Tuesday, April 2, 2019
Wells Fargo CEO Out, Stock Rises
Saturday, March 30, 2019
Hold NTPC; target of Rs 123: ICICI Direct
ICICI Direct's research report on NTPC
NTPC goes ex-bonus today. It has announced issuance of bonus shares along with its Q3FY19 results on January 30, 2019. Bonus share ratio was 1:5 i.e. one equity share of face value 10 for every five existing equity shares. NTPC has fixed March 20, 2019 as record date while ex-date for the same is today i.e. March 19, 2019. Consequently, today the share price has adjusted to Rs 132 per share from Rs 159 per share yesterday, post bonus issue of equity shares.
Outlook
Our target price has also been revised to Rs 123 per share from Rs 147 per share post adjustment for bonus issue.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Read More First Published on Mar 22, 2019 03:32 pm
Saturday, March 23, 2019
Buy Ajanta Pharma; target of Rs 1080: Keynotes Financial Opiniery
Keynotes Financial Opiniery's research report on Ajanta Pharma
Established in 1973 and headquartered in Mumbai India, we are committed to 'Serve Health care needs worldwide.' Ajanta pharma is a speciality pharmaceutical formulation company engaged in the development manufacture and marketing of quality finished dosages. The company is focused on the branded generics market in India, Asia and Africa, generics market in USA besides Institutional segment in Africa. With revenue being generated from a wide range of products and more than 30 countries, the company's business is well diversified and de-risked. The company has six formulation manufacturing facilities (two are USFDA approved) and a state of the art Research & Development Centre spread over 1,00,000 sq.ft. Over 6500 employees are engaged worldwide to ensure efficient seamless business functioning. Ajanta Pharma is committed to providing access to quality education to underprivileged children to India.
Outlook
On the basis of Discount Cash Flow Valuation Method, we are recommending 'Buy' for the stock. Since the stock offers good opportunity, we initiate a 'BUY' signal on the stock with 12-month price target of Rs 1080/- share an upside of 20% from current levels.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Read More First Published on Mar 19, 2019 03:46 pm
Monday, March 18, 2019
Hot Bank Stocks To Invest In Right Now
Morgan Stanley set a €12.20 ($14.19) target price on ING Groep NV (EPA) (AMS:INGA) in a research note published on Monday. The firm currently has a sell rating on the stock.
Other research analysts have also recently issued reports about the stock. UBS Group set a €16.40 ($19.07) target price on shares of ING Groep NV (EPA) and gave the company a buy rating in a report on Thursday, August 2nd. Kepler Capital Markets set a €13.50 ($15.70) target price on shares of ING Groep NV (EPA) and gave the company a neutral rating in a report on Monday, July 30th. Goldman Sachs Group set a €17.25 ($20.06) target price on shares of ING Groep NV (EPA) and gave the company a buy rating in a report on Friday, August 3rd. Credit Suisse Group set a €12.50 ($14.53) target price on shares of ING Groep NV (EPA) and gave the company a sell rating in a report on Thursday, July 26th. Finally, Deutsche Bank set a €17.00 ($19.77) target price on shares of ING Groep NV (EPA) and gave the company a buy rating in a report on Monday, June 25th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of €15.13 ($17.60).
Hot Bank Stocks To Invest In Right Now: First Commonwealth Financial Corporation(FCF)
Advisors' Opinion:- [By Joseph Griffin]
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Hot Bank Stocks To Invest In Right Now: Ampco-Pittsburgh Corporation(AP)
Advisors' Opinion:- [By ]
Honolulu (AP) -- Scientists in Hawaii have captured rare images of blue flames burning from cracks in the pavement as Kilauea volcano gushes fountains of lava in the background, offering a look at a new dimension in the volcano's weeks-long eruption.
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In this Oct. 27, 2017 photo, Tarana Burke, founder, #MeToo Campaign, appears at the Women's Convention in Detroit. Burke, an activist who started the campaign a decade ago to raise awareness about sexual violence. (Photo: AP)
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Health officials have tied the E. coli outbreak to romaine lettuce grown in Yuma, Arizona. The growing season there ended six weeks ago, and it's unlikely any tainted lettuce is still in stores or people's homes, given its short shelf life. But there can be a lag in reporting, and reports of illnesses have continued to come in.
