A diversified manufacturing company focused on achieving profitable growth internally through new product development and product line extensions, and externally through acquisitions that complement its existing technologies, products and market channels.
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Looks like a good investiment appears to be undervalued in current market.
Disclosure: I own no shares of this stock.
You are overlooking their second largest divisions continued struggle to make money and to regain its market leadership position. Tire and Wheel will continue to struggle as the products it produces are looked at as commodity and not specialty products. This division I predict will lose money in the third quarter.
They also paid way to much for the Hawk Acquisition. They will never grow this business to reach the $400 million+ they paid for it. There are to many new global competitors that will all take shots at Wellman/Hawks friction business. The Hawk board sold it at this time because I believe they saw the tough road ahead.
It's hard for me to not like this stock. It came onto my radar screen in mid-September of this year. I bought it because I thought it was undervalued.
On 9/27, I bought at $28.95 per share. Two months later it's trading at $37.47. What's not to like?
With that said.....I also had set a price to sell at $41-$42, so there's not a whole lot more of upside at this point.
I would agree that they paid too much for Hawk. (There seems to be a trend of overpaying for acquisitions.....unless you own SNY....you know....the Genzyme thing!!)
I'm watching this one closely....but I'm still long on it.