NEW YORK ( TheStreet) -- Tyco International ( TYC) was the best-performing stock in the S&P 500 midday Wednesday. 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 Pentair ( PNR). 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. TheStreet Ratings gives Tyco an A grade with a buy rating and a $61.52 price target. The stock has risen 19.48% year to date. -- Written by Alexandra Zendrian >To contact the writer of this article, click here: Alexandra Zendrian >To submit a news tip, send an email to: firstname.lastname@example.org. >To follow the writer on Twitter, go to Alexandra Zendrian.