered in Livermore, California, in an all-cash transaction. Puronics is a residential and commercial water treatment products and services provider operating four company owned service centers and serving approximately 133 independent water quality dealers with approximately 260 locations in 31 states. Puronics' consolidated annual sales are approximately $24M.
Ametek price target raised to $140 from $131 at KeyBanc » 08:0504/0104/01/21
KeyBanc analyst Steve…
KeyBanc analyst Steve Barger raised the firm's price target on Ametek to $140 from $131 and keeps an Overweight rating on the shares. The analyst cites the company's recent acquisitions.
Flowserve shares to outperform as Covid overhang abates, says Citi » 06:4604/0104/01/21
After hosting management…
After hosting management for meetings, Citi analyst Andrew Kaplowitz believes the "COVID overhang" on Flowserve should "slowly abate." Further, the company's positioning in energy transition is underappreciated, Kaplowitz tells investors in a research note. As such, the analyst sees opportunity for Flowserve shares to outperform and he keeps a Buy rating on the name with a $40 price target.
Consolidated Water reports FY20 EPS 56c, two estimates 36c » 18:1403/3103/31/21
Reports FY20 revenue…
Reports FY20 revenue $72.6M, two estimates $76.25M. CEO Rick McTaggert says: "In 2020 we increased total revenue by 6% to a record $72.6 million, generated net income of $8.6 million and paid $5.1 million in dividends - all despite the unprecedented challenges caused by the global pandemic. Our services segment, led by our PERC Water subsidiary, performed well during economic weakness in its marketplace. We expect PERC's strong performance, including the expansion of its recurring revenue stream from operating and maintenance contracts, to continue in 2021. We are currently in discussions with existing and potential clients in California that are seeking cost-effective solutions to their wastewater treatment and potable water challenges. We believe that the pandemic has adversely effected the finances of many communities across our service areas and they are increasingly looking for innovative public-private partnership arrangements to address their water challenges. PERC's excellent reputation and strong track record of successfully delivering projects through a wide range of project delivery models, including public-private partnerships, is very attractive to resource-conscious municipalities and private operators. We believe conditions in the design-build market are also improving and that project activity will increase significantly in 2021, which should prove quite positive for our PERC business. PERC's potential clients include golf clubs in California that are seeking to replace expensive potable water with sustainable reclaimed wastewater for irrigating landscaping and courses. We believe that PERC's award-winning water reuse plant designs provide a competitive advantage in this niche market."
Fly Intel: Top five analyst initiations » 09:5403/3103/31/21
ZM, LAC, XYL, BMI, BMBL
Catch up on today's…
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Zoom Video (ZM) initiated with a Sell at Daiwa. 2. Lithium Americas (LAC) initiated with a Buy at B. Riley Securities. 3. Xylem (XYL) initiated with an Overweight at Morgan Stanley. 4. Badger Meter (BMI) initiated with an Underweight at Morgan Stanley. 5. Bumble (BMBL) initiated with a Hold at Loop Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
Graco initiated with an Equal Weight at Morgan Stanley » 06:4603/3103/31/21
Morgan Stanley analyst…
Morgan Stanley analyst Connor Lynagh initiated coverage of Graco with an Equal Weight rating and $75 price target as he launched coverage on the Industrial Equipment and Technology group with an In-Line industry view with a preference for companies with a "more significant top-line tailwind," either from reopening, underlying cyclicality, or both. He views Graco as "a high quality, relatively diversified company," but has some longer-term concerns about when its Contractor business might normalize to lower levels, Lynagh tells investors.
Badger Meter initiated with an Underweight at Morgan Stanley » 06:4303/3103/31/21
Morgan Stanley analyst…
Morgan Stanley analyst Connor Lynagh initiated coverage of Badger Meter with an Underweight rating and $95 price target as he launched coverage on the Industrial Equipment and Technology group with an In-Line industry view with a preference for companies with a "more significant top-line tailwind," either from reopening, underlying cyclicality, or both. For Badger, its U.S. water metering business is capitalized at a multiple that he thinks discounts "a scenario far above BMI's realistic growth potential," the analyst tells investors.
Danaher, Fortive interested in joint bid for Renishaw, Bloomberg reports » 14:2703/2603/26/21
DHR, RNSHF, HXGBY, FTV, AME, MTD, KYCCF, SBGSY
British engineering firm…
British engineering firm Renishaw (RNSHF), which is exploring a sale, has attracted initial interest from Danaher (DHR) and Hexagon AB (HXGBY), Aaron Kirchfeld and Dinesh Nair of Bloomberg report, citing people familiar with the matter. Danaher is considering teaming up with Fortive (FTV) to bid for Renishaw and then split up the business, sources told Bloomberg. Renishaw may also approach rivals such as Ametek (AME), Mettler-Toledo (MTD), Japan's Keyence (KYCCF) and France's Schneider Electric (SBGSY), the sources added. A small number of private equity firms have separately shown interest, the people told Bloomberg.