Stock Roundup: Valmont Industries, Inc. (NYSE: VMI)

Earnings News

Valmont Industries, Inc. (NYSE: VMI) moved with change of 0.79% to $141.2 with the total traded volume of 85005 shares in recent session versus to an average volume of 113.47K. The stock was up in the 5 days activity 2.88%. The one month performance of stock was -7.92%. VMI shares are at -0.21% for the quarter and driving a -6.33% return over the course of the past year and is now at -14.86% since this point in 2018.

Right now VMI beta is 0.98. The average volatility for the week and month was at 1.52% 2.06% respectively. There are 22.74M shares outstanding and 21.84M shares are floated in market.

Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure development and irrigation equipment and services for agriculture, announced that it has acquired a majority ownership stake in Convert Italia SpA, a designer and provider of engineered solar tracker solutions. The transaction was funded with cash on hand. The Company expects the acquisition to be slightly EPS accretive in fiscal 2018, and expects EPS accretion of approximately $0.10 in fiscal 2019.

Headquartered in Rome, Italy, with offices in Brazil and Argentina, Convert Italia has successfully completed solar tracker projects in Europe, Latin America, and Africa. Their single access tracker product, the TRJ, was designed, developed, and patented by the Convert Italia team. The TRJ optimally positions solar panels to the sun’s rays by continuously following solar exposure. The result is increased energy production compared to traditional, fixed solar structures, and lower installation costs than other single access trackers.

“The partnership with Convert Italia is an exciting advancement of our strategy to grow market adjacencies in our Utility Support Structures business,” said Stephen G. Kaniewski, President and CEO of Valmont. “Combining their single access tracker technology with our global manufacturing capabilities and utility customer base, allows us to provide an integrated solar tracker solution to utility-scale customers around the world.”

With more than 10 years’ experience in the solar industry, and 35 years in the energy sector, the Convert Italia executive team will continue to lead the business. “The opportunity to partner with Valmont as an industry leader in the utility market has energized the Convert Italia team”, said Giuseppe Moro, Chief Executive Officer of Convert Italia. “Valmont’s global footprint and strong relationships with utility customers supports our leadership position in providing renewable energy solutions.”

Mr. Kaniewski continued, “This acquisition uniquely positions Valmont to supply every type of electric grid structure within the utility market. As utilities increase development of large-scale solar power and microgrid applications, single access tracker solutions will be an essential tool for achieving higher energy production. Our manufacturing footprint and supply chain capabilities give us flexibility across global markets to produce structural components for tracker technology. We are motivated by the robust growth opportunities in this industry, and welcome the strong leadership and knowledge of the Convert Italia team.”

Shares of Valmont Industries, Inc. have been recently spotted trading -19.93% off of the 52-week high price. On the other end, the stock has been noted 4.28% away from the low price over the last 52-weeks. 52 week range of the stock remained $ 135.40 – 176.35. Switching over to some distances from popular moving averages, we see that the stock has been recorded -3.98% away from the 50 day moving average and -7.98% away from the 200 day moving average. Moving closer, we can see that shares have been trading -0.62% off of the 20-day moving average. 10690 employees work in the Company. It has market cap of $3.21B and dividend yield of 1.06%.

Thomas Lizotte is a self-taught investor and follows the value investing approach to picking stocks. He possesses over 10 years of investment experience, an M.B.A. from Louisiana State University, and is also certified in Risk Management Assurance. Thomas is a Certified Internal Auditor, Data Miner, and author with a career broadly spanning over multiple business areas. He has exploited those observations and developed investment tactics within a fundamentally sound long-term investment strategy. He currently covers Earnings News category for our site.



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