As market ebullience took a breather this week, we added shares to one model portfolio holding.
Management believes the deal will provide significant cross-selling and expansion opportunities.
The company boosted its divestiture target and announced the sale of its Angus Chemical unit to Golden Gate Capital.
We expect that continued right-sizing of the company through non-strategic divestitures will help to move the shares higher.
The holding supports our thesis that it pays to own a quality name.
The secondary offering is now in the company's rear-view mirror, so we believe the stock will stabilize.
Our model portfolio stocks performed quite well through earnings season and we are looking at new names to add now.
After the company gets this offering out of the way, we'll look for the stock to trade with less volatility.
As earnings season wrapped up for the most part, we added to two of our model portfolio positions this week.
It beat expectations for the sixth straight quarter.