Enpro Industries (NPO) Receives a Buy from Oppenheimer

By Austin Angelo

Oppenheimer analyst Ian Zaffino maintained a Buy rating on Enpro Industries (NPOResearch Report) yesterday and set a price target of $90. The company’s shares closed yesterday at $63.69.

Zaffino said:

“We update our model to reflect management’s announcement to discontinue the production of brake drum friction at its STEMCO heavy-duty truck business. The restructuring will involve the shutdown of production lines that occupy a portion of STEMCO’s owned production facility in Rome, GA. As a result, management expects to record restructuring expense of ~$15.8M in 4Q18, comprising impairment of inventory, equipment and other tangible assets. We adjust our 4Q adjusted EPS estimate to $0.59 from $0.73. Management reaffirmed guidance provided on 10/31/2018 which calls for FY2018 EBITDA of $217M-$220M. Maintain Outperform.”

According to TipRanks.com, Zaffino is a 1-star analyst with an average return of -1.0% and a 48.6% success rate. Zaffino covers the Services sector, focusing on stocks such as Servicemaster Global Holdings, Wyndham Hotels & Resorts Inc, and Wyndham Destinations Inc.

Enpro Industries has an analyst consensus of Moderate Buy, with a price target consensus of $82.

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Based on Enpro Industries’ latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $24.2 million. In comparison, last year the company had a net profit of $23.4 million.

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EnPro Industries, Inc. engages in the provision of sealing products, metal polymer and filament wound bearings, components and service for reciprocating compressors, diesel and dual-fuel engines, and engineered products for use in critical applications. It operates through the following segments: Sealing Products, Engineered Products, and Power Systems.