Analyst action: Clarcor, CVS, SunTrust
Posted on November 20, 2009 at 10:42 amBB&T analyst Kevin Maczka on Thursday raised his rating on shares of Clarcor (Ticker: CLC) from ‘hold’ to ‘buy.’ His target price for the Franklin-based filtration and packaging company is $40, 27 percent above its Wednesday close.
Two stocks with a local presence have also received votes of confidence. At Credit Suisse, Craig Siegenthaler has lifted his target for SunTrust (Ticker: STI) to $23 from $21, while UBS analyst Neil Currie has started covering CVS Caremark (Ticker: CVS) with a ‘buy’ rating and a $34 target.
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Clarcor’s retail push has to settle for a single
Posted on November 2, 2009 at 7:33 amThe Franklin-based manufacturer’s pilot program to sell high-end HVAC filters under its Puralotor brand has unexpectedly ended, but CEO Norm Johnson is ready to move forward.
“Our team did a terrific job in all aspects of this project, and nothing we learned over the past four months changes our view that we have a winning combination of product, packaging and price. We are as excited about the retail marketplace as ever. Although we would have loved to hit a home run out of the box, the fact is that we are just beginning our retail efforts.”
Shares of Clarcor (Ticker: CLC) fell 3 percent Friday, pushing their 2009 losses to 11 percent.
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Clarcor investment gets to work on algae
Posted on October 13, 2009 at 8:01 amBioProcessAlgae, a venture in which Clarcor is an investor, is ramping up an Iowa factory to grow algae and sequester carbon dioxide. Other scientific applications will likely follow. Also in on the deal is BioProcess H20, the Rhode Island company in which Clarcor last year invested $4 million.
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Clarcor boosts dividend
Posted on October 2, 2009 at 8:34 amThe board of the Franklin-based filtration and packaging company has voted to increase its quarterly payout by about 8 percent. Based on Thursday’s close (Ticker: CLC), the stock’s yield will rise to about 1.3 percent.
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Clarcor ‘may prove more resilient’
Posted on March 5, 2009 at 7:21 amKeyBanc analyst Jeffrey Hammond has upgraded shares of the Franklin-based manufacturer (Ticker: CLC) to ‘hold’ after they’ve fallen to four-year lows.
We remain cautious on Donaldson and CLARCOR as we believe their sensitivity to the economic cycle has been generally underestimated by investors; however, we believe the risk/reward profile is appropriately balanced at current share price levels.
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Browsing Clarcor’s 10-K
Posted on January 25, 2009 at 9:46 pmTidbits from Clarcor’s annual report filed with the SEC Friday afternoon:
- The company paid about $6 million in cash for Keddeg, a deal it announced late last month.
- R&D spending has jumped more than 40 percent since 2006. Search for ‘product development.’
- The company’s shares (Ticker: CLC) are 20 percent below the average price Clarcor’s buyback plan paid last fiscal year - but destroyed their benchmarks by falling only slightly last year.
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Clarcor directors cash out options
Posted on January 21, 2009 at 12:04 pmAah, the good old concept of long-term appreciation. Longtime board members Robert Jenkins, Adam Marc and James Packard – all have been on the board for at least 10 years – yesterday exercised their right to buy 7,500 shares each just weeks before their 1999 vintage options expire. By selling the resulting shares right away, each director pocketed $160,000. Go to Clarcor’s page on the SEC site to access today’s Form 4 filings.
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Clarcor shares surge
Posted on January 15, 2009 at 12:44 pmThe filtration company’s fourth-quarter earnings and ‘09 outlook have investors buying big time, erasing the stock’s (Ticker: CLC) slide from last week.
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Breathing room for large Clarcor investor?
Posted on December 30, 2008 at 12:33 pmThe Franklin-based manufacturer has amended its change-in-control agreements with executives. Among the tweaks: An outside investor can now acquire 30 percent of the company without triggering the deals. That allows Neuberger Berman, which has owned almost 15 percent of the company (Ticker: CLC) for more than three years, to buy more shares.
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Squeezing the shorts?
Posted on December 8, 2008 at 1:06 pmOne site tracking the market thinks Franklin-based Clarcor (Ticker: CLC) is about to do just that.
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