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London (AP) -- The British government said Sunday it is scrapping a promise to reconsider the ban on fox hunting, a centuries-old rural tradition contentiously outlawed more than a decade ago.
Hot Bank Stocks To Invest In Right Now: Canadian Imperial Bank of Commerce(CM)
Advisors' Opinion:- [By Joseph Griffin]
Shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) have earned an average recommendation of “Hold” from the twelve research firms that are presently covering the company, MarketBeat reports. Five equities research analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is C$130.33.
- [By Ethan Ryder]
Sigma Planning Corp boosted its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 12.6% in the second quarter, HoldingsChannel reports. The firm owned 7,383 shares of the bank’s stock after acquiring an additional 826 shares during the period. Sigma Planning Corp’s holdings in Canadian Imperial Bank of Commerce were worth $642,000 at the end of the most recent reporting period.
- [By Logan Wallace]
A number of firms have modified their ratings and price targets on shares of Canadian Imperial Bank of Commerce (TSE: CM) recently:
6/6/2018 – Canadian Imperial Bank of Commerce was upgraded by analysts at Citigroup Inc from a “neutral” rating to a “buy” rating. They now have a C$130.00 price target on the stock, up previously from C$125.00. 5/24/2018 – Canadian Imperial Bank of Commerce was downgraded by analysts at National Bank Financial from an “outperform” rating to a “sector perform” rating. They now have a C$124.00 price target on the stock, down previously from C$136.00. 5/24/2018 – Canadian Imperial Bank of Commerce had its price target lowered by analysts at Scotiabank from C$131.00 to C$127.00. They now have a “sector perform” rating on the stock. 5/24/2018 – Canadian Imperial Bank of Commerce had its price target lowered by analysts at Royal Bank of Canada from C$141.00 to C$135.00. They now have a “sector perform” rating on the stock. 5/24/2018 – Canadian Imperial Bank of Commerce was given a new C$140.00 price target on by analysts at Eight Capital. 5/24/2018 – Canadian Imperial Bank of Commerce had its price target raised by analysts at Barclays PLC from C$133.00 to C$138.00.CM traded up C$0.59 on Wednesday, reaching C$115.86. 987,570 shares of the stock were exchanged, compared to its average volume of 1,290,708. Canadian Imperial Bank of Commerce has a fifty-two week low of C$103.84 and a fifty-two week high of C$124.37.
- [By Stephan Byrd]
Get a free copy of the Zacks research report on Canadian Imperial Bank of Commerce (CM)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
- [By Ethan Ryder]
Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) saw unusually large options trading activity on Monday. Traders acquired 2,517 call options on the stock. This is an increase of approximately 3,772% compared to the typical volume of 65 call options.
Hot Bank Stocks To Invest In Right Now: Wells Fargo & Company(WFC)
Advisors' Opinion:- [By ]
Wells Fargo & Co. (WFC) , the U.S. bank already reeling from sanctions by regulators over alleged customer abuses, faces additional penalties of as much as $1 billion to resolve allegations over matters including auto insurance and mortgage-sales practices.
- [By ]
TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer is bracing for earnings on Friday from JPMorgan Chase (JPM) , Citigroup (C) and Wells Fargo (WFC) .
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- [By Wayne Duggan]
Within a year and a half of the A.G. Edwards deal, Wachovia’s market cap had fallen by $100 billion. By the time Wells Fargo & Co (NYSE: WFC) took over Wachovia in October 2008, the buyout cost them just $15 billion.
Hot Bank Stocks To Invest In Right Now: HSBC Holdings PLC (HSBA)
Advisors' Opinion:- [By Max Byerly]
HSBC (LON:HSBA) was upgraded by equities research analysts at Credit Suisse Group to a “neutral” rating in a research report issued to clients and investors on Thursday. The firm presently has a GBX 720 ($9.38) target price on the financial services provider’s stock, up from their previous target price of GBX 680 ($8.86). Credit Suisse Group’s price target suggests a potential upside of 5.82% from the company’s previous close.
