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Fri, Jan. 29, 5:47 PM
- The best-performing U.S. stock over the past 30 years is one that few have heard of: Balchem (NASDAQ:BCPC), a New York-based maker of flavorings, fumigating gases and nutritional additives for animal feed.
- Since the end of 1985, Balchem has gained an average of 26.2%/year - a total gain of 107,099% - vs.10.3% for the S&P 500.
- But with flattening profitability and shares at a lavish 27x earnings, Balchem looks expensive for now, WSJ's Jason Zweig writes.
- Over the past 30 years, 44 U.S. stocks generated cumulative total returns of 10,000% or more; the 10 behind Balchem are HD, AMGN, NKE, UNH, DHR, OTCPK:ATCD, KSU, JKHY, AAPL and MO.
Tue, Jan. 26, 8:37 AM
- Net earnings of $1.27 per share vs. $1.12 per share in the same quarter a year ago.
- "During the quarter, the team delivered double-digit earnings growth, significantly expanded core operating margins, generated record free cash flow and announced several bolt-on acquisitions," CEO Thomas Joyce said. "Despite the more challenging economic landscape, particularly in our industrially-oriented markets, we continue to execute well."
- The company anticipates diluted net earnings per share for FQ1 of 2016 to be in a range of $1.00-$1.04, and full year diluted net earnings to be in a range of $4.80-$4.95.
- Q4 results
Tue, Jan. 26, 6:04 AM
Mon, Jan. 25, 5:30 PM
Dec. 22, 2015, 3:15 PM
- Investors in industrial stocks should favor "safe havens” such as General Electric (GE +0.5%), Roper Technologies (ROP +1.2%), Honeywell (HON +1.6%), Ametek (AME +0.7%), Danaher (DHR +0.4%) and Xylem (XYL +0.9%) - "self-help stories with capital allocation/M&A catalysts, margin strength, pockets of end market positives, and low/manageable oil exposures" - RBC analysts say.
- Valuations look stretched in these safe havens, but the investment strategy at the outset of a rate hike cycle should always be to "inch up the quality curve” and start playing a bit more defensively, RBC says, adding that it sees incremental risk to oil-exposed stocks such as Underperform-rated Flowserve (FLS +1.2%) and SPX Flow (FLOW +2%).
Dec. 17, 2015, 9:05 AM
- Barclays ups its price target on Danaher (NYSE:DHR) to $97 from $94, but maintained its "overweight" rating on the stock.
- "DHR remains the 'gold standard' of industrial companies as it relates to pretty much everything we care about: quality of portfolio, quality of management, quality of processes, and willingness to change/adapt with market conditions and investor interests," the firm said.
- Barclays also expects the company to finish the year with a top-quartile operating performance.
- Previously: Danaher reaffirms 2015 guidance, initiates 2016 outlook (Dec. 16 2015)
Dec. 16, 2015, 7:56 AM
- Ahead of its investor day, Danaher (NYSE:DHR) reaffirms its adjusted diluted net earnings per share guidance of $1.25-$1.29 for the fourth quarter 2015.
- The company also anticipates that 2016 adjusted diluted net earnings per share will be in a range of $4.80-$4.95, which assumes core revenue growth between 2%-3%.
- Danaher's investor day webcast kicks off at 11:00 a.m. ET.
- DHR -0.6% premarket
Dec. 14, 2015, 10:02 AM
- Shares of Newell Rubbermaid (NYSE:NWL) fall 5% after the company formally announces a merger with Jarden (JAH +4%). The price tag may have been slightly higher than anticipated.
- The merger will create a $16B consumer goods juggernaut called Newell Brands which could have broad implications across the sector.
- Within the consumer products sector, there are marginal gains today for NACCO Industries (NC +1%), Spectrum Brands (SPB +0.6%), Stanley Black & Decker (SWK +0.4%), Clorox (CLX +0.5%), Kimberly-Clark (KMB +1.6%), and Danagher (DHR +0.2%) after the big merger announcement.
- Previously: Newell Rubbermaid and Jarden agree to combine (Dec. 14 2015)
Dec. 11, 2015, 4:25 PM
- Voyager Therapeutics (NASDAQ:VYGR) initiated with Outperform rating and $36 (52% upside) price target by Wedbush.
- Perrigo (NYSE:PRGO) upgraded to Buy from Hold with $170 (15% upside) price target by Argus.
- Myriad Genetics (NASDAQ:MYGN) upgraded to Neutral from Sell by Goldman Sachs. Price target raised to $94 (123% upside) from $72.
- Abbott Laboratories (NYSE:ABT) upgraded to Buy from Hold by Jefferies. Price target raised to $55 (24% upside) from $49.
- Eli Lilly (NYSE:LLY) upgraded to Buy from Hold by Deutsche Bank. Price target raised to $99 (19% upside) from $85.
