Graham Corporation (GHM - Free Report) yesterday announced that it successfully completed the divestment of its commercial nuclear utility business on Jun 24, 2019. The other party to the transaction was Hayward Tyler, a wholly-owned division of Avingtrans PLC. Financial terms of the transaction were kept under wraps.
Notably, Graham’s shares gained 0.1% yesterday, closing the trading session at $20.75.
Hayward Tyler is primarily engaged in developing and providing motors and critical pumps for customers in the energy sector. The firm has operations in India, China, the U.K. and the United States. It was established in 1815.
Brief Discussion on Divestment
It is worth mentioning here that prevailing challenges in the commercial nuclear industry made Graham decide to dispose of its commercial nuclear utility business — Energy Steel & Supply Co. As of Mar 31, 2019, the business was classified as ‘held for sale’ in Graham’s books.
Located in Lapeer, MI, Energy Steel generated revenues of $8.3 million in fiscal 2019 (ended March 2019).
This divestment will enable Graham to concentrate on other profitable businesses in defense, refining and petrochemical industries. Also, it will be accretive to the company’s margins and earnings.
With a market capitalization of nearly $204 million, Graham currently carries a Zacks Rank #4 (Sell). In the past 60 days, earnings estimates for the company have been lowered, reflecting bearish sentiments. The Zacks Consensus Estimate for its earnings is pegged at 54 cents for fiscal 2020 (ending March 2020) and 75 cents for fiscal 2021 (ending March 2021), suggesting decline of 32.5% and 25% from the respective 60-day-ago figures.
Graham Corporation Price and Consensus
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Graham Corporation (GHM - Free Report) yesterday announced that it successfully completed the divestment of its commercial nuclear utility business on Jun 24, 2019. The other party to the transaction was Hayward Tyler, a wholly-owned division of Avingtrans PLC. Financial terms of the transaction were kept under wraps.
Notably, Graham’s shares gained 0.1% yesterday, closing the trading session at $20.75.
Hayward Tyler is primarily engaged in developing and providing motors and critical pumps for customers in the energy sector. The firm has operations in India, China, the U.K. and the United States. It was established in 1815.
Brief Discussion on Divestment
It is worth mentioning here that prevailing challenges in the commercial nuclear industry made Graham decide to dispose of its commercial nuclear utility business — Energy Steel & Supply Co. As of Mar 31, 2019, the business was classified as ‘held for sale’ in Graham’s books.
Located in Lapeer, MI, Energy Steel generated revenues of $8.3 million in fiscal 2019 (ended March 2019).
This divestment will enable Graham to concentrate on other profitable businesses in defense, refining and petrochemical industries. Also, it will be accretive to the company’s margins and earnings.
With a market capitalization of nearly $204 million, Graham currently carries a Zacks Rank #4 (Sell). In the past 60 days, earnings estimates for the company have been lowered, reflecting bearish sentiments. The Zacks Consensus Estimate for its earnings is pegged at 54 cents for fiscal 2020 (ending March 2020) and 75 cents for fiscal 2021 (ending March 2021), suggesting decline of 32.5% and 25% from the respective 60-day-ago figures.
Graham Corporation Price and Consensus
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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