- [By Joseph Griffin]
HSBC (LON:HSBA) had its target price lowered by equities research analysts at Shore Capital from GBX 721 ($9.60) to GBX 625 ($8.32) in a report issued on Tuesday. The brokerage presently has a “sell” rating on the financial services provider’s stock. Shore Capital’s price objective indicates a potential downside of 14.71% from the company’s previous close.
- [By Stephan Byrd]
Morgan Stanley set a GBX 855 ($10.91) price target on HSBC (LON:HSBA) in a research note issued to investors on Tuesday. The brokerage currently has a buy rating on the financial services provider’s stock.
- [By Max Byerly]
Credit Suisse Group set a GBX 720 ($9.32) price target on HSBC (LON:HSBA) in a research report sent to investors on Tuesday morning. The firm currently has a neutral rating on the financial services provider’s stock.
Saturday, March 16, 2019
Cloudera Inc (CLDR) Q4 2018 Earnings Conference Call Transcript
Image source: The Motley Fool.
Cloudera, Inc. (NYSE:CLDR) Q4 2018 Earnings Conference Call March 13, 2019, 5:00 p.m. ET
Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks:Operator
Good afternoon. My name is Cheryl, and I will be your conference operator today. Welcome to the Cloudera Fourth Quarter Fiscal 2019 Quarterly Results Conference Call. All participants' lines have been placed in a listen-only mode to prevent any background noise. After the speakers' remarks there will be an opportunity to ask questions. If you would like to ask a question during this time, simply press * then the number 1 on your telephone keypad. If you would like to withdraw your question, press the # key. Please note this conference is being recorded. Your host is Kevin Cook, Vice President Corporate Development and Investor Relations. Kevin, you may begin your conference.
Kevin Cook -- Vice President of Corporate Development and Investor Relations
Thank you, Cheryl. Good afternoon, and welcome to Cloudera's Fourth Quarter Fiscal 2019 Conference Call. We will be discussing the results announced in our press release issued after market close today. From Cloudera with me are Tom Reilly, Chief Executive Officer, Arun Murthy, Chief Product Officer, and Jim Frankola, Chief Financial Officer.
During the course of this call, we will make forward-looking statements regarding future events and the future financial performance of the company, including those as merged with Hortonworks. Generally these statements are identified by the use of words such as "expect," "believe," "anticipate," "intend," and other words that denote future events. These forward-looking statements are subject to material risk and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. We caution you to consider the important risk factors that could cause actual results to differ materially from those in the forward-looking statements in the press release and this conference call. These risk factors are described in our press release and are more fully detailed under the caption "Risk Factors" in our annual report on Form 10k, our quarterly report on Form 10q, and our other filings with the SEC, including in a registration statement on Form S4 containing a joint proxy statement and prospectus of Cloudera and Hortonworks.
During this call we will present both GAAP and non-GAAP financial measures. Non-GAAP measures exclude stock-based compensation expense and amortization of acquired and tangible assets. In addition, we provide a non-GAAP weighted average share count for fiscal 2018. These non-GAAP measures are not intended to be considered in isolation from, a substitute for, or superior to our GAAP results, and we encourage you to consider all measures when analyzing Cloudera's performance.
For complete information regarding our non-GAAP financial information, the most directly comparable GAAP measures, and a quantitative reconciliation of those figures, please refer to today's press release regarding our fourth quarter and fiscal year 2019 results. The press release has also been furnished to the SEC as part of a Form 8K.
In addition, please note that the date of this conference call is March 13, 2019, and any forward-looking statements that we make today are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.
I'll now turn the call over to Tom Reilly.
