New York Stock Exchange officials have told Noranda Aluminum Holding executives that the slide in the company's share price to below $1 has put it in the listing standards doghouse. The Noranda team now has six months to get their stock back above $1 on a regular basis. To that end, they will host on Aug. 24 a special shareholders' vote on a 1-for-7 reverse split. Noranda shares (Ticker: NOR) rose more than 6 percent Tuesday to 56.5 cents.
Brian Martin at FIG Partners has lowered his rating on shares of Pinnacle Financial Partners to 'market perform' from 'market outperform' following the bank holding company's Q2 profit report. Before the report, Martin's price target was $53, just a bit above where Pinnacle (Ticker: PNFP) is changing hands today. Over at SunTrust Robinson Humphrey, analysts have trimmed their price target for Nashville-based Pinnacle to $62 from $63 but maintained his 'buy' rating.
Macquarie analyst Vikas Dwivedi has launched coverage of several refining stocks with positive ratings, saying the sector will benefit from tight capacity and solid financials. Among the companies getting 'outperform' ratings is Brentwood-based Delek US Holdings. Mid-morning Tuesday, Delek (Ticker: DK) was trading at about $36.50. So far this year, they're up 34 percent.
Louisiana-Pacific executives have put in place plans to begin selling a number of their products in the six Middle Eastern countries that make up the Gulf Cooperation Council. The Nashville-based company is particularly focused on marketing its concrete form beams.
The board of Delek Logistics Partners has again voted to hike the company's quarterly dividend. Shareholders of record on Aug. 6 will receive 55 cents per limited partner unit, up from 53 cents. That amount is 16 percent higher than the payout of a year ago. Based on Monday's Delek Logistics closing price of $38.35 (Ticker: DKL), the new payout would lift the venture's yield to more than 5.7 percent.
Noranda Aluminum Holding Corp. President and CEO Kip Smith on Thursday sent a message about his outlook for the battered shares of the Franklin-based company. Smith forked over nearly $100,000 to buy 196,000 shares of Noranda, which has lost more than 80 percent of its value (Ticker: NOR) so far this year as prices for its final products have fallen and its board has said it will evaluate its strategic options. The move boosted his stake in the company by more than a quarter.
National Seating & Mobility has signed a lease for space in a Birmingham industrial building, the Birmingham Business Journal reports.
The Franklin-based company, which specializes in custom mobility, rehab and adaptive seating, will take 9,500 square feet in the building, the address for which is 115 45th Place N.
The lease (read more here) follows National Seating & Mobility’s announcement in May that it had opened branches in New Redding, California, and Cleveland.
Relatedly, the company in July 2014 named William Mixon as CEO (read more here).
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