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News Breaks
August 18, 2014
10:55 EDTSTSensata climbs higher after agreeing to buy Schrader International for $1B
Shares of Sensata Technologies (ST), an industrial technology company involved in the sensor and control market, are climbing higher after announcing plans to buy Schrader International, a privately held company that makes tire pressure monitoring sensors. WHAT'S NEW: Sensata's Sensata Technologies B.V. unit has agreed to acquire Schrader from Madison Dearborn Partners for $1B. Schrader, which is based in Denver, Colorado, and employs 2,500 people globally, is expected to generate about $550M in revenue this year, according to Sensata. The agreement is subject to regulatory approval and is expected to close in Q4. Sensata Chief Financial Officer Paul Vasington expects Schrader to be 13c-16c dilutive to adjusted earnings per share in 2014 and 18c-21c accretive in 2015. Sensata sees Schrader providing 50c-55c of accretion after integration and debt pay-down and provide an additional 18c-22c accretion when China ramps adoption of TPMS. WHAT'S NOTABLE: During the company's conference call discussing the Schrader transaction, Sensata said that it aims to double revenue from 2012-2017. The company said that the acquisition of Schrader strengthens the firm's ability to penetrate the $80B Total Sensor market. Due to the deal, the company said that combined business cash flow will pay down debt and return it to a target net leverage ratio of two times to three times within eighteen months. Sensata intends to finance the acquisition through issuance of debt. The company expects its investments so far this year will add $1 of incremental earnings growth to shareholders. Sensata noted that the acquisition will create "significant" shareholder value. The company says that it expects the agreement to incur $4M-$8M of integration costs annually for next three years beginning in FY15. PRICE ACTION: During morning trading, shares of Sensata were up $2.92 or 6.32% to $49.09.
News For ST From The Last 14 Days
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February 4, 2016
10:01 EDTSTOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Anglo Platinum (AGPPY) downgraded to Neutral from Overweight at JPMorgan... Buffalo Wild Wings (BWLD) downgraded to Neutral from Buy at Longbow... Changyou.com (CYOU) downgraded to Neutral from Outperform at Credit Suisse... Enbridge (ENB) downgraded to Neutral from Outperform at Credit Suisse... Esterline (ESL) downgraded to Hold at Drexel Hamilton... Franco-Nevada (FNV) downgraded to Neutral from Outperform at Credit Suisse... GoPro (GPRO) downgraded on results, guidance at Sterne Agee CRT... Heat Biologics (HTBX) downgraded to Speculative Buy from Buy at Cantor... Illumina (ILMN) downgraded to Hold from Buy at Canaccord... Intrawest Resorts (SNOW) downgraded to Neutral from Outperform at Macquarie... Match Group (MTCH) downgraded to Equal Weight from Overweight at Barclays... Memorial Resource (MRD) downgraded to Hold from Accumulate at Tudor Pickering... Pacific Biosciences (PACB) downgraded to Neutral from Overweight at Piper Jaffray... Peabody (BTU) downgraded to Underperform from Market Perform at FBR Capital... Peak Resorts (SKIS) downgraded to Underperform from Neutral at Macquarie... PennyMac Mortgage (PMT) downgraded to Market Perform from Outperform at Wells Fargo... Petrobras (PBR) downgraded to Underweight from Neutral at JPMorgan... Sensata (ST) downgraded to Neutral from Overweight at Atlantic Equities... Shutterfly (SFLY) downgraded to Neutral from Buy at BofA/Merrill... Star Bulk Carriers (SBLK) downgraded to Neutral from Speculative Buy at Seaport Global... Synchronoss (SNCR) downgraded at Stifel... Wabtec (WAB) downgraded to Neutral from Buy at Goldman.
06:48 EDTSTSensata downgraded to Neutral from Overweight at Atlantic Equities
Atlantic Equities analyst Richard Radbourne downgraded Sensata to Neutral and lowered his price target to $38 from $60 on shares. The analyst expects Sensata's multiple to remain under pressure until there is better visibility into stability for the global industrial economy and perceived risks to auto production abate.
February 3, 2016
10:07 EDTSTHigh option volume stocks: DF WDR KLIC ST CIT PGTI EW ING TSM NOV
09:19 EDTSTOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Boot Barn (BOOT), up 20.7%... Oclaro (OCLR), up 8.2%... Edwards Lifesciences (EW), up 5.8%... Natural Health (NHTC), up 5.7%... Viavi Solutions (VIAV), up 2.8%. ALSO HIGHER: Conatus (CNAT), up 18.8% after the FDA has granted Fast Track designation to the company's emricasan development program for the treatment of liver cirrhosis... Marvell Technology (MRVL), up 3.3% after Starboard Value disclosed a 6.7% activist stake in the company... Syngenta (SYT), up 2.9% after ChemChina offers to acquire the company in a transaction valued over $43B. DOWN AFTER EARNINGS: Navios Maritime Partners (NMM), down 33.5%... National-Oilwell Varco (NOV), down 7.9%... Chipotle (CMG), down 5.7%... Yahoo (YHOO), down 1.9%... Mondelez (MDLZ), down 4.4%... Illumina (ILMN), down 4.6%... Alexion Pharmaceuticals (ALXN), down 3.5%... Merck (MRK), down fractionally.
February 2, 2016
06:10 EDTSTSensata sees Q1 adj. EPS 61c-67c, consensus 70c
Sees Q1 revenue $770M-$810M, consensus $821.78M. Q1 revenue view at mid-point represents growth of 5.2% compared to the Q1 revenue of $750.7M. In addition, the Company expects Q1 Adjusted net income of $104M-$114M, or 61c-67c per diluted share. This compares to Q1 of FY15 Adjusted net income per diluted share of 65c. This guidance assumes a diluted share count of 171.5M for the Q1.
06:08 EDTSTSensata sees FY16 revenue $3.140B-$3.280B, consensus $3.31B
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06:06 EDTSTSensata sees FY16 adj. EPS $2.87, consensus $3.00
Company said, "Revenue continues to grow at a double-digit pace; Sensata delivered 14% compound annual revenue growth in the 5 years between 2010 to 2015. Executing on Sensata's proven acquisition integration playbook will drive near-term earnings growth even in a low-growth environment. We initiate our 2016 financial guidance with adjusted EPS of $2.87 at the midpoint, an increase of 4% year over year and 11% on a constant currency basis."
06:04 EDTSTSensata reports Q4 adj. EPS 66c, consensus 65c
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