NEW YORK (
was the best-performing stock in the
The S&P was down 5.01 points, or 0.35%, to 1,407.51.
Shares of Tyco rose 4.28% to $55.82. The fire protection company announced Wednesday that its flow control division is merging with
. Under the all-stock merger, Tyco shareholders will own 52.5% of the combined company and Pentair shareholders will own 47.5%.
Tyco International's stock hit a 52-week high Wednesday of $56.19. The stock's 52-week low of $37.40 was set on Aug. 9.
Tyco has an estimated price-to-earnings ratio for next year of 13.48 times; the average for diversified industrials companies is 11.81.
Twelve of the 19 analysts who cover Tyco rated it buy; seven analysts gave the stock a hold rating.
gives Tyco an A grade with a buy rating and a
price target. The stock has risen 19.48% year to date.
-- Written by Alexandra Zendrian
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