Bank of New York Mellon Corp Makes New Investment in Graham Corporation $GHM

Key Points

• Bank of New York Mellon acquired 27,965 shares of Graham Corporation during the second quarter, while institutional investors and hedge funds collectively owned 69.46% of the company.
• Analyst sentiment is mixed: Graham has an overall “Hold” consensus with an average price target of $132.50, though Northland Securities and Oppenheimer maintained “Outperform” ratings with higher targets.
• Graham exceeded quarterly expectations, reporting $0.49 EPS versus a $0.27 estimate and $71.34 million in revenue, up 28.6% year over year. Shares opened at $86.45, well below their 52-week high of $125.82.

Bank of New York Mellon Corp purchased a new position in Graham Corporation (NYSE:GHM - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 27,965 shares of the industrial products company's stock, valued at approximately $31,920,000. Bank of New York Mellon Corp owned about 0.24% of Graham at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the stock. Nicholas Investment Partners LP acquired a new stake in shares of Graham in the 4th quarter worth approximately $1,888,000. Agman Capital LLC bought a new stake in Graham in the fourth quarter worth about $14,079,000. Legato Capital Management LLC raised its position in Graham by 21.7% in the fourth quarter. Legato Capital Management LLC now owns 50,519 shares of the industrial products company's stock worth $3,245,000 after acquiring an additional 9,004 shares in the last quarter. State of Wyoming acquired a new stake in Graham in the 2nd quarter valued at about $1,107,000. Finally, Ausbil Investment Management Ltd acquired a new stake in Graham in the 2nd quarter valued at about $615,000. 69.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on GHM shares. Zacks Research lowered shares of Graham from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 10th. Northland Securities boosted their target price on shares of Graham from $111.00 to $135.00 and gave the stock an "outperform" rating in a report on Tuesday, June 23rd. Weiss Ratings raised shares of Graham from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, August 12th. Wall Street Zen raised Graham from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, Oppenheimer boosted their target price on Graham to $130.00 and gave the stock an "outperform" rating in a research report on Thursday, June 25th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $132.50.

Graham Price Performance

Shares of GHM opened at $86.45 on Friday. The business's 50-day moving average is $106.77 and its 200-day moving average is $96.67. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of 83.13 and a beta of 1.04. Graham Corporation has a fifty-two week low of $46.58 and a fifty-two week high of $125.82.

Graham (NYSE:GHM - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The industrial products company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.22. The business had revenue of $71.34 million during the quarter, compared to analyst estimates of $65.60 million. Graham had a return on equity of 11.09% and a net margin of 4.53%.Graham's quarterly revenue was up 28.6% compared to the same quarter last year. During the same period last year, the company earned $0.45 earnings per share. Equities research analysts expect that Graham Corporation will post 1.87 earnings per share for the current fiscal year.

About Graham

Graham Corporation NYSE: GHM is a U.S.-based industrial engineering company that designs, manufactures and services vacuum and heat transfer equipment. Its core offerings include liquid ring vacuum pumps, surface condensers, heat exchangers and custom-engineered vacuum systems. These products play a critical role in energy-intensive industries, where reliable removal of non-condensable gases and efficient heat exchange are vital to process performance.

The company's technologies find application across a range of end markets, including power generation, petrochemical, oil and gas, LNG, and semiconductor manufacturing.

Want to see what other hedge funds are holding GHM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Graham Corporation (NYSE:GHM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.