NCR CORP. $27 (New York symbol NCR; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 169.9 million; Market cap: $4.6 billion; Price-to-sales ratio: 0.7; No dividends paid; TSINetwork Rating: Average; www.ncr.com) makes automated teller machines, cash registers, self-serve checkouts and kiosks for theatres and arenas.
Private equity firm Blackstone Group (New York symbol BX) recently purchased $820 million worth of preferred shares that can be converted to common shares at $30.00 each. If Blackstone converted all of these holdings, it would own 17% of NCR.
Blackstone’s expertise should help NCR expand its software and services businesses, which are more profitable than making ATMs and other equipment.
Meanwhile, the company will use the cash to buy back $1.0 billion worth of its common shares through a Dutch auction process. Based on the initial response to the offer, NCR will repurchase 37.4 million shares at $26.75 each. That will cut the number of shares outstanding by 22%.
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