Industrial Research Analysts

In-depth analysis of the industrial market.

Comprehensive investigation, research and thought are used by our analysts to create the best information and options for our clients.

Steve Barger

Industrial Manufacturing

Steve Barger is a Managing Director, Equity Research Analyst with KeyBanc Capital Markets Inc. He joined the company in 2004 as a research associate, covering automotive parts suppliers. He was promoted to research analyst in January 2006, and his research coverage is focused on industrial manufacturers.

Barger’s previous experience includes serving as general manager and partner at Cleveland Tank & Supply, Inc., as well as owning and operating a local business.

Prior to that, Barger served as a Sergeant in the U.S. Army's 75th Ranger Regiment.

Barger earned a Bachelor of Science in Management, with a concentration in Finance, from the Weatherhead School of Management at Case Western Reserve University in Cleveland.

In its May 2011 “Best on the Street” Analyst Survey, The Wall Street Journal ranked Barger as the #5 stock picker in the Heavy Machinery and Materials sector for 2010. This is Barger’s second WSJ award. Barger was also recognized as the #3 stock picker in the Machinery sector by the Financial Times/StarMine in May 2011.

Industrial Manufacturing Companies Under Research Coverage

Company Ticker
Advanced Energy Industries, Inc. AEIS
AMETEK, Inc. AME
Applied Materials, Inc. AMAT
Federal Signal Corporation FSS
GATX Corporation GMT
HD Supply Holdings, Inc. HDS
Herc Holdings Inc. HRI
Joy Global Inc. JOYG
Kaman Corporation KAMN
Kennametal Inc. KMT
KLA Corporation KLAC
Lam Research Corporation LRCX
Lawson Products, Inc. LAWS
Lincoln Electric Holdings, Inc. LECO
MKS Instruments, Inc. MKSI
MSC Industrial Direct Co., Inc. MSM
Myers Industries, Inc. MYE
NN, Inc. NNBR
Oshkosh Corporation OSK
Park-Ohio Holdings Corp. PKOH
RBC Bearings, Inc. ROLL
Teradyne, Inc. TER
Terex Corporation TEX
The Greenbrier Companies, Inc. GBX
The Timken Company TKR
Trinity Industries, Inc. TRN
WESCO International, Inc. WCC
Westinghouse Air Brake Technologies Corporation WAB

Sean Eastman

Business Services, Construction & Engineering

Sean Eastman is an Equity Research Analyst with KeyBanc Capital Markets Inc. His research coverage is focused on the engineering & construction sector, as well as the business services sector.

Prior to assuming coverage of the E&C sector in September 2019 and the business services sector in August 2018, Eastman worked at KBCM as a senior research associate covering the E&C sector since 2014, and he co-covered four companies.

Eastman earned a Bachelor of Commerce degree in Finance and Economics from Concordia University in Montreal. He holds the Series 7, 63, 86 and 87 industry licenses.

Business Services, Construction & Engineering Companies Under Research Coverage

Company Ticker
ABM Industries Incorporated ABM
AECOM Technology Corporation ACM
Bloom Energy Corporation BE
Casella Waste Systems, Inc. CWST
Comfort Systems, USA, Inc. FIX
Dycom Industries, Inc. DY
Emcor Group, Inc. EME
Fluor Corporation FLR
Jacobs Engineering Group Inc. J
KBR, Inc. KBR
MasTec, Inc. MTZ
MYR Group Inc. MYRG
Primoris Services Corporation PRIM
Quanta Services, Inc. PWR
Republic Services, Inc. RSG
Sterling Construction Company, Inc. STRL
Tetra Tech, Inc. TTEK
Waste Connections, Inc. WCN
Waste Management, Inc. WM

Todd C. Fowler

Transportation/Logistics

Todd Fowler is a Managing Director, Equity Research Analyst with KeyBanc Capital Markets Inc. With the company since June 2006, his research coverage is focused on transportation and logistics companies.

Fowler previously worked for FTN Midwest Securities, where he was an associate analyst responsible for coverage of companies primarily in the transportation and aerospace & defense industries. Prior to that, Fowler worked as a public accountant in the audit practices for Arthur Andersen and Ernst & Young, where he was responsible for clients in the automotive, manufacturing and retail sectors.

Fowler earned a Bachelor of Science in Accounting from the University of Dayton in Ohio.

In 2018, Fowler was ranked the #3 stock picker in the air freight & logistics sector by Thomson Reuters. This was Fowler's sixth time being recognized by Thomson Reuters/StarMine.

