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Hillenbrand To Divest Abel Pumps In $103.5M Deal; Street Stays Bullish

Hillenbrand has agreed to promote its Abel pumps and sure associates to IDEX Corp. for $103.5 million in money. The corporate stated that the divestment is in-line with its technique to exit its circulation management enterprise and streamline its portfolio.

Hillenbrand (HI) plans to make use of the Abel sale proceeds to cut back its leverage, and thereby enhance its stability sheet.

The corporate expects the take care of IDEX (IEX) to shut within the second quarter of fiscal 2021, ending in March.

Earlier this month, Hillenbrand accomplished the divestment of its Pink Valve enterprise to DeZURIK Inc. for $63 million and used the proceeds to deleverage its stability sheet. (See HI stock analysis on TipRanks)

On Nov. 19, Barrington analyst Christopher Howe maintained a Purchase ranking and a value goal of $50 (15.5% upside potential) on the inventory. The analyst stated, “The corporate continues to prioritize paying down debt following the current acquisition of Milacron, reinvesting for development, and supporting the dividend.” Hillenbrand accomplished the $1.9 billion Milacron deal in Nov. 2019.

From the remainder of the Road, the inventory scores a bullish Sturdy Purchase analyst consensus based mostly on 3 unanimous Buys. The common analyst price target of $47.33 implies upside potential of about 9.4% to present ranges. Shares have gained 37.5% over the previous yr.

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Associated Information:
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