Gardner Denver, Inc (NYSE:GDI) reported on Monday that Chief Executive Officer Barry L. Pennypacker has quitted and the machinery manufacturer’s board of directors has picked Chief Financial Officer Michael M. Larsen to fill in while the corporation searches for a successor.
The development directed the shares of Gardner Denver to plunge over 8% in regular trading.
The Wayne, Pennsylvania based Gardner Denver did not mention why Pennypacker, who also held the title of president and director, quitted.
Pennypacker reported in a statement that he was proud of the growth and results the corporation achieved during his tenure. Barry L. Pennypacker joined the corporation in January 2008. He also reported that Gardner Denver was well-positioned for a strong outlook.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. IDEX Corporation (NYSE:IEX) fell -2.09% to settle at $36.46, The Gorman-Rupp Company (NYSE:GRC) moved down -1.85% to end at $30.27 while Joy Global Inc (NYSE:JOY) decreased -2.89% to finish on Friday at $49.13.
Gardner Denver, Inc (NYSE:GDI) last session volume of 5.18 million shares was surprisingly higher than its average volume of 639,967.00 shares. The stock after opening at $51.16 hit high price of $51.62 and then closed at $48.22 by scoring -8.64%.
The liquidity measure in recent quarter results of the company was recorded 2.00 as current ratio and on the other side the debt to equity ratio was 0.30 and long-term debt to equity ratio also remained 0.23. The Company had total cash at hand $186.86 million and a book value per share as $26.76 in the most recent quarter.
The stock price volatility was 3.56% for a week and 5.38% for a month as well as price volatility’s Average True Range for 14 days was 2.09 and its beta remained 1.36.
GDI generated revenue of 2.44 billion in the following twelve months and earned $272.92 million. The Company showed a positive 11.24% in the net profit margin and as well as in its operating margin which remained 16.11%. Company’s annual sales growth for the past five year was 7.27%.
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