Offutt Securities - institutional small cap value research reports

Rated Top
Analyst

in the Metals &
Mining Industry
by STARMINE

6/17/2007	Moving a Mountain
4/25/2007	Astec gain leaps 40% in record quarter

Offutt Securities is an institutional research brokerage firm founded in Baltimore. Our firm has been a member of the NASD since June, 1987. Our revenues have consisted of soft dollar commission business through our clearing arrangement with Bear Stearns Securities Corporation since 1987, our participation in underwritings and some hard dollar revenues.

Our research coverage focuses on:

Small Cap Value and Mid Cap Value companies not widely followed
Firms Generating Significant Free Cash Flow
Consistent Dividend Growth

Manufacturing


Oshkosh Truck Corp.	OSK	NYSE	JLG one of this firm's best performers in recent years was acquired by Oshkosh in 2006. This acqusition accounts for 40% of OSK revenues and diversifies the company's base of business which was defense and specialty trucks. FWD 12 Month Price range is 5
Teleflex Inc.	TFX	NYSE	Engineered products -Autos, marine, aerospace, medical. Projected 12 month forward price range 60-83.

Chemicals


	Airgas, Inc.	ARG	NYSE	Leading domestic industrial gas distributor. FWD 12 Month Price range is 40-58.

Engineering


	Michael Baker Corporation	BKR	ASE	Leading independent contractor in operations and maintenance of offshore drilling platforms in the GOM and one of the top 20 transportation engineering firms. Projected Fwd 12 month price range 27-40.

Machinery


Astec Industries	ASTE	NYSE	A leading manufacturer of heavy highway equipment, asohalt plant, and aggregate and mining equipment. 12 fwd month proj. price range 35-64.
Black & Decker	BDK	NYSE	A leading global brand name Projected 12 month price target range 70-105.
Kennametal Inc	KMT	NYSE	Tooling solutions for heavy equipment manufacturers. Projected Fwd. 12 month price range 61-86.
WABTEC	WAB	NYSE	Pittsburgh based company has introduced a long list of valued-added, high tech products and safety related devices that are on almost every freight rail and passenger transit in North America. The Federal Railroad Administration (FRA) recently approved

Steel


Carpenter Technology	CRS	NYSE	Specialty steel manufacturer. Projected 12 month price range 66-110.
Universal Stainless Alloy Pro	USAP	NASDAQ	Produces nickel alloys for aerospace industry and stainless settl. 56% sales to service centers.

Food Processing


Martek Biosciences Corp	MATK	NASDAQ	Martek Biosciences, located in Columbia, Maryland, was founded in 1985. The company's main products, purified nutritional oils, docosahexenoic acid (DHA, Omega 3 fatty acid) and arachidonic acid (ARA, Omega 6 fatty Acide), are manufactured from micro alg
McCormick & Company	MKC	NYSE	Spices & flavorings processor. Projected Fwd 12 month price range 32-42.

Energy

Health Care


	West Pharmaceutical	WST	NYSE	Leading Packager Of Medical Supplies. Projected forward 12 month price range 35-58.

Electronics

Security and Safety Products


Analogic Corp	ALOG	OTC	A leading designer and manufacturer of multi slice health and security imaging equipment. Fwd 12 mos price range 50-80.
Mine Safety Appliances Company	MSA	NYSE	Market Leader with broad nrand in safety products. Homeland security products from military+first responder+gas protection. Forward 12 month projected price range 32-47.

Miscellaneous


	CSS Industries	CSS	NYSE	Greeting cards, gift packaging Projected 12 fwd. month price range 30-42.

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