Oppenheimer Reiterates Outperform Rating, $36 PT for Kronos Worldwide
In a company update published earlier today, Oppenheimer Holdings reiterated its Outperform rating and $36 price target for Kronos Worldwide, Inc. (NYSE: KRO).
Oppenheimer went on to say “KRO disclosed that in the process of refinancing existing 6.5% debt, it is evaluating a special dividend of up to $1.00/share. The company paid a $1 special dividend last year as well. Separately, it also declared a regular quarterly dividend of $0.15/share, payable on June 21, 2012. KRO generates ~$3/share after tax-free cash flow and is on a run-rate to be net-debt free within the next 18 months, so has ample capacity to return cash to share-owners.”
Kronos Worldwide, Inc. closed yesterday at $20.32.
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