- PerkinElmer (NYSE:PKI) downgraded to Sell from Neutral. Price target lowered to $44 (12% downside risk) from $55. LabCorp (NYSE:LH) downgraded to Neutral from Buy. Price target lowered to $126 (4% upside) from $142. Danaher (NYSE:DHR) downgraded to Neutral from Buy. Price target lowered to $103 (11% upside) from $104. All by Goldman Sachs.
- Bluebird bio (NASDAQ:BLUE) downgraded to Equal Weight from Overweight by Morgan Stanley. Price target lowered to $69 (16% upside) from $143. Maintained at Outperform by Wedbush. Price target lowered to $117 (96% upside) from $165. Downgraded to Neutral from Buy by Roth Capital. Price target lowered to $62 (4% upside) from $121. Maintained at Overweight at Piper Jaffray. Price target unchanged at $204 (242% upside).
Dec. 8, 2015, 6:04 PM
Dec. 8, 2015, 3:58 PM
- Danaher (DHR -0.5%) is downgraded to Neutral from Buy at Goldman Sachs, citing limited upside to consensus revenue estimates, limited M&A catalysts in 2016, and valuation.
- Goldman says it sees no reason to take a more bullish stance on DHR's organic growth, as it sees potential for headwinds from challenged industrial end markets and geographies in 2016, and believes DHR likely will guide organic growth in the low-to-mid single digits and holding back positive revenue estimate revisions over the next several months.
- DHR's M&A history suggests that management tends to de-lever to near or below the 15-year median of 0.7x EV/EBITDA before undertaking another larger acquisition. the firm says, adding that DHR is not likely to pursue major capital deployment as the Fortive split is expected to close by Q3 2016.
Dec. 3, 2015, 6:55 PM
- Danaher (NYSE:DHR), preparing to split into two companies, says the new entity holding its industrial units will be listed on the NYSE and called Fortive Corp.
- The new company will include operations such as Danaher's testing and measurement equipment unit, the Gilbarco Veeder-Root fuel-pumps business and Matco tools for mechanics.
- DHR discloses Fortive's pro forma financial results in the nine months ended Oct. 2: Net income was $627.7M and sales were $4.62B, vs. net income of $654.5M and sales of $4.65B in the comparative 2014 period.
Nov. 24, 2015, 8:07 AM
Nov. 20, 2015, 11:30 AM
- Market growth remains challenging whether there is an industrial recession or not, so investors should focus on stocks with strong end markets, particularly Allegion (ALLE +0.3%) and Danaher (DHR +0.5%), Bernstein's Steven Winoker says.
- Other stocks in a lower but still generally favorable tier include General Electric (GE +0.8%), Honeywell (HON +0.9%), Ingersoll-Rand (IR +0.9%) and 3M (MMM +0.7%), as these companies are exposed to favorable end markets but also to meaningfully weak markets, the analyst says.
- Aside from their portfolio transformations, DHR and GE have benefited and should continue to benefit from their above-average growth profiles in the current low-growth environment, Winoker says.
- Energy-heavy Dover (DOV +0.2%), Pentair (PNR +0.4%) and Emerson Electric (EMR +0.2%) remain the most challenged, according to Winoker, while Eaton (ETN +1.1%), Rockwell Automation (ROK +0.5%) and Tyco (TYC -0.2%) have a mix of tailwinds and headwinds, with the former more challenged on hydraulics/trucks and the latter two on energy.
- Winoker sees limited downside for DOV, which is highly linked to crude oil prices but is performing well in the ~80% of its portfolio not linked to oil.
- Earlier: Low expectations are no longer enough for multi-industry stocks, analyst says (Nov. 19)
Nov. 19, 2015, 6:25 PM
- A sluggish U.S. economy is likely to make life tough next year for industry conglomerates such as Danaher (NYSE:DHR), Honeywell (NYSE:HON), Tyco (NYSE:TYC), Emerson Electric (NYSE:EMR) and General Electric (NYSE:GE), says Bernstein's Steven Winoker.
- The analyst notes that Q3 saw 12 of Bernstein's 13 covered companies miss on revenues, 10 either lower FY 2015 EPS guidance or issue below-consensus FY 2016 guidance, and none raise growth guidance, yet 10 stocks outperformed during earnings season.
- The companies "can’t transform their way out of the reality of a low growth world, which became even more challenging this quarter, with an indication of the worst still to come," Winoker writes, expecting guidance conservatism from the group during investor meetings before the end of the year.
- Also: MMM, ROK, IR, ETN, ALE, IEX
Oct. 22, 2015, 6:01 AM
- Danaher Corporation (NYSE:DHR): Q3 EPS of $1.05 beats by $0.02.
- Revenue of $5.03B (+6.7% Y/Y) misses by $30M.
Danaher Corp designs, manufactures & markets professional, medical, industrial & commercial products. Its business consists of five segments: Test & Measurement; Environmental; Life Sciences & Diagnostics; Dental & Industrial Technologies.
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