Valmont Industries Given Buy Rating at DA Davidson (VMI)
Valmont Industries (NYSE:VMI)‘s stock had its “buy” rating reaffirmed by equities research analysts at DA Davidson in a research note issued to investors on Monday, Stock Ratings Network.com reports. They currently have a $200.00 price objective on the stock, up from their previous price objective of $190.00. DA Davidson’s price objective indicates a potential upside of 49.15% from the stock’s previous close.
The analysts wrote, “Valmont reported earnings for its third quarter of $2.10 per share compared to $2.12 last year and our estimate of $2.52. Consensus was $2.43. The company absorbed a $0.31 per share non-cash expense for a deferred tax asset reduction (earnings were $2.41 excluding). Operating income of $109.9 million was essentially in line with our expectation. All segments reported margin expansion. Sales increased 7% year-over-year, below our estimate due to lower Utility sales, reflecting deferred orders into Q4. Irrigation sales increased 12% year-over-year. Operating margins increased 50bp. Both North American and international markets increased. Due to more typical timing of harvest this year, Q4 results may not meet last year’s levels when harvest occurred unusually earlier. Valmont withheld projections for next year, though did not indicate a meaningful decline is anticipated.”
Shares of Valmont Industries (NYSE:VMI) traded up 0.63% during mid-day trading on Monday, hitting $134.93. 145,449 shares of the company’s stock traded hands. Valmont Industries has a 52-week low of $129.00 and a 52-week high of $164.93. The stock’s 50-day moving average is $138.9 and its 200-day moving average is $143.6. The company has a market cap of $3.598 billion and a price-to-earnings ratio of 12.49.
Valmont Industries (NYSE:VMI) last announced its earnings results on Thursday, October 17th. The company reported $2.41 earnings per share for the quarter, missing the analysts’ consensus estimate of $2.46 by $0.05. The company had revenue of $778.03 million for the quarter, compared to the consensus estimate of $805.15 million. During the same quarter last year, the company posted $2.12 earnings per share. Valmont Industries’s revenue was up 6.6% compared to the same quarter last year.
Several other analysts have also recently commented on the stock. Analysts at Zacks downgraded shares of Valmont Industries from an “outperform” rating to a “neutral” rating in a research note to investors on Friday, October 4th. They now have a $143.00 price target on the stock. Separately, analysts at Stifel Nicolaus downgraded shares of Valmont Industries from a “buy” rating to a “hold” rating in a research note to investors on Tuesday, October 1st. They now have a $175.00 price target on the stock. Finally, analysts at William Blair downgraded shares of Valmont Industries from an “outperform” rating to a “market perform” rating in a research note to investors on Thursday, September 26th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Valmont Industries has a consensus rating of “Hold” and a consensus target price of $169.00.
Valmont Industries, Inc is a global producer of fabricated metal products. The Company operates in four segments: Engineered Infrastructure Products, which consists of the manufacture of engineered metal structures and components for the global lighting and traffic, wireless communication, roadway safety and access systems applications; Utility Support Structures, which consists of the manufacture of engineered steel and concrete structures for the global utility industry; Coatings, which consists of galvanizing, anodizing and powder coating services on a global basis, and Irrigation, which consists of the manufacture of agricultural irrigation equipment and related parts and services for the global agricultural industry.
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