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Stock Market & Financial Investment News

News Breaks
August 18, 2014
12:19 EDTIR, CAMIngersoll-Rand rises after agreeing to buy Cameron unit for $850M
Shares of Ingersoll-Rand (IR), which makes heating and air conditioning systems, are up after it announced an agreement to acquire the assets of Cameron International Corporation's (CAM) Centrifugal Compression division for $850M. WHAT'S NEW: Ingersoll-Rand this morning entered into an agreement to acquire Cameron's Centrifugal Compression division for $850M. The acquisition is expected to close before the end of the year, subject to regulatory approval. The Cameron unit generated sales of approximately $400M in 2013, has approximately 850 employees and operates from 12 global locations. The results of operations of the Centrifugal Compression business will be reported as discontinued operations for Cameron beginning in the third quarter. Ingersoll Rand plans to fund the acquisition through a combination of cash on hand and debt. WHAT'S NOTABLE: Ingersoll-Rand said it expects the acquisition to be accretive to EBITDA margins, EPS, and ROIC in 2015 and beyond. The company expects the acquisition to add 8c-10c per share to its earnings in 2015. The company anticipates moderate incremental debt, supported by additional earnings from Cameron and core earnings growth. Ingersoll adds that it foresees refinancing of $500M of 2015 debt, and continues to expect a 2014 share repurchase of $1.38B. Cameron said it is selling the unit to focus on its core markets. The company expects after-tax proceeds of about $600M from the sale, part of which it planned to use to support share buybacks. ANALYST REACTION: Following the announcement, Wells Fargo analysts estimated that the acquisition will be approximately 10c-15c accretive excluding impact from synergies and approximately 20c-25c with anticipated synergies. PRICE ACTION: Ingersoll-Rand jumped $1.49, or 2.46%, to $62.03 in intra-day trading, while Cameron is trading down 0.6% to $72.21.
News For IR;CAM From The Last 14 Days
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May 22, 2015
09:57 EDTIROn The Fly: Analyst Upgrade Summary
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08:12 EDTIRIngersoll-Rand upgraded to Buy from Hold at Argus
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May 20, 2015
07:26 EDTCAMUBS to hold a conference
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May 19, 2015
07:18 EDTIRElectric Products Group to hold a conference
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May 15, 2015
17:07 EDTIRTrian Fund gives quarterly update on stakes
NEW STAKES: None. INCREASED STAKES: PepsiCo (PEP), Mondelez (MDLZ), Bank of New York Mellon Group (BK), and Du Pont (DD). DECREASED STAKES: Family Dollar (FDO), and Ingersoll-Rand (IR). LIQUIDATED STAKES: Lazard (LAZ).
May 14, 2015
10:00 EDTIROn The Fly: Analyst Upgrade Summary
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06:52 EDTIRIngersoll-Rand upgraded to Overweight from Sector Weight at KeyBanc
As previously reported, KeyBanc upgraded Ingersoll-Rand to Overweight from Sector Weight with an $80 price target. Following the analyst day, KeyBanc sees further upside from strong execution that will drive margins and above average growth and leverage to sustained improvement in North American construction.
06:27 EDTIRIngersoll-Rand upgraded to Overweight from Sector Weight at KeyBanc
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May 13, 2015
07:48 EDTIRIngersoll-Rand sees FY15 organic revenue up 4%-5%
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May 11, 2015
08:23 EDTIRIngersoll-Rand to host analyst and investor meeting
Analyst and Investor Meeting will be held in Davidson, NC on May 13 at 8 am. Webcast Link
08:21 EDTCAMMitsubishi UFJ to hold a tour
Energy Tour travels throughout Houston and San Antonio, Texas to meet with various energy companies on May 11.
07:32 EDTCAMCameron announces CEO Jack Moore's intention to retire
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