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Daniel Balakov
Altra Industrial Movement (NASDAQ:AIMC) on Tuesday was downgraded to Impartial from Outperform by analysts at Baird who stated the corporate’s inventory is buying and selling close to the provide value in a current acquisition bid.
Regal Rexnord (RRX) final week agreed to purchase Altra for about $4.95 billion in money, or $62 a share. The provide was 54% better than Altra’s closing value of $40.25 a share the day earlier than the deal announcement.
“We view the transaction as consequence for shareholders, with a good value paid,” Michael Halloran, analyst at Baird, stated in a Nov. 1 report. “We don’t see competing choices and have a excessive diploma of confidence the transaction will shut.”
Altra, whose industrial manufacturers embody Ameridrives, Wichita Clutch and Lamiflex Couplings, this week reported adjusted EPS of $0.80, beating the consensus estimate by a penny.
Its income was little modified from final yr, slipping lower than 1% to $466.3 million to overlook estimates by $6.3 million.
Altra’s inventory had declined this yr however swung to a acquire after the announcement of the Regal Rexnord takeover. Its year-to-date acquire is about 16%, contrasting with a 14% decline for the S&P 400 mid-cap index (SP400).
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