Storied Boston investment firm Eaton Vance in 2013 added a little bit to its holdings of Franklin-based Clarcor. This week, the firm filed papers showing that it controlled 6.15 percent of the filtration and packaging manufacturer as of Dec. 31. Eaton Vance, which manages more than $280 billion, held about 5.8 percent of Clarcor's stock a year ago.
Richard Eastman at Robert W. Baird says investors should take a more cautious stance on Clarcor following the Franklin-based filtration company's earnings report. He has cut his rating to 'neutral' from 'outperform' and trimmed his price target to $59 from $62. Clarcor (Ticker: CLC) was changing hands at $58.40 in early Friday trading.
Analysts at JPMorgan have similarly lowered their opinion of Healthcare Realty Trust to 'neutral' from 'overweight' and taken down their target to $23 from $26. Shares of Healthcare Realty (Ticker: HR) were down slightly at $22.32 this morning. They've fallen about 8 percent in the past three months.
Filtration and packaging manufacturer Clarcor reported fourth-quarter profits of $32.9 million, down 10 percent from its year-prior results, as gross margins slipped on slightly higher revenues. Clarcor's EPS of 65 cents was 5 cents below analysts' expectations but includes $2.7 million, or 4 cents per share, in costs related to the company's recent GE and Bekaert acquisitions. CEO Chris Conway and his team also released early 2014 EPS guidance of $2.55 to $2.70, below the Street's $2.73.
Clarcor Inc. subsidiary PECOFacet has opened an office in the United Arab Emirates in the Dubai Airport Free Trade Zone. PECOFacet is included within Clarcor’s industrial/environmental filtration segment, which has annual sales of about $530 million.
Scott Thompson, PECOFacet’s President, said: “We are very excited about our new office in Dubai. While PECOFacet has been providing innovative solutions throughout the Middle East for many years, our new office brings the next level of responsiveness and service to our customers in the Middle East. PECOFacet maintains a commitment to, and investment in, research and development which has resulted in significant technology advances in filtration, separation, and coalescence. Several key examples of which are PECOFacet’s patented PEACH® Gemini PuraSep® gas coalescers, XtreamPure® liquid housings and the PEACH® filter cartridge manufacturing process.”
Clarcor board member (and former Vanderbilt Owen School of Graduate Management dean) Jim Bradford last Thursday cashed in a number of the stock options granted him between 2006 and 2010. The strike prices for the almost 39,000 options ranged between $25 and $35; selling the shares that resulted from their exercising generated Bradford a profit of more than $920,000. Since bottoming out at about $23 in early 2009, Clarcor shares (Ticker: CLC) have risen almost 150 percent.
The directors of filtration and packaging manufacturer Clarcor on Monday voted to hike the company's quarterly dividend to 17 cents from 13.5 cents. The 26 percent boost is the biggest in at least two decades and pushes the Franklin-based company's increase streak to 30 years. Shares of Clarcor (Ticker: CLC) are up about 16 percent so far this year and closed Monday at $55.53, about 4 percent of their all-time high.
POSTDATA: WARRANTY DEEDS