Source: Maxwell Carr
June 8, 2023 (Investorideas.com Newswire) This Canadian company recently made two notable changes and remains a Buy, noted an M Partners report.
Hammond Power Solutions Inc. (HPS.A:TSX; HMDPF:OTC) appointed a new chief executive officer (CEO) and declared a quarterly dividend, reported M Partners analyst Maxwell Carr in a June 6 research note.
59% Potential Gain
M Partners has a Buy rating and a CA$75 per share target price on this manufacturer of dry-type transformers. The Ontario, Canada-based company is currently trading, in comparison, at about CA$47.10 per share. The gap between these two prices reflects a projected possible return for investors of 59%.
Change at the Helm
Carr reported that after an extensive search, Hammond Power appointed Adrian Thomas as its new CEO and will be another member of the board of directors.
This "highly experienced professional," Carr described, has 20-plus years in the electrical and automation industries, including in senior executive roles. Well-known companies at which he has worked include General Electric, TMEIC, and, most recently, Schneider Electric.
"We see the hire as a perfect fit for Hammond Power's long-term strategy to become a global player in the electrical industry," commented Carr.
Thomas is replacing Bill Hammond, the company's CEO of 22 years. Hammond, in turn, will become the executive chairman and "remain involved with the business at a strategic level, where he will continue to provide excellent guidance," Carr wrote.
Dividend To Be Paid
In other news, reported Carr, Hammond Power announced a quarterly cash dividend of CA$0.125 per Class A subordinate voting share and per Class B common share of the company.
The dividend is payable on June 27, 2023, to shareholders as of business close on June 20, 2023.
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