MOTOROLA SOLUTIONS INC. $65(New York symbol MSI; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 255.3 million; Market cap: $16.6 billion; Price-to-sales ratio: 2.0; Dividend yield: 1.9%; TSINetwork Rating: Average; www.motorolasolutions.com) took its current form on January 4, 2011, when the old Motorola Inc. spun off its struggling cellphone business, Motorola Mobility, as a separate firm. The remaining operations became Motorola Solutions after the breakup.
The company makes specialized communications equipment, such as radios for police and fire vehicles. Government clients account for about 70% of its revenue.
Motorola Solutions recently agreed to sell its enterprise division, which provides the remaining 30% of its revenue. This business makes bar-code scanners and interactive kiosks for corporate clients.
The buyer, Zebra Technologies Corp. (Nasdaq symbol ZBRA), will pay $3.45 billion when the deal closes, probably before the end of 2014.
The company’s focus on government clients could slow its growth, particularly as many U.S. cities and states are struggling to control their costs. But it is a market leader, which helps cut its risk.
Meanwhile, Motorola Solutions’revenue fell 8.7% in the quarter ended March 29, 2014, to $1.8 billion from $2.0 billion a year earlier. The lower sales and a higher income tax rate cut its earnings by 33.9%, to $127 million from $192 million. Per-share profits fell 27.9%, to $0.49 from $0.68.
The stock trades at a high, but still reasonable, 20.3 times the company’s projected 2014 earnings of $3.20 a share. The $1.24 dividend yields 1.9%.
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