KeyBanc Capital Markets Industrial Research Analysts


Tahira Afzal

  • Construction, Engineering & Infrastructure Companies

Tahira Afzal is a Director, Equity Research Analyst with KeyBanc Capital Markets Inc. With the Company since April 2007, her research coverage is focused on Construction, Engineering & Infrastructure companies.

Afzal previously worked for Lehman Brothers, most recently assisting with the coverage of Imaging Technology stocks. Prior to that, she served as a research associate in the Engineering & Construction space. Other previous employment includes managing an economics research team at ABN AMRO Bank, and working as an investment analyst at Jardine Fleming (J.P. Morgan), both in Pakistan.

Afzal’s undergraduate degree is from Corpus Christi College at Oxford University in England, where she received Honors in her study of Solid State Physics. She also earned a Master of Business Administration degree from the University of North Carolina, Chapel Hill.

In their May 2012 Best Brokerage Analysts survey, the Financial Times / Starmine recognized Afzal as the #3 stock picker in the construction and engineering industry. In Institutional Investor’s 2009 All America Research Team edition, Afzal was named the Best Up-and-Comer in the Engineering & Construction sector.

Construction, Engineering & Infrastructure Companies Under Research Coverage

Company
Ticker
AECOM Technology Corporation
ACM
Babcock & Wilcox Company.
BWC
Chicago Bridge & Iron Company N.V.
CBI
Comfort Systems USA, Inc.
FIX
Dycom Industries, Inc.
DY
Emcor Group, Inc.
EME
Fluor Corporation
FLR
Foster Wheeler AG
FWLT
GSE Holdings
GSE
Jacobs Engineering Group Inc.
JEC
KBR, Inc.
KBR
MasTec, Inc.
MTZ
Matrix Service Company
MTRX
McDermott International, Inc.
MDR
Michael Baker Corporation
BKR
Mistras Group, Inc.
MG
MYR Group Inc.
MYRG
Pike Electric Corporation
PIKE
Primoris Services Corporation
PRIM
Quanta Services, Inc.
PWR
Stantec Inc.
STN
Sterling Construction Company, Inc.
STRL
TEAM, Inc.
TISI
Technip
TKPPY
Tetra Tech, Inc.
TTEK
UniTek Global Services, Inc.
UNTK
URS Corporation
URS
Willbros Group, Inc.
WG

Steve Barger

  • Industrial Manufacturing Companies

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 degree 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 Manufacturers Under Research Coverage

Company
Ticker
American Railcar Industries, Inc.
ARII
Blount International, Inc.
BLT
Federal Signal Corporation
FSS
FreightCar America, Inc.
RAIL
GATX Corporation
GMT
Joy Global Inc.
JOYG
Kaydon Corporation
KDN
Kennametal Inc.
KMT
Lincoln Electric Holdings, Inc.
LECO
NN, Inc.
NNBR
Oshkosh Corporation
OSK
Park-Ohio Holdings Corp.
PKOH
RBC Bearings, Inc.
ROLL
Terex Corporation
TEX
The Greenbrier Companies, Inc.
GBX
The Timken Company
TKR
TriMas Corporation
TRS
Trinity Industries, Inc.
TRN
Westinghouse Air Brake Technologies Corporation
WAB

Joe Box

  • Business Services Companies

Joe Box is Vice President, Equity Research Analyst with KeyBanc Capital Markets Inc. His research coverage is focused on business services firms.

Prior to his promotion to senior analyst in 2011, Box worked for KBCM as a research associate covering industrial manufacturers. He started his career as a research associate for FTN Midwest Securities covering transportation stocks.

Box earned a Bachelor of Science degree in Finance and Marketing from the University of Dayton. He also holds the Series 7, 63, 86 and 87 industry licenses.

Business Services Under Research Coverage

Company
Ticker
ABM Industries Incorporated
ABM
Casella Waste Systems, Inc.
CWST
Cintas Corporation
CTAS
G&K Services, Inc.
GK
H&E Equipment Rental Services, Inc.
HEES
McGrath RentCorp
MGRC
Mobile Mini, Inc.
MINI
Progressive Waste Solutions Ltd.
BIN
Republic Services, Inc.
RSG
Rollins, Inc.
ROL
UniFirst Corporation
UNF
United Rentals, Inc.
URI
Waste Connections, Inc.
WCN
Waste Management, Inc.
WM

Michael F. Ciarmoli

  • Aerospace & Defense Companies

Michael F. Ciarmoli is a Vice President, Equity Research Analyst with KeyBanc Capital Markets Inc. He joined KBCM in fall 2010 to cover the aerospace and defense sector.

