NEW YORK (TheStreet) -- Shares of Ikonics Corp. (IKNX) are up 5.55% to $25.40 after it announced plans to expand use of its composite machining capabilities for the aerospace industry.
Ikonics, which currently makes electronic wafers for Airbus (EADSY) and Bombardier (BDRBF), said its board approved a capital expenditure for for automated equipment involved in the expansion.
Must Read: Warren Buffett's 25 Favorite Stocks
Separately, TheStreet Ratings team rates IKONICS CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate IKONICS CORP (IKNX) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, compelling growth in net income, good cash flow from operations and expanding profit margins. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."