Tom Reilly -- Chief Executive Officer
Hello, everyone. Thank you for joining us to discuss our fourth quarter and fiscal year 2019 financial results. It has been a remarkable quarter and year for both Cloudera and Hortonworks. In fiscal Q4 we closed our merger and began executing as one company. The merger closed on January 3. The results we are reporting today are for new Cloudera, the combined company, but we will share additional information so that the performance of stand-alone Cloudera is apparent. Finally we will provide our initial outlook for the combined company in fiscal 2020 and an updated near-term model.
Our financial performance reflects substantial customer and partner enthusiasm for the merged entity and our strategy. The companies experienced minimal merger impact in Q4, both companies delivering strong results in their respective fourth quarters. For new Cloudera, total revenue in the fourth quarter was $145 million, subscription revenue was $123 million, and operating cash flow was positive $40 million. There is no comparative year-over-year financial information for the combined company. For stand-alone Cloudera, year-over-year subscription revenue growth for the fourth quarter was 24%.
To make it easy for investors to track the performance of the combined company, we're going to begin to provide adjusted annualized recurring revenue each quarter, as many of you have requested. Jim will share much more on this later, but ARR will eliminate the vagaries of billings and accounting policies. ARR is intended to show our organic quarterly performance and top line momentum in the most transparent way possible. On a combined company basis, adjusted ARR grew 24% year-over-year.
Cloudera now has the scale and resources to address the growing opportunity in large enterprises. We begin the fiscal year with more than 2,000 enterprise customers. Less than 10% of those customers have broadly adopted our platform, reflected in ARR greater than $1 million. While there is still significant upside in those large customers, the key takeaway is that more than 90% of our customer base is ripe for expansion via the enhanced upsell and cross-sell motions enabled by the merger. In addition, we have grown our customer base, adding 140 new enterprise customers since we announced the merger on October 3. This growing base of enterprise customers represents an increased addressable market opportunity.
Let me provide a little more color on the status of the merger. Merger integration has been very straightforward. We've taken advantage of the commonality between the businesses, moving quickly to make decisions. In the first two months as a combined entity, most key integration items have been completed. All significant people-related decisions have been implemented, and from an operations perspective only back-office systems integration and facilities consolidation remain. We have moved quickly to capture the strategic and financial benefits of the combination. We're also beginning to see the advantages of scale, including greater financial operating leverage, broader and deeper account coverage, improving channel relationships, and an accelerated product roadmap.
On the product front, our engineering teams have been energized by joining forces and have already determined the near-term and long-term product roadmaps. They have quickly developed a merged roadmap that is inspiring, innovative, and in line with enterprise customers' needs for the future.
Enterprises are demanding a modern analytic experience across public, private, hybrid, and multi cloud environments. They want the agility, elasticity, and ease of use of cloud infrastructure, but they also want to run analytic workloads wherever they choose, regardless of where their data may reside. They want open architectures and the flexibility to move those workloads to different cloud environments, public or private, to avoid vendor lock-in. Lastly they want to run multiple analytic functions on the same dataset with a common security and governance framework, enabling data privacy and regulatory compliance. These are not "nice to have" features. They are foundational requirements for enterprises that want to use data for competitive advantage.
In summary, what enterprise customers want is an enterprise data cloud. This is a new term for our industry and a new market category we are uniquely positioned to lead. An enterprise data cloud is different than anything enterprises have ever experienced. The four defining characteristics of an enterprise data cloud, or EDC, are first, it must be hybrid and multi-cloud. This gives enterprises flexibility. An EDC must operate with equivalent functionality on and off premises, supporting all major public clouds as well as the private cloud.
Second, multifunction. An EDC must solve an enterprise's most pressing data and analytic challenges in a streamlined fashion. Addressing real world business problems generally requires the application of multiple analytic functions working together on the same data. For example, autonomous vehicles require the application of both real-time data streaming and machine learning algorithms.
Third, secure and governed. An EDC has to be secure and compliant, meeting the strict data privacy, governance, data migration, and metadata management needs of large enterprises across all their environments.
And lastly, an EDC must be open. Of course this means open source, but it also means open compute architectures and open data storage like Amazon S3 and Azure Datalink Storage. Ultimately enterprises want to avoid vendor lock-in and favor open platforms, open integrations, and open partner ecosystems.