Prior to joining KBCM, Ciarmoli worked for four years at Boenning & Scattergood in Philadelphia as the senior aerospace and defense analyst. From 2005-2006, he worked as a sell-side analyst covering a variety of technology, aerospace and defense companies at Emerging Growth Equities, a regional specialty investment banking and brokerage firm. Previous experience includes working as a product and reporting specialist for Wilmington Trust Company, as an Equity Trader for Hold Brothers Inc. and as a business process consultant for Accenture Consulting.

Ciarmoli earned a Bachelor of Science degree in Finance from Villanova University and a Master of Business Administration degree in Investment Management from the LeBow College of Business at Drexel University. He holds Series 7, 63, and 86/87 industry licenses.

In May 2011, Ciarmoli was recognized as the #3 stock picker in the Aerospace & Defense sector by the Financial Times/Starmine.

Aerospace & Defense Under Research Coverage

Company
Ticker
AeroVironment, Inc.
AVAV
Alliant Techsystems Inc.
ATK
Astronics Corporation
ATRO
BE Aerospace, Inc.
BEAV
Curtiss-Wright Corporation
CW
Esterline Technologies Corporation
ESL
FLIR Systems, Inc.
FLIR
HEICO Corporation
HEI
Kratos Defense & Security Solutions, Inc.
KTOS
Mercury Computer Systems, Inc.
MRCY
Moog Inc.
MOG'A
Orbital Sciences Corporation
ORB
Precision Castparts Corp.
PCP
Rockwell Collins, Inc.
COL
Spirit AeroSystems Holdings, Inc.
SPR
Teledyne Technologies Incorporated
TDY
TransDigm Group Incorporated
TDG
Triumph Group, Inc.
TGI
Wesco Aircraft Holdings, Inc.
WAIR
Woodward, Inc.
WWD

Todd C. Fowler

  • Transportation/Logistics Companies

Todd Fowler is a Vice President, 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 degree in accounting from the University of Dayton in Ohio.

In their May 2011 Best Brokerage Analysts survey, the Financial Times/Starmine recognized Fowler as the #2 earnings estimator in the Air Freight and Logistics sector for 2010. This is Fowler's third Financial Times/Starmine award.

Transportation/Logistics Companies Under Research Coverage

Company
Ticker
Arkansas Best Corporation
ABFS
Celadon Group, Inc.
CGI
Con-way Inc.
CNW
Forward Air Corporation
FWRD
Heartland Express, Inc.
HTLD
Hub Group Inc.
HUBG
J.B. Hunt Transport Services, Inc.
JBHT
Knight Transportation, Inc.
KNX
Landstar System, Inc.
LSTR
Marten Transport, Ltd.
MRTN
Old Dominion Freight Line, Inc.
ODFL
Pacer International, Inc.
PACR
Quality Distribution, Inc.
QLTY
Roadrunner Transportation Systems, Inc.
RRTS
Ryder System, Inc.
R
Swift Transportation Company
SWFT
Universal Trukload Services, Inc
UACL
UTi Worldwide, Inc.
UTIW
Werner Enterprises, Inc.
WERN
XPO Logistics, Inc.
XPO

Phillip Gibbs

  • Steel/Metal Companies

Philip Gibbs is an 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 KBCM’s 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 degree 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.

Metals & Mining Companies Under Research Coverage

Company
Ticker
Commercial Metals Company
CMC
Global Brass and Copper Holdings, Inc.
BRSS
Luxfer Holdings PLC
LXFR
Schnitzer Steel Industries, Inc.
SCHN

Jeffrey D. Hammond

  • Industrial Manufacturing Companies
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 degree in business administration (Accountancy) from Miami University in Oxford, Ohio.

