DA Davidson 10th Annual E&C Conference Construction Products Industry Update
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Price: $202.92 --0%
Rating Summary:
7 Buy, 15 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 17
Rating Summary:
7 Buy, 15 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 17
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DA Davidson 10th Annual E&C Conference Construction Products Industry Update by Brent Thielman
Thielman said, "Top participants in the domestic aggregates, concrete and cement industries presented at the conference, including Eagle Materials (NYSE: EXP)(NEUTRAL), Martin Marietta (NYSE: MLM)(NEUTRAL), MDU Resources (NYSE: MDU)(NEUTRAL) and Vulcan Materials (NYSE: VMC)(NEUTRAL). As indicated, delayed implementation of a long-term federal highway funding plan is broadly expected to minimize public sector opportunities. Management teams focused on internal initiatives versus market expectations and outlooks. Permanent reductions in costs across the board are expected to be leveraged as volumes return."
"General Cable (NYSE: BGC)(BUY) indicated that, while foreign exchange and metals prices have fluctuated, Q3 appears to be tracking with company expectations."
"CEO Joe Puishys presented for Apogee (Nasdaq: APOG)(NEUTRAL). While relatively new to the company, a desire for a broader international presence was clearly articulated. Apogee also appears to be increasingly exploring opportunities to engage its glass products internally within buildings, in addition to its traditional architectural skin business."
"L.B. Foster (FSTR)(NEUTRAL) indicated that it has hired a third party testing firm to evaluate claims by Union Pacific (NYSE: UNP). A determination of facts associated with the claim could take several months. Rail continues to be a good nearterm driver."
"Mueller Water Products (NYSE: MWA)(BUY) indicated discussions regarding strategic alternatives for U.S. Pipe are ongoing; no specific allocation or opportunities were identified regarding reinvestment of capital associated with a potential divestiture."
"Valmont Industries (NYSE: VMI)(BUY) highlighted a growing backlog in the utility business. Future acquisitions are less likely to be of the same scale as Delta."
"A revaluation of stocks in this group may be appropriate, particularly amidst the potential for a broader economic slowdown. Presentations by management teams were generally candid with regard to near-term market opportunities or expectations. Investor expectations also appear similarly tempered, as reflected in many stocks, which we believe will ultimately offer opportunities. Among participating companies at our conference, we currently recommend Valmont Industries, General Cable and Mueller Water Products and Northwest Pipe (Nasdaq: NWPX)(BUY) with BUY ratings. Valmont and General Cable both offer growth potential. Mueller Water Products continues to operate in a very weak environment, although the potential for a reshuffling of assets may present a catalyst."
Thielman said, "Top participants in the domestic aggregates, concrete and cement industries presented at the conference, including Eagle Materials (NYSE: EXP)(NEUTRAL), Martin Marietta (NYSE: MLM)(NEUTRAL), MDU Resources (NYSE: MDU)(NEUTRAL) and Vulcan Materials (NYSE: VMC)(NEUTRAL). As indicated, delayed implementation of a long-term federal highway funding plan is broadly expected to minimize public sector opportunities. Management teams focused on internal initiatives versus market expectations and outlooks. Permanent reductions in costs across the board are expected to be leveraged as volumes return."
"General Cable (NYSE: BGC)(BUY) indicated that, while foreign exchange and metals prices have fluctuated, Q3 appears to be tracking with company expectations."
"CEO Joe Puishys presented for Apogee (Nasdaq: APOG)(NEUTRAL). While relatively new to the company, a desire for a broader international presence was clearly articulated. Apogee also appears to be increasingly exploring opportunities to engage its glass products internally within buildings, in addition to its traditional architectural skin business."
"L.B. Foster (FSTR)(NEUTRAL) indicated that it has hired a third party testing firm to evaluate claims by Union Pacific (NYSE: UNP). A determination of facts associated with the claim could take several months. Rail continues to be a good nearterm driver."
"Mueller Water Products (NYSE: MWA)(BUY) indicated discussions regarding strategic alternatives for U.S. Pipe are ongoing; no specific allocation or opportunities were identified regarding reinvestment of capital associated with a potential divestiture."
"Valmont Industries (NYSE: VMI)(BUY) highlighted a growing backlog in the utility business. Future acquisitions are less likely to be of the same scale as Delta."
"A revaluation of stocks in this group may be appropriate, particularly amidst the potential for a broader economic slowdown. Presentations by management teams were generally candid with regard to near-term market opportunities or expectations. Investor expectations also appear similarly tempered, as reflected in many stocks, which we believe will ultimately offer opportunities. Among participating companies at our conference, we currently recommend Valmont Industries, General Cable and Mueller Water Products and Northwest Pipe (Nasdaq: NWPX)(BUY) with BUY ratings. Valmont and General Cable both offer growth potential. Mueller Water Products continues to operate in a very weak environment, although the potential for a reshuffling of assets may present a catalyst."
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