The market is clearly moving from a public cloud versus on-premises debate to cloud everywhere, private, hybrid, and multi-cloud. We see many companies riding this trend and employing an enterprise cloud strategy. As the open source data management analytic standard, Cloudera is uniquely suited to invest and deliver enterprise cloud capabilities at the data layer. As a result, we are well-positioned to take advantage of this ongoing shift in consumption model.
Our EDC replicates the public cloud experience everywhere. We're able to do this by capitalizing on enterprise adoption of Kubernetes and container technology as standards. These new technology standards allow us to effectively separate compute and storage and deliver an elastic cloud experience consistently across public and private cloud environments. Our customers need a consistent data platform everywhere, and they view Cloudera as their trusted partner to guide them on their journey to the cloud.
Cloudera's well-equipped to be that partner and to win the race to the enterprise data cloud. We now count more than 2,000 enterprises as our valued customers, including many of the largest players in the most data-intensive industries such as the top 10 auto manufacturers, the top 10 telecommunication companies, and 8 of the top 10 banks. These customers must solve complex data management and analytic use cases that span from the edge to AI. Common examples include connected and autonomous vehicles, optimizing 5G networks for increased capacity, and satisfying regulators whether for AML, fraud, risk modeling, or privacy. It is these type of enterprises that will adopt the enterprise cloud model and to expect our help to make it possible.
Only Cloudera can offer customers an integrative platform with the breadth of capabilities required to perform complex enterprise use cases while preserving customer choice across cloud deployment models. With the expanded resources of our new company, we aim to be the clear leader in the enterprise data cloud.
We are well on our way to delivering the first instantiation of enterprise data cloud, which combines the best of Hortonworks' and Cloudera's platforms. We call this new offering the Cloudera Data Platform, or CDP. In the next two quarters we plan to deliver CDP as a public cloud service. Later in the year, we will offer CDP for the public cloud, for the private cloud, bringing a public cloud-like experience directly into the data center for our enterprise customers.
With CDP, our existing enterprise customers will be able to easily extend their current HDP and CDH data center deployments to a native cloud service in the two most popular public clouds, AWS and Azure. The initial release of CDP will also offer a full complement of open source data management analytic functions, including data warehousing and machine learning, all delivered as native cloud services. Ultimately CDP will also provide a single control plane to manage all the infrastructure, data, and workloads across hybrid and multi-cloud environments.
As data is migrated between cloud environments, addressing data privacy, regulatory requirements, and cybersecurity becomes increasingly difficult. CDP will tackle these challenges with a set of shared services to provide consistent security, governance, and metadata across all cloud environments. We call these shared services SDX, or the shared data experience. SDX technology allows customers to set policies and rules once and have them persist through any range of workloads without regard to where the analytic is run. This ensures that enterprise data is consistently secured and governed while also saving IT organizations time and money.
While SDX does deliver cost savings, its highest value is portability, portability that provides customers the freedom and control to run their analytics anywhere without public cloud lock-in or data privacy concerns. We are the only vendor to deliver this enterprise-grade functionality in a coherent data management layer. The introduction of SDX functionality across all data, workloads, and cloud environments is valuable for enterprise customers in building an enduring competitive advantage for us.
Lastly, we plan to make CDP 100% open source. Given the heritage and commitment of both Cloudera and Hortonworks to open source software, this is natural for us. Also most enterprises are passionate about open source software because it provides rapid innovation, minimizes risk of vendor lock-in, and supports an ecosystem for data stores and compute. We believe that introducing CDP in open source is consistent with customers' objective to avoid vendor lock-in and will accelerate enterprise adoption. CDP delivers on our vision for the enterprise data cloud, from the edge to AI, and is an enduring differentiator.
Creating a comprehensive solution set from the edge to AI was a primary motivation for the merger. As soon as the merger closed, we launched or edge to AI cross-cell campaign that brings edge computing capabilities to Cloudera customers with the new Cloudera Data Flow product, and ML and AI capabilities Hortonworks customers with the new Cloudera Data Science Workbench product. Today we are the only company offering an integrated suite for all data management and analytic requirements from the edge to AI.
