The directors of Clarcor have voted to hike the Franklin-based company's quarterly dividend by about 18 percent to 20 cents per share. Investors of record on Oct. 10 will be paid a week later. The filtration and packaging company (Ticker: CLC) has now grown its dividends every year since 1983.
It's time to add Clarcor to the list of local companies whose executives and board members are taking profits in the stock market. Early this week, three of the company's board members and two of its executives collectively booked gains of more than $2 million on stock option transactions. Leading the way was Chief Administrative Officer David Lindsay, whose gains topped $1.4 million. Directors Philip Lochner and Robert Jenkins booked about $640,000 and $285,000, respectively, in profits while former Bridgestone boss Mark Emkes pocketed gains of about $140,000 and General Counsel Richard Wolfson booked a profit of about $80,000.
Shares of Clarcor (Ticker: CLC) closed Thursday at $63.16. They have climbed about 10 percent over the past six months.
Kevin Reynolds at Wunderlich Securities has raised his price target for shares of Pinnacle Financial Partners to $40 from $37 after the bank holding company reported its Q2 numbers. Reynolds says investors shouldn't put too much stock in the earnings beat because of a smaller loan loss provision, but he nonetheless likes Pinnacle's long-term prospects. Pinnacle shares (Ticker: PNFP) closed Thursday trading at $36.05 and are up 11 percent so far in 2014.
At Robert W. Baird, analyst Richard Eastman has hiked his rating on Clarcor shares to 'outperform' from 'neutral,' citing better fundamentals, the benefit of recent acquisitions and a decent valuation. He sees Clarcor (Ticker: CLC), which closed Thursday at $60.46, climbing to $67 in the coming quarters.
Investors appear to like the look of Franklin manufacturing holding company Clarcor's pending acquisition of a profitable fuel filter business. So does BB&T Capital Markets analyst Kevin Maczka, who on Tuesday hiked his rating on the company to 'buy' from 'hold' and said he likes the use of its balance sheet. Maczka now sees the stock (Ticker: CLC) climbing to $65. At about 2:15 p.m., it was up 5.5 percent at $58.16.