Valmont Industries Stock Price Down 7.7% After Analyst Downgrade (VMI)
Valmont Industries (NYSE:VMI)’s share price traded down 7.7% during mid-day trading on Wednesday after Wedbush downgraded the stock from an outperform rating to a neutral rating, Analyst Ratings Network.com reports. Wedbush now has a $157.00 price target on the stock, down from their previous price target of $167.00. Valmont Industries traded as low as $148.01 and last traded at $148.33, with a volume of 826,685 shares. The stock had previously closed at $160.67.
Other equities research analysts have also recently issued reports about the stock. Analysts at Janney Montgomery Scott reiterated a “neutral” rating on shares of Valmont Industries in a research note on Wednesday. They now have a $125.00 price target on the stock, down previously from $146.00. Separately, analysts at DA Davidson cut their price target on shares of Valmont Industries from $190.00 to $185.00 in a research note on Wednesday. They now have a “buy” rating on the stock. Finally, analysts at Credit Suisse reiterated an “underperform” rating on shares of Valmont Industries in a research note on Wednesday. They now have a $144.00 price target on the stock, down previously from $149.00. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $156.67.
The stock has a 50-day moving average of $156.9 and a 200-day moving average of $150.2. The company has a market cap of $3.991 billion and a P/E ratio of 16.80.
Valmont Industries (NYSE:VMI) last released its earnings data on Tuesday, April 22nd. The company reported $2.20 earnings per share for the quarter, beating the analysts’ consensus estimate of $2.15 by $0.05. The company had revenue of $751.74 million for the quarter, compared to the consensus estimate of $793.75 million. During the same quarter last year, the company posted $2.89 earnings per share. Valmont Industries’s revenue was down 8.3% compared to the same quarter last year. Analysts expect that Valmont Industries will post $10.37 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, July 15th. Shareholders of record on Friday, June 27th will be paid a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a dividend yield of 0.93%. The ex-dividend date is Wednesday, June 25th. This is a positive change from Valmont Industries’s previous quarterly dividend of $0.25.
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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