A large Cloudera healthcare customer was the first to embrace the value of analytics from the edge to AI. A long-term enterprise customer, they rely on Cloudera Data Science Workbench to support data science and machine learning projects in their digital innovation center. Shortly after the merger closed, they chose the new Cloudera Data Flow offering to inject data for real-time claims processing. They selected Cloudera for scalability, extensibility, and our ability to manage data lineage from the edge to AI. This customer expanded by more than a quarter of a million dollars of ARR in Q4, representing the cross-sell opportunity that stems from having these complementary technologies.
Customers are relying on us to accompany them to the cloud. This past quarter we saw strong demand for our hybrid and multi-cloud capabilities. A large Hortonworks financial services customer wanted to expand their in-production applications to multiple public clouds, both Google and AWS. They chose Cloudera over the public cloud house offerings because we offered faster time-to-value and better security and governance, key for meeting their GDPR compliance requirements. Our solution enabled expansion to multiple public clouds without rewriting existing applications and provided shared security and governance capabilities. Public cloud expansion is a significant growth opportunity for us as evidenced by this customer who grew our relationship with a new commitment greater than $10 million.
To complete the review of strategy and merger execution, let's touch on go-to-market and field integration. Our account representatives received their account assignments last month, and we have completed our sales kickoff with extensive training on the new roadmap and product offerings added in the merger. Compensation is set, and the incentives for the team are clear. You may recall that stand-alone Cloudera made refinements in its go-to-market model last fiscal year. Hortonworks had only started similar work. We have applied our learning to our larger install-base of customers, and we consider this transition complete.
While every sizable merger requires some transition period, we're off to a fast start to the new fiscal year with more to offer customers, a compelling vision that aligns squarely with our demands, and a motivated sales force to carry the message. Our go-to-market motion is accelerated by partners rallying around the combined company, and we're building on great partnerships with IBM, Microsoft, Amazon, Google, Intel, Accenture, and others. Having established ourselves as the standard for open-source data management analytics, partners are consolidating their investments in engineering to go to market with us. Likewise, we can now be more selective about which partners we choose to prioritize and invest alongside.
With more than 2,000 customers, many of which are the largest companies in the world, and a full set of edge to AI solutions, we and our partners will put emphasis on expanding existing customers and leading them to the cloud in fiscal 2020. Our goal this year is twofold. First to fulfil the strategic rationale of the merger by delivering differentiated innovation for the future, and second achieving the financial benefits contemplated by the combination.
Based on the enterprise data cloud vision, with innovative new product and technology already in development, we are entering this year with significant optimism. We are participating in an exciting and dynamic market. The data age has only just begun.
Jim will now review the financials in more detail and discuss our outlook for fiscal 2020. Jim?
Jim Frankola -- Chief Financial Officer
Thanks, Tom. Hello, everyone. I'm excited to share Cloudera's Q4 and fiscal year 2019 results, as well as our outlook for the first quarter 2020, fiscal year 2020, and beyond. We had a strong Q4 on both a stand-alone Cloudera basis and as a combined company, especially when one considers that we were in the midst of closing the merger. These results reflect good demand from both customers and partners, as well as solid execution. We adopted ASC 606 under the full retrospective method on January 31, the last day of our fiscal year. 606 is now reflected in both our fiscal year '19 results and our fiscal year '20 outlook. Also, we received the benefit of 29 days of Hortonworks revenue from the merger closing date of January 3 through quarter end.
Unless otherwise stated, all numbers are reported on a combined company basis under ASC 606. We have provided additional disclosure in the quarterly materials on our investor relations website to help investors understand the impact of the merger and accounting changes on fiscal year '19 and '20.