Industrial Manufacturers Under Research Coverage

Company
Ticker
Actuant Corporation
ATU
Altra Holdings, Inc.
AIMC
Applied Industrial Technologies, Inc.
AIT
Colfax Corporation
CFX
Eaton Corporation
ETN
EnPro Industries, Inc.
NPO
Generac Holdings Inc.
GNRC
Harsco Corporation
HSC
Ingersoll-Rand plc
IR
Kaman Corporation
KAMN
Lennox International Inc.
LII
MRC Global Inc.
MRC
Parker-Hannifin Corporation
PH
Pentair, Inc.
PNR
Regal-Beloit Corporation
RBC
Thermon Group Holdings, Inc.
THR
WABCO Holdings Inc.
WBC
Watsco, Inc.
WSO
Watts Water Technologies, Inc.
WTS

Brett D. Hoselton, CFA

  • Automotive Companies

Brett D. Hoselton, CFA is a Managing Director, Equity Research Analyst with KeyBanc Capital Markets Inc. With the Company since 1999, his research coverage focuses on the automotive industry.

Hoselton previously worked as an emerging auto analyst with CIBC Oppenheimer and as an associate auto analyst with Prudential Securities. From 1991-1997, he was the general manager of Hoselton Chevrolet, a division of the Hoselton Auto Mall, which was founded in 1920 and included Chevrolet, Toyota, Nissan, Chrysler and Jeep franchises. From 1989-1991, he worked as a financial analyst for Ford Motor Company in Detroit, Mich. Prior to that, he participated in an engineering co-op program with General Motors.

Hoselton graduated from Geneva College in Pittsburgh, Pa. with a Bachelor of Science degree in mechanical engineering. He also earned a Master of Business Administration degree from Indiana University.

Hoselton's work has received broad industry recognition. Most recently, he was ranked as the #2 stock picker in the Specialty Retailers & Services sector by the Wall Street Journal's "Best on the Street" Analyst Survey, released in May 2013, representing his fifth WSJ award. The Financial Times/Starmine also ranked Hoselton as the #3 stock picker and #2 earnings estimator for his work in the Auto Components sector in 2009. In past years, Hoselton was recognized in Institutional Investor's "All-America Research Team" survey, and was named the #1 individual analyst in the automotive sector and the top-performing individual analyst overall by AQ Research. Hoselton is also a member of the Automotive Security Analysts Splinter Group.

Automotive Companies Under Research Coverage

Company
Ticker
Allison Transmission Holdings, Inc.
ALSN
American Axle & Manufacturing Holdings, Inc.
AXL
Asbury Automotive Group, Inc.
ABG
Autoliv Inc.
ALV
AutoNation, Inc.
AN
BorgWarner, Inc.
BWA
Cooper Tire & Rubber Company
CTB
Dana Corporation
DAN
Delphi Corporation
DLPH
Ford Motor Company
F
Gentex Corporation
GNTX
Gentherm
THRM
The Goodyear Tire & Rubber Company
GT
Group 1 Automotive, Inc.
GPI
Johnson Controls, Inc.
JCI
Lear Corporation
LEARQ5
Littlefuse, Inc.
LFUS
Lithia Motors, Inc.
LAD
Magna International Inc.
MGA
Meritor, Inc.
MTOR
Motors Liquidation Company
MTLQQ
Penske Automotive Group, Inc.
PAG
Shiloh Industries, Inc.
SHLO
Sonic Automotive, Inc.
SAH
Stoneridge, Inc.
SRI
Superior Industries International, Inc.
SUP
Tenneco Automotive Inc.
TEN
TRW Automotive Holdings Corp.
TRW
Visteon Corporation
VC

Adam Josephson, CFA

  • Packaging Sector

Adam Josephson is an 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 degree from Brown University in Providence, R.I., as well as a Master of Business Administration degree 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 August 2013, Josephson was recognized by StarMine as the #2 earnings estimator in the Containers & Packaging sector for quarterly periods that reported between April 2012 and March 2013.

