Brean Murray Carret Cuts Price Target on Met-Pro (MPR), Growth is Coming But Steadily

Brean Murray Carret & Co. is reiterating its Buy rating on shares of Met-Pro (NYSE: MPR) while cutting its price target from $15 to $14. steadily

The company released its second quarter results below the firms expectations as EPS was $0.10 and revenue was $23.1 million. The firm was estimating $0.13 in earnings and $24.6 million in revenue. Gross margin of 35.2 percent for the quarter fell year-over-year slightly, but rose quarter-over-quarter.

New order booking reached $29.5 million in the quarter, a 33 percent increase year-over-year and the highest ever in the company's history. The firm believes that it is "a sign of improving end markets across MPR's business units."

MPR is currently in the middle of three different acquisitions and is in different stages within them. The company ended the quarter with a cash position of $29.7 million, while only have a long-term debt of $2.9 million.

The firm lowered its 2012 and 2013 EPS estimates from $0.53 and $0.64 to $0.49 and $0.61.

For more ratings news on Met-Pro click here and for the rating history of Met-Pro click here.

Shares of Met-Pro closed at $9.52 yesterday.

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