Transportation/Logistics Companies Under Research Coverage

Company Ticker
Arkansas Best Corporation ABFS
C.H. Robinson Worldwide, Inc. CHRW
Embark Technology, Inc. EMBK
FedEx Corporation FDX
Forward Air Corporation FWRD
GXO Logistics, Inc. GXO
Heartland Express, Inc. HTLD
Hub Group Inc. HUBG
J.B. Hunt Transport Services, Inc. JBHT
Knight-Swift Transportation Holdings Inc. KNX
Landstar System, Inc. LSTR
Marten Transport, Ltd. MRTN
Old Dominion Freight Line, Inc. ODFL
Ryder System, Inc. R
Saia, Inc. SAIA
Schneider National, Inc. SNDR
TuSimple Holdings Inc TSP
United Parcel Service, Inc. UPS
Werner Enterprises, Inc. WERN
XPO Logistics, Inc. XPO

Philip Gibbs

Metals & Mining

Philip Gibbs is a Director, Equity Research Analyst with KeyBanc Capital Markets Inc. With the company since May 2006, his research focuses on the metals & mining industry.

Prior to his promotion to Research Analyst, Gibbs worked as a Research Associate on KeyBanc Capital Markets’ metals & mining team. Previous professional experience includes working for A.G. Edwards & Sons Financial in Westlake, Ohio.

Gibbs earned a Bachelor of Science in Business Administration with a concentration in Finance from Miami University in Oxford, Ohio. He holds the Series 7, 63, 86 and 87 industry licenses, and is a CFA Level III candidate. He is also an active member of the CFA Society of Cleveland.

In its June 2017 Analyst Awards, Thomson Reuters StarMine recognized Gibbs as the #3 earnings estimator in the Metals & Mining sector. This was his second StarMine award. In Institutional Investor’s 2014 All America edition, Gibbs was named a Rising Star for his coverage of the Metals & Mining sector.

Metals & Mining Companies Under Research Coverage

Company Ticker
Allegheny Technologies Incorporated ATI
ArcelorMittal S.A. MT
Carpenter Technology Corporation CRS
Cliffs Natural Resources, Inc. CLF
Commercial Metals Company CMC
Gibraltar Industries ROCK
Haynes International, Inc. HAYN
Hexcel Corporation HXL
Howmet Aerospace Inc. HWM
Luxfer Holdings PLC LXFR
Materion Corporation MTRN
Nucor Corporation NUE
Olympic Steel, Inc. ZEUS
Reliance Steel & Aluminum Co. RS
Ryerson Holding Corporation RYI
Schnitzer Steel Industries, Inc. SCHN
Steel Dynamics, Inc. STLD
TimkenSteel Corporation TMST
United States Steel Corporation X
Universal Stainless & Alloy Products, Inc. USAP
Worthington Industries, Inc. WOR

Jeffrey D. Hammond

Industrial Manufacturing

Jeffrey D. Hammond is a Managing Director, Equity Research Analyst with KeyBanc Capital Markets Inc. He joined the Company in June 1999 as a research associate on the industrial team. He was promoted to research analyst in early 2001, and his research coverage is focused on diversified industrial companies.

Hammond was previously an auditor with Ernst & Young LLP. He earned his Bachelor of Science in Business Administration (Accountancy) from Miami University in Oxford, Ohio.

Industrial Manufacturing Companies Under Research Coverage

Company Ticker
Altra Holdings, Inc. AIMC
A.O. Smith Corporation AOS
Carrier Global Corporation CARR
Circor International, Inc. CIR
Colfax Corporation CFX
Eaton Corporation ETN
Enerpac Tool Group EPAC
EnPro Industries, Inc. NPO
Gates Industrial Corporation plc GTES
Generac Holdings Inc. GNRC
Graco Inc. GGG
Harsco Corporation HSC
Hayward Holdings, Inc. HAYW
Helios Technologies HLIO
ITT Corporation ITT
Janus International Group, Inc. JBI
Lennox International Inc. LII
The Middleby Corporation MIDD
nVent Electric plc NVT
Nordson Corporation NDSN
Parker-Hannifin Corporation PH
Pentair, Inc. PNR
Regal Rexnord Corporation RRX
Trane Technologies plc TT
Watsco, Inc. WSO
Watts Water Technologies, Inc. WTS
Welbilt, Inc. WBT
Zurn Water Solutions Corporation ZWS

Adam Josephson, CFA

Paper & Packaging

Adam Josephson is a Managing Director, Equity Research Analyst with KeyBanc Capital Markets Inc. His research coverage is focused on the packaging sector.

