Art’s-Way Manufacturing Co. Inc. (NASDAQ: ARTW) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced that it was the subject of a large project award, exciting investors and sending the stock on a run for the top. Today, we’ll talk about:
- The project award;
- what we’re seeing from ARTW stock as a result; and
- what we’ll be watching for ahead.
ARTW Announces Project Award
As mentioned above, Art’s-Way Manufacturing is having a strong start to the trading session this morning after announcing a large project award.
In a press release issued early this morning, the company announced that it has entered into a new contract. The contract is worth $8.4 million and surrounds the completion of a biomedical facility in Fredrick, Maryland. ARTW said that the project consists of five modular units. All in all, the facility will come to a total of 5,340 square feet.
In a statement, Dan Palmer, President of the ARTW Scientific division, had the following to offer:
We are very pleased to have the opportunity to complete this project.
This will be our third significant modular laboratory project for this client. We are delighted to be able to bring back together the same team of construction managers, architectural, structural, and mechanical engineers and subcontractors that have supported our manufacturing plant in successfully completing the previous high value, high quality and on time solutions to support this client’s important research requirements. We are expecting completion of this project by the end of our 2019 fiscal year.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to Art’s-Way Manufacturing, the news proved to be positive. After all, the new contract award will drive nearly eight and a half million in revenue for the company.
With that in mind, it comes as no surprise to see that excited investors are pushing the stock up in the market. As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:28), ARTW is trading at $3.19 per share after a gain of $1.26 per share or 65.52% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on ARTW. In particular, we’re interested in following the story surrounding the project that the company announced this morning as well as any upcomming projects yet to be announced. Nonetheless, we’ll keep a close eye on the news and bring it to you as it breaks!
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