Specialty engineered materials company Rogers Corporation (ROG) recently announced the acquisition of Silicone Engineering Ltd., a silicone material solutions manufacturer. The financial terms of the deal have been kept under wraps.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Following the news, shares of the company gained 1.3% to close at $185.51 on Friday.
With this buyout, Rogers will expand its presence in the European region. Further, the company will be able to serve its customers, who require premium silicone solutions for applications in the EV/HEV, Industrial, Medical and other markets, more efficiently.
The CEO of Rogers, Bruce Hoechner, said, “This combination creates a dynamic silicones platform in Rogers that further strengthens our ability to serve our global customers, especially for our core markets. The Silicone Engineering team, products and business model are closely aligned with Rogers, so we expect a seamless integration, and we look forward to maximizing the strategic commercial opportunities this combination affords.” (See Rogers stock chart on TipRanks)
See Analysts’ Top Stocks on TipRanks >>
The stock has a Moderate Buy consensus rating based on 1 Buy. Two months ago, Canaccord Genuity analyst Jonathan Dorsheimer reiterated a Buy rating on the stock. The analyst, however, lowered the price target from $260 to $233, which implies upside potential of 25.6% from current levels. The analyst lowered the price target due to supply chain and logistical headwinds. Shares of the company have gained 75.1% over the past year.
Related News:
Quidel Posts Preliminary Q3 Revenue; Shares Jump
Fiverr Acquires CreativeLive; Street Says Buy
RPM International Hikes Quarterly Dividend by 5.3%