Prior to his promotion to a senior Research Analyst, Josephson worked for KBCM as a Research Associate covering various sectors, including IT services, retail softlines and apparel, and packaged foods. Previous professional experience includes positions as an Analyst for Celent Communications in Boston, as a Client Services Representative for Fidelity Investments in both Boston and Mission Viejo, Calif., and as a Financial Advisor for UBS PaineWebber in Phoenix. He also served internships with Citigroup Investment Research in New York and Weston Capital Management in Westport, Conn.

Josephson earned a Bachelor of Arts from Brown University in Providence, R.I., as well as a Master of Business Administration from the University of North Carolina’s Kenan-Flagler Business School. He is a Chartered Financial Analyst and holds the Series 7, 63, 86 and 87 industry licenses.

In its 2018 Analyst Awards, Thomson Reuters recognized Josephson as the #1 earnings estimator in the containers & packaging sector. This was his third Thomson Reuters award. In Institutional Investor’s 2013 and 2014 All America editions, Josephson was named a Rising Star for his coverage of the paper & packaging sector.

Paper & Packaging Companies Under Research Coverage

Company Ticker
Agnico Eagle Mines Limited AEM
Aptar Group ATR
Avery Dennison Corporation AVY
Ball Corporation BLL
Barrick Gold Corporation GOLD
Berry Plastics Group, Inc. BERY
CCL Industries CCL.B
Clearwater Paper Corporation CLW
Crown Holdings, Inc. CCK
Franco-Nevada Corporation FNV
Graphic Packaging Holding Company GPK
Greif, Inc. GEF
International Paper Company IP
Newmont Corporation NEM
O-I Glass, Inc. OI
Packaging Corporation of America PKG
Royal Gold, Inc. RGLD
Sealed Air Corporation SEE
Silgan Holdings, Inc. SLGN
Sonoco Products Company SON
WestRock Company WRK
Wheaton Precious Metals Corp. WPM

Ken Newman

Industrial Distributors/Equipment Rental

Ken Newman is a Vice President and Equity Research Analyst with KeyBanc Capital Markets Inc. His research coverage is focused on the industrial supply chain, including the Industrial Distributor and Equipment Rental sectors.

Ken joined KeyBanc Capital Markets as a research associate in 2014, covering the Industrial Machinery OEMs and Industrial Distributors. Prior to joining KBCM, Ken worked as an investment banking analyst at PNC Capital Markets Inc.

Ken earned his BBA from Ohio University with a double major in Finance and International Business. He holds the Series 7, 63, 52, 79, 86 and 87 industry licenses.

Industrial Distributors/Equipment Rental Companies Under Research Coverage

Company Ticker
Applied Industrial Technologies, Inc. AIT
Fastenal Company FAST
Herc Holdings Inc. HRI
MRC Global Inc. MRC
TriMas Corporation TRS
United Rentals, Inc. URI
W.W. Grainger, Inc. GWW

Aleksey Yefremov

Chemicals

Aleksey Yefremov is a Managing Director, Equity Research Analyst with KeyBanc Capital Markets Inc.  With the Company since December 2019, his research coverage is focused on chemicals companies.

Prior to joining KeyBanc Capital Markets, Yefremov spent five years as a Senior Equity Research Analyst covering chemicals at Nomura Securities.  Before that, he worked for BofA/Merrill Lynch, first as an Associate, then as an Analyst, covering chemicals.  Other previous experience includes working as an Analysis Specialist at Accenture.

Yefremov earned a Master’s Degree in Finance from the St. Petersburg University of Economics and Finance in Russia, as well as an M.B.A. from the Kellogg School of Management at Northwestern University in Illinois.  He also holds the Series 7, 63, 86 & 87 industry licenses.

Chemicals Companies Under Research Coverage

Company Ticker
Albemarle Corporation ALB
Axalta Coating Systems Ltd. AXTA
Celanese Corporation CE
Corteva, Inc. CTVA
DuPont de Nemours, Inc. DD
Dow Inc. DOW
Eastman Chemical Company EMN
Entegris, Inc. ENTG
FMC Corporation FMC
Huntsman Corporation HUN
Livent Corporation LTHM
LyondellBasell Industries N.V. LYB
Olin Corporation OLN
PQ Group Holdings Inc. PQG
Westlake Chemical Corporation WLK

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