The President and CEO of Massachusetts-based CIRCOR International, Inc. (NYSE: CIR), Scott Buckhout, has stepped down with immediate effect. The company has named Tony Najjar as its interim President and CEO.
Najjar, who is the President of CIRCOR’s Aerospace & Defense Group, has also been promoted to the role of COO.
Helmuth Ludwig, the Chairperson at CIRCOR, said, “Today’s announcement reflects the Board’s commitment to unlock the potential of CIRCOR and accelerate progress on our strategic priorities.”
Reaffirms 2021 Outlook
Meanwhile, CIRCOR has reaffirmed its guidance for the fourth quarter and full-year 2021. It continues to expect fourth-quarter adjusted EPS to come in the range of $0.60 to $0.65 and revenue to increase by 1% to 3%.
For 2021, it projects adjusted EPS to lie between $1.69 and $1.74 and revenues to either remain flat or decrease by 2%.
The Street estimates the company to report adjusted EPS of $0.62 in the fourth quarter and $1.72 in 2021.
About CIRCOR
CIRCOR provides mission-critical flow-control products and services for the Industrial and Aerospace & Defense markets. It has over 14,000 customers in nearly 100 countries.
CIR stock closed 0.7% down on Wednesday at $23.67.
Overall, the stock has a Moderate Buy consensus rating based on a single Buy. The average CIRCOR International stock forecast of $41 implies 73.2% upside potential. Shares have lost 34.7% over the past year.
Hedge Fund Activity
TipRanks data points that Wall Street’s top hedge funds have decreased holdings in CIR by 15,000 shares in the last quarter, indicating a Neutral hedge fund confidence signal in the stock.
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