NEXT Michigan.news is excited to share highlighted news about publicly traded Michigan companies.
Note: This content is for informational purposes only and should not to be taken as financial, legal or investment advice.
May 24, 2024
Altair Engineering of Troy offers global software and cloud solutions in simulation and design, high-performance computing, data analytics, and artificial intelligence, with a market capitalization of approximately $7.20 billion.
Altair has high inside stock ownership which some view as a vote of confidence.
The company forecasts continued growth with expected annual earnings increasing by 57.31% and revenue growing at 8.5% per year, both outpacing the market.
NASDAQ:ALTR
CMS Energy Corporation in Jackson is the state’s largest electric & natural gas provider. They supply nearly 70% of Michigan’s population with utility services.
Utility services are a vital part of our everyday lives. And the cost of energy is only expected to rise.
CMS is well-positioned for the future with subsidiary NorthStar Clean Energy. NorthStar has partnered with corporate giants General Motors, McDonalds, and Walmart, to name a few.
Stock analysts are high on them. The recommendation is to buy and anticipate moderate short-term yields, with greater long-term gains.
NYSE:CMS
Detroit’s DT Midstream Inc is a spinoff of DTE Energy Co. DT supplies gas and electric utilities to power plants, energy producers and industrial outfits across the Southern, Northeastern, Midwestern United States and Canada.
In the past six months, DT stock is up almost nine points, adding 15.3% in value. Long-term profit is the play here.
NYSE:DTM
InfuSystem Holdings, Inc in Rochester Hills is a premier supplier of Infusion Pumps, Therapies and Biomedical Services. Infusystem stock is down about three points so far this year-to-date. The prevailing notion says now is the time to buy.
NYSE:INFU
Kelly Services of Troy is a top temp employment and staffing agency. Kelly stock has been holding steady since March. The price has been cycling between 22 and 24 dollars per share.
Kelly reported higher than expected earnings for the first quarter. Investment bank Barrington Research is bullish on this stock. Will Kelly build on their success from earlier this year?
NASDAQ:KELYA
Meritor Inc is another major entity in Troy. Meritor manufactures auto parts for trucks, trailers and military vehicles. They specialize in drivetrain systems.
Indiana’s Cummins Inc is their parent company. As Meritor adds to its market share, stock value is projected to steadily grow. Industry insiders say it’s a strong buy.
NYSE:MTOR
Neogen Corp of Lansing is an agricultural and animal food safety firm with locations all around the world. Neogen has successfully integrated the former 3M Food Safety unit, which is expected to yield stockholders long-term rewards.
Shares are down more than seven points since the start of 2024. Given that, this may be worth looking at as a long-term investment.
NASDAQ:NEOG
Phinia Inc in Auburn Hills makes fuel and electrical systems along with aftermarket auto parts such as starters and alternators. Phinia’s stock has surged 70% in the last six months.
“Looking at the fundamentals, the stock currently carries a Zacks Rank #2 (Buy), which means it is in the top 20% of more than the 4,000 stocks that [we rank] based on trends in earnings estimate revisions and EPS (Earnings Per Share) surprises -- the key factors that impact a stock's near-term price movements.”
NYSE:PHIN
Stryker Corp in Kalamazoo is a manufacturer of medical devices and health care equipment. They plan to be active when merger/acquisition opportunities arise.
Needham & Co. just announced, “We find SYK shares attractive considering its potential for double-digit organic revenue growth and upgrade our rating to Buy from Hold.”
NYSE:SYK
TriMas Corp is a maker of aerospace parts, packaging accessories and other specialty products. Their subsidiaries include Aarts, Affaba & Ferrari, Rieke and Taplast.
The Bloomfield Hills-based business has seen significant buy-ins from investors in recent weeks. Trimas counts Coca-Cola among its clients. The Oakland County corporation has also gained a foothold in the European Union.
NASDAQ:TRS
Visteon Corp. is one to keep an eye on. The Van Buren Township tech titan provides display systems, infotainment, and connective services to automakers BMW, Ford, GM, Honda and Jaguar Land Rover, among others.
NASDAQ:VC
Wolverine World Wide of Rockford owns a wide range of footwear brands. Included are: Hush Puppies, Merrell, Saucony, and Stride Rite.
Wolverine stock has jumped 47% since January. Can it continue at this clip?
NYSE:WWW
IPO Alert: Acrisure is a Grand Rapids Financial Services group planning to go public this year with a valuation of $20 billion.