EnPro Industries, Inc.
) hit a new 52-week high of $57.04 on Jul 10 and eventually
closed at $56.86. Shares of this industrial products company
jumped 7.2% in a day, post the announcement of the recent decline
in the estimated liability of pending and future asbestos-related
Year-to-date, share prices have recorded a healthy return of
35.8%. The company's long-term estimated EPS growth rate is
15.0%. Average volume of shares traded over the last three months
came in at approximately 130K.
EnPro announced the new development by Garlock Sealing
Technologies LLC (GST) against whom the allegation of
manufacturing asbestos which is causing cancer has been leveled.
Garlock has submitted a pre-trial brief for the impending trial
to estimate its aggregate charge for pending and future
Garlock estimated claims of $270 million in Nov 2011, which is
now estimated to be roughly $125 million, in the pre-trial brief
issued recently. However, the Committee of Asbestos Personal
Injury Claimants and the Future Asbestos Claimants'
Representative estimate the claim to be $1.26 billion.
In May, another subsidiary of EnPro, Compressor Products
International, entered into a contract to provide reciprocating
compressor aftermarket goods and services for the next five years
In April, GGB Bearing Technology enhanced the product
portfolio of the company with the introduction of two new
metallic bearing materials. We expect the growth trajectory to
continue in the future based on new contracts as well as
Other Stocks to Consider
The company registered a negative earnings surprise in the
previous quarter due to reduction in demand in most of its
industrial markets. EnPro currently carries a Zacks Rank #4
(Sell). Other stocks to look out for in the industry are
Lincoln Electric Holdings Inc.
), carrying a Zacks Rank #1 (Strong Buy).
Chart Industries Inc.
Key Technology, Inc.
) carrying a Zacks Rank #2 (Buy) are worth a watch.
CHART INDUSTRIE (GTLS): Free Stock Analysis
KEY TECHNOLOGY (KTEC): Free Stock Analysis
LINCOLN ELECTRC (LECO): Free Stock Analysis
ENPRO INDUS INC (NPO): Free Stock Analysis
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