Packaging Sector Under Research Coverage

Company
Ticker
AptarGroup
ATR
Ball Corporation
BLL
Bemis Company, Inc.
BMS
Boise Inc.
BZ
Crown Holdings, Inc.
CCK
Greif, Inc.
GEF
International Paper Company
IP
KapStone Paper and Packaging Corporation
KS
Myers Industries, Inc.
MYE
Owens-Illinois, Inc.
OI
Rock-Tenn Company
RKT
Sealed Air Corporation
SEE
Silgan Holdings Inc.
SLGN
Sonoco Products Company
SON

Ivan Marcuse, CFA

  • Specialty Chemicals Companies

Ivan Marcuse is Vice President, Equity Research Analyst with KeyBanc Capital Markets Inc. His research coverage is focused on the specialty chemicals sector.

Marcuse rejoined KBCM in August 2011, after a stint working as the Senior Analyst covering the building products sector for Northcoast Research. His previous experience at KBCM includes work as a Research Associate covering specialty chemicals and as a Listed Options Trader. Previous experience includes positions at McDonald Financial Group and Prudential Financial, as well as teaching English to elementary and junior high school students in Japan.

Marcuse earned a Bachelor’s degree from Bowling Green State University, as well as a Master of Business Administration degree with a concentration in Finance from Case Western Reserve University’s Weatherhead School of Management in Cleveland. In addition, he is a Chartered Financial Analyst and member of the CFA Society of Cleveland. He also holds the Series 7, 66, 86 and 87 industry licenses.

Specialty Chemicals Companies Under Research Coverage

Company
Ticker
Cabot Corporation
CBT
Carlisle Companies Incorporated
CSL
Chemutra Corporation
CHMT
Compass Minerals International, Inc.
CMP
Huntsman Corporation
HUN
Intrepid Potash, Inc.
IPI
Innospec Inc.
IOSP
Koppers Holdings Inc.
KOP
Minerals Technologies Inc.
MTX
NewMarket Corporation
NEU
OM Group, Inc.
OMG
PPG Industries, Inc.
PPG
RPM International Inc.
RPM
The Sherwin-Williams Company
SHW
The Valspar Corporation
VAL

Mark L. Parr, CFA

  • Steel/Metal Companies

Mark L. Parr is a Managing Director, Equity Research Analyst, with KeyBanc Capital Markets Inc. With the Company since 1987, his research focuses on the metals industry.

Since reviving coverage of the metals and mining industries for KBCM (formerly McDonald Investments) in 1996, Parr’s work has received broad industry recognition. He was recognized as the #1 U.S. stock picker in the metals and mining space by the Financial Times/Starmine “World’s Top Analysts” report, released in May 2008. Parr was also named the #1 metals and mining analyst in the 2007 Institutional Investor poll of regional banks, as well as one of the top metals and mining earnings estimators for 2007, 2009 and 2011 by the Financial Times/Starmine.

The Wall Street Journal has acknowledged Parr seven times with its “Best on the Street” awards for stock picking and estimate accuracy, including 2012, 2007, 2005, 2003, 2001 and 2000 (2). In 2012, Parr ranked #1 of 104 analysts in heavy metal and machinery and received a “gold” award from The Wall Street Journal’s Best on the Street Survey. Parr was also named one of the top 50 sell-side analysts in North America by Bloomberg in 2005.

Parr previously covered the specialty chemical and electronics industries for KBCM. Prior to that, he spent five years as Vice President, Equity Analyst with Roulston and Co.

Parr earned a Bachelor of Science degree in business from Miami University in Oxford, Ohio (1977), a Master of Business Administration degree from Kent State University (1982), and became a Chartered Financial Analyst (CFA) in 1986.

Parr is frequently quoted in industry and financial media, including CNBC, Bloomberg News, The Wall Street Journal, Barron’s, and numerous trade publications. He is also a regular speaker for steel industry conferences in North America and Europe.

For 2010, 2011 and 2012, Greenwich Associates ranked Parr's Research Team #1 for small/mid cap metals and mining equity research.