Let's begin with revenue for the fourth quarter. It was $145 million. The Hortonworks business, which closed its fiscal year on December 31, 2018 and its books as a stand-alone entity on January 2, 2019, contributed $20 million of total revenue to the combined company's results in the fourth quarter. Subscription revenue for the fourth quarter was $123 million, of which Hortonworks contributed $15 million. For reference, stand-alone Cloudera year-over-year total revenue growth for the fourth quarter was 18%, and year-over-year subscription revenue growth for the fourth quarter was 24%.
Total revenue for fiscal 2019 was $480 million. Subscription revenue for fiscal year 2019 was $406 million. We begin fiscal year 2020 with 976 customers who have started at or have grown to more than $100,000 of ARR. We increased the number of customers in this class by more than 85 since we announced the merger on October 3 to the end of the quarter on January 31.
There are a number of factors which affect results and the outlook. Please see the quarterly materials on our website for details. I'd like to highlight two of them. First, merger accounting. Not only did the merger affect our results due to the addition of Hortonworks' results but also through purchase price adjustment entries. There are two primary PNL adjustments.
The first reduces the amount of Hortonworks deferred revenue added in the merger and therefore the amount of revenue to be recognized over the remaining life of the related transactions. This haircut will reduce fiscal year 2020 GAAP revenue by $62 million. We do not intend to report non-GAAP revenue. Nevertheless, slide 17 provides the writedown amount by quarter for those who want to normalize their models for this accounting adjustment. The other significant purchase accounting impact is a writedown deferred commission expenses, which will cause the corresponding sales commission expense to be $28 million less in fiscal year '20 than this amount would have been on a stand-alone basis.
Second, billings duration. Billings practices differed materially between Cloudera and Hortonworks. Hortonworks had a practice of billing multiyear deals up front, which accelerates billings and cash flow as compared to annual billings. Cloudera's practice was to bill annually regardless of contract duration, resulting in lower upfront billings and steadier cash flow at both a transactional and corporate level. Historically Hortonworks' billings duration has averaged 19 months, whereas Cloudera's has averaged 13 months. Given the sizable cash balance and strong expected future cash flow of the combined companies, we have adopted Cloudera's pre-merger billing practices. This shift in billing practices will reduce billings and cash flow by approximately $125 million in fiscal year '20. Please see slide 18.
This is a lot to consider, and most of it does not relate to the fundamentals. We want investors and analysts to be able to easily determine the momentum in the business. The cleanest measure of organic performance is annualized recurring revenue based on the book of business at the end of the quarter. ARR removes the effects of accounting changes, billings durations, and licensing convention and is a better representation of the period's underlying economic activity. It is our intention to disclose contracted quarter-end ARR when the information becomes available. Until this work can be completed, we are providing annualized recurring revenue based on reported revenue or adjusted ARR. Adjusted ARR adds Hortonworks's premerger results to quarterly subscription revenue, reverses the effects of purchase price adjustments, and subtracts non-recurring partner revenue and related party revenue. Adjusted ARR growth for the fourth quarter was 24%. We believe that adjusted ARR better reflects organic growth than reported revenue. For a complete definition of ARR, please review today's press release.
As I review the remainder of the income statement, note that unless otherwise stated all references to expenses and operating results are on a non-GAAP basis. Historical non-GAAP results are reconciled to GAAP results in the press release issued earlier today. I would like to remind everyone that our adjustments from GAAP to non-GAAP have not changed and are limited to stock-based compensation and amortization of MNA related tangibles.
Total gross margin for Q4 was 78%, driven by subscription gross margin of 88%. For reference, on a stand-alone basis, total gross margin for the fourth quarter of fiscal '18 was 75% and subscription gross margin was 87%. Total gross margin for the full year was 77%, while subscription gross margin for the full year was 88%.
Sequential operating expense growth relative to Q3 was driven by one month of Hortonworks' expenses, merger costs, and the usual Q4 seasonal increase in sales commissions. Standalone expense growth was modest in the fourth quarter as we curtailed hiring in anticipation of closing the merger. As a percent of total revenue for the fourth quarter, sales and marketing expense was 44%, research and development expense was 26%, and GNA was 29%. The increase in GNA expense is primarily attributable to merger-related spending. Merger-related expenses in Q4 amounted to $30 million. These expenses included advisory and legal fees, as well as employee-related termination and retention costs.
