Federal Signal Corporation (FSS) Sets New 1-Year High Following Earnings Beat
Federal Signal Corporation (NYSE:FSS) reached a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $23.27 and last traded at $0.00, with a volume of shares traded. The conglomerate reported $0.24 EPS for the quarter, beating the consensus estimate of $0.21 by $0.03. Federal Signal Corporation had a return on equity of 10.59% and a net margin of 5.20%. The company had revenue of $249.00 million for the quarter, compared to analyst estimates of $240.30 million. During the same period last year, the company earned $0.17 earnings per share. Federal Signal Corporation’s quarterly revenue was up 33.4% compared to the same quarter last year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 14th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.31%. The ex-dividend date of this dividend is Monday, November 13th. Federal Signal Corporation’s payout ratio is currently 42.42%.
Several brokerages have commented on FSS. Zacks Investment Research raised Federal Signal Corporation from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a report on Thursday, August 24th. BidaskClub raised Federal Signal Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, July 11th. One analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. Federal Signal Corporation currently has an average rating of “Buy” and an average price target of $21.50.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. lifted its position in shares of Federal Signal Corporation by 16.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 388,019 shares of the conglomerate’s stock valued at $6,737,000 after acquiring an additional 53,602 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Federal Signal Corporation by 0.7% in the first quarter. Legal & General Group Plc now owns 106,247 shares of the conglomerate’s stock valued at $1,467,000 after acquiring an additional 766 shares in the last quarter. Texas Permanent School Fund lifted its position in shares of Federal Signal Corporation by 1.0% in the second quarter. Texas Permanent School Fund now owns 43,651 shares of the conglomerate’s stock valued at $758,000 after acquiring an additional 412 shares in the last quarter. Macquarie Group Ltd. lifted its position in shares of Federal Signal Corporation by 6.3% in the second quarter. Macquarie Group Ltd. now owns 1,139,379 shares of the conglomerate’s stock valued at $19,780,000 after acquiring an additional 67,137 shares in the last quarter. Finally, Susquehanna International Group LLP purchased a new position in shares of Federal Signal Corporation in the second quarter valued at approximately $668,000. Institutional investors and hedge funds own 83.55% of the company’s stock.
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About Federal Signal Corporation
Federal Signal Corporation designs, manufactures and supplies a suite of products and integrated solutions for municipal, governmental, industrial and commercial customers. The Company’s segments include the Environmental Solutions Group and the Safety and Security Systems Group. Its Environmental Solutions Group manufactures and supplies a range of street sweeper vehicles, sewer cleaner and vacuum loader trucks, hydro-excavation trucks and waterblasting equipment.
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