We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Parker-Hannifin (PH) Closes Aircraft Wheel & Brake Unit Sale
Read MoreHide Full Article
Parker-Hannifin Corporation (PH - Free Report) has completed its previously announced divestiture of the Aircraft Wheel and Brake Division to Kaman Corporation (KAMN - Free Report) . The deal was valued at $440 million.
Based in Bloomfield, CT, Kaman is engaged in offering components and materials to the industrial, medical, aerospace and defense markets.
Some of the products manufactured by Kaman are spring energized seals, springs and contacts, miniature ball bearings and others.
Parker-Hannifin’s Aircraft Wheel and Brake Division, located in Avon, OH, engages in producing wheels, brake systems and related hydraulic products for aircraft. Its products are used in business aviation, general aviation, rotorcraft and military aircraft end markets. The segment generates annual sales of approximately $70 million.
The divestiture is in sync with PH’s strategy of restructuring its business portfolio and concentrating more on core businesses. The transaction is also in compliance with the condition of the European Commission to clear the Meggitt acquisition, provided Parker-Hannifin keeps up with its commitment to divesting the Aircraft Wheel and Brake Division. PH recently completed the £6.3 billion acquisition of Meggitt, expanding its presence in the United Kingdom.
While Parker-Hannifin currently carries a Zacks Rank #3 (Hold), Kaman presently holds a Zacks Rank #4 (Sell).
Key Picks
Some better-ranked stocks within the broader Industrial Products sector are as follows:
Lindsay has an estimated earnings growth rate of 45% for the current year. Shares of the company have rallied 27.2% in the past three months.
Valmont Industries (VMI - Free Report) presently carries a Zacks Rank #2. VMI pulled off a trailing four-quarter earnings surprise of 13.7%, on average.
Valmont Industries has an estimated earnings growth rate of 26.9% for the current year. Shares of the company have jumped 22.8% in the past three months.
In-Depth Zacks Research for the Tickers Above
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Parker-Hannifin (PH) Closes Aircraft Wheel & Brake Unit Sale
Parker-Hannifin Corporation (PH - Free Report) has completed its previously announced divestiture of the Aircraft Wheel and Brake Division to Kaman Corporation (KAMN - Free Report) . The deal was valued at $440 million.
Based in Bloomfield, CT, Kaman is engaged in offering components and materials to the industrial, medical, aerospace and defense markets.
Some of the products manufactured by Kaman are spring energized seals, springs and contacts, miniature ball bearings and others.
ParkerHannifin Corporation Price
ParkerHannifin Corporation price | ParkerHannifin Corporation Quote
Parker-Hannifin’s Aircraft Wheel and Brake Division, located in Avon, OH, engages in producing wheels, brake systems and related hydraulic products for aircraft. Its products are used in business aviation, general aviation, rotorcraft and military aircraft end markets. The segment generates annual sales of approximately $70 million.
The divestiture is in sync with PH’s strategy of restructuring its business portfolio and concentrating more on core businesses. The transaction is also in compliance with the condition of the European Commission to clear the Meggitt acquisition, provided Parker-Hannifin keeps up with its commitment to divesting the Aircraft Wheel and Brake Division. PH recently completed the £6.3 billion acquisition of Meggitt, expanding its presence in the United Kingdom.
While Parker-Hannifin currently carries a Zacks Rank #3 (Hold), Kaman presently holds a Zacks Rank #4 (Sell).
Key Picks
Some better-ranked stocks within the broader Industrial Products sector are as follows:
Lindsay Corporation (LNN - Free Report) currently carries a Zacks Rank #2 (Buy). LNN pulled off a trailing four-quarter earnings surprise of 25.6%, on average. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks.
Lindsay has an estimated earnings growth rate of 45% for the current year. Shares of the company have rallied 27.2% in the past three months.
Valmont Industries (VMI - Free Report) presently carries a Zacks Rank #2. VMI pulled off a trailing four-quarter earnings surprise of 13.7%, on average.
Valmont Industries has an estimated earnings growth rate of 26.9% for the current year. Shares of the company have jumped 22.8% in the past three months.