Montreal asset manager Letko Brosseau has just lowered its stake in 5N Plus to below 10%.
The institutional investor sold 122,075 shares of the Montreal semiconductor producer during the April 21 session, indicates a document that has just been filed with the stock market authorities.
This transaction means that Letko Brosseau started the month of May with a stake of just under 10% in the company specializing in technological materials. Letko Brosseau is thus no longer required to declare its transactions in the shares of 5N Moreunless its stake goes back above the 10% threshold.
A first analyst again recommends the action of Power Corporation. Graham Ryding, of TD, has been suggesting since Wednesday to buy the title of the Montreal financial conglomerate. The eight other analysts who officially follow Power still refuse to offer the purchase. The TD expert believes that Power’s valuation has become sufficiently attractive to justify a purchase after the decline observed at the publication of the performance at the start of the financial year. He argues that Power has ample cash to repurchase shares for cancellation and expects management to do so, given the gap that has arisen between the stock market valuation and the net worth of the assets of the conglomerate. “Power has defensive attributes that should support valuation in a volatile market. His colleague Phil Hardie, of Scotia, points out for his part that the patience of investors is rewarded by a dividend yield that is close to 6%.
There National Bank fell out of favor with Keefe, Bruyette & Woods this week. Analyst Mike Rizvanovic’s decision to withdraw his buy recommendation comes as Canadian banks prepare to report their latest quarterly performance. This expert believes that the current valuation of the bank’s stock limits its relative upside potential and considers earnings growth less favorable compared to that of other large banks, in particular due to the intensification of competition in Quebec. and the strong exposure of the profits of the Québec banking institution to the capital markets. They are now only 7 analysts out of 13 to propose the purchase of the action of the National Bank.
While observers believe thatHeroux-Devtek represents an acquisition target, two companies in the aeronautics sector announced a transaction this week which could lead to believe that the action of the supplier of landing gear from Longueuil is undervalued by investors. At least that is the opinion of Benoit Poirier, at Desjardins Securities. After learning about the price offered by Heico to buy Wencor, he pointed out that Héroux-Devtek’s management buyback of 4.3 million shares for cancellation since the beginning of the year confirms his opinion. “A company of this quality will not stay cheap for long,” he says of Héroux-Devtek. The company’s stock subsequently gained 6% on Thursday after the unveiling of stunning year-end results.
A member of the management of ECB has just sold a quarter of a million dollars worth of shares in the Montreal telecommunications giant. Glen LeBlanc, executive vice president, chief financial officer and senior vice president of the Atlantic region, sold a block of 3,800 shares on May 8.
A senior leader of Boralex has just bought a block of shares in the Quebec producer of renewable energy. Nicolas Wolff, vice-president and general manager of Boralex Europe, bought 1,000 shares on May 11.
The Toronto Stock Exchange will remain closed on Monday to mark the holiday of Victoria Day (Journée nationale des patriotes in Quebec).
The Quebec titles of H2O Innovation, CGI, Richelieu Hardware And Stella Jones reached a new 52-week high on the Toronto Stock Exchange this week. On the other hand, those of Lightspeed, VAT, Opsens And Fiera Capital hit a 52-week low this week.