Steel/Metal Companies Under Research Coverage

Company
Ticker
Allegheny Technologies Incorporated
ATI
AK Steel Holding Corporation
AKS
A.M. Castle & Co.
CAS
Carpenter Technology Corporation
CRS
Cliffs Natural Resources, Inc.
CLF
Dynamic Materials Corporation
BOOM
Gibraltar Industries
ROCK
Globe Specialty Metals, Inc.
GSM
GrafTech International Ltd.
GTI
Haynes International, Inc.
HAYN
Kaiser Aluminum Corporation
KALU
Materion Corporation
MTRN
Nucor Corporation
NUE
Olympic Steel, Inc.
ZEUS
Quanex Building Products Corporation
NX
Reliance Steel & Aluminum Co.
RS
RTI International Metals, Inc.
RTI
Steel Dynamics, Inc.
STLD
SunCoke Energy, Inc.
SXC
TMS International Corp.
TMS
United States Steel Corporation
X
Universal Stainless & Alloy Products, Inc.
USAP
Worthington Industries, Inc.
WOR
Walter Energy, Inc.
WLT

Michael J. Sison

  • Specialty Chemical Companies

Michael J. Sison is a Managing Director, Equity Research Analyst, with KeyBanc Capital Markets Inc. With the Company since 1998, his research coverage focuses on the specialty chemical industry.

Prior to joining KBCM, Sison was an associate consultant with Merrill Lynch. Before that, he served as an investment analyst with Smith Barney in the consulting services division.

Sison earned a Bachelor of Arts degree in economics from Denison University in Granville, Ohio, and a Master of Business Administration degree in finance from the A.B. Freeman School of Business at Tulane University in New Orleans.

Sison was recognized in The Wall Street Journal's "Best on the Street" Analyst Survey in May 2010, ranking as the #2 stock picker in the chemicals sector. This was his third WSJ award. Additionally, in their Best Brokerage Analysts survey, Forbes.com/Starmine has twice recognized him as a top 2 stock picker in the chemicals sector, ranking him #1 for 2006. AQ Research also named Sison the #1 individual analyst in the chemicals sector based on its survey of analysts covering securities in the S&P 500 for the 12 months ending June 30, 2006.

Sison currently serves as a board member of Playhouse Square Partners, the Northern Ohio Hemophilia Foundation and the Tulane Alumni Association. Sison is President of the Cleveland Tulane Alumni Club. In addition, he was a founding board member of the Society of Filipino American Young Professionals in Chicago.

Specialty Chemical Companies Under Research Coverage

Company
Ticker
Air Products and Chemicals, Inc.
APD
Airgas, Inc.
ARG
Albemarle Corporation
ALB
Ashland Inc.
ASH
Cytec Industries, Inc.
CYT
Eastman Chemical Company
EMN
Ferro Corporation
FOE
FMC Corporation
FMC
H.B. Fuller Company
FUL
Hexcel Corporation
HXL
Innophos Holdings, Inc.
IPHS
International Flavors and Fragrances Inc.
IFF
Kraton Performance Polymers, Inc.
KRA
OMNOVA Solutions Inc.
OMN
PolyOne Corporation
POL
Praxair, Inc.
PX
Quaker Chemical Corporation
KWR
A. Schulman, Inc.
SHLM
Sensient Technologies Corporation
SXT
Sigma-Aldrich Corporation
SIAL
W.R. Grace & Co.
GRA
Zep Inc.
ZEP

Matt J. Summerville

  • Industrial Technology Companies

Matt J. Summerville is a Managing Director, Equity Research Analyst with KeyBanc Capital Markets Inc. He joined the Company in June 1998 as a research associate covering metals/steel. He was promoted to research analyst in early 2001, and his coverage is focused on industrial technology companies.

Summerville earned a Bachelor of Business Administration degree in finance from The University of Toledo in Ohio.

In their May 2007 Best Brokerage Analysts survey, Forbes.com/Starmine recognized Summerville as the #2 stock picker in the machinery sector for 2006. In the same survey a year earlier, he was ranked as the #1 earnings estimator in the machinery sector for 2005.

Industrial Technology Companies Under Research Coverage

Company
Ticker
AMETEK, Inc.
AME
A.O. Smith Corporation
AOS
Barnes Group Inc.
B
Circor International, Inc.
CIR
Crane Co.
CR
Danaher Corp.
DHR
Diebold Inc.
DBD
Franklin Electric Co., Inc.
FELE
Flowserve Corporation
FLS
Graco Inc.
GGG
IDEX Corporation
IEX
ITT Industries, Inc.
ITT
NCR Corporation
NCR
Nordson Corporation
NDSN
Roper Industries, Inc.
ROP
Teradata Corporation
TDC
Xylem Inc.
XYL