Cloudera has experienced significant year-over-year improvement in operating expense rations and operating margins. This is driven by the scale and efficiency, including the go-to-market refinements made earlier in the year.
Net loss per share was $0.15 in the fourth quarter based on 190 million weighted average shares outstanding. For reference, net loss per share for stand-alone Cloudera was $0.05 in the year ago period. Net loss per share was $0.41 for the fiscal year 2019 based on 160 million weighted average shares outstanding. For reference, net loss per share for stand-alone Cloudera was $0.57 in fiscal year '18.
Now turning to the balance sheet and cash flow, we exited Q4 with $541 million in cash, cash equivalents, marketable securities, and restricted cash. As Tom suggested, we are well ahead of schedule in realizing the operational synergies contemplated by the merger. Despite $29 million of fiscal year '19 merger-related payments, we accelerated the achievement of our operating cash flow goals, delivering positive OCF for the quarter and for the fiscal year, a full year ahead of target.
Operating cash flow for the fourth quarter was $40 million. Cash flow benefited from both the early capture of some merger synergies as well as strong collections. Operating cash flow was $34 million for the year based on our strong Q4 together with the fact that Cloudera was nearly cash flow breakeven through the first nine months of fiscal '19. For reference, operating cash flow for stand-alone Cloudera was negative $42 million in fiscal year '18.
Capital expenditures were $1 million for the quarter and $10 million for all of fiscal '19. Total contract liabilities, which comprise deferred revenue and other contract liabilities, were $526 million at the end of the fourth quarter.
I will conclude by providing initial guidance for fiscal Q1 and for fiscal 2020, as well as an update on our near-term model. Before getting into the numbers, I want to share some longer-term perspective on how the merger is incorporated in our projections and how we are handling merger-related uncertainty. As reflected in our strong results, the merger did not significantly impact Hortonworks or Cloudera businesses in the fourth quarter. However, as expected, we do see the merger impacting the first half of fiscal year '20 as we integrate the field and roll out new products.
We are pleased that despite the effects of this merger, we believe that adjusted ARR growth for Q4 2020 will be in the range of 18-21%. ARR growth in Q2 and Q3 may be slightly lower due to the actions we are talking in the first half of the year to integrate the two companies.
We expect Q1 total revenue to be between $187 and $190 million and subscription revenue to be between $154 and $156 million. Net loss per share is projected to be $0.25 to $0.22 based on 271 million weighted average shares outstanding. For fiscal year 2020 we expect total revenue to be between $835 and $855 million, representing approximately 76% growth, with subscription software revenue in the range $695 to $705 million, up approximately 72% year-over-year. Again, we expect Q4 fiscal year '20 ARR growth of 18-21%.
Excluding one-time merger-related costs, we anticipate significant improvements in R&D, sales and marketing, and GNA expense ratios as we complete our merger synergy actions. Individually, Hortonworks and Cloudera each had strong gross margin profiles, and we expect to see modest improvements in subscription gross margin and a slight decrease in services gross margin during fiscal year '20 as we apply more technical resources to support customer success.
Net loss per share is projected to be $0.36 to $0.32 based on 279 million weighted average shares outstanding. We expect operating cash flow for fiscal 2020 to be negative $40 million to negative $30 million. Note that operating cash flow projections for fiscal year 2020 include approximately $66 million of non-recurring payments relating to the merger, of which approximately 36 will occur in Q1. These costs include employees' termination- and retension-related expenses as well as third-party fees associated with integrating systems and processes. We do not provide OCF guidance by quarter due to the variability of cash flows.
Cloudera's cash flows very seasonally, with Q1 and Q4 being the strongest quarters and Q2 and Q3 typically around breakeven or modest cash burn. Given merger integration activities, we do expect some collections that would normally occur in Q1 to shift to Q2.
When we announced the merger, we suggested that we expected the resultant company to have a certain profile in fiscal year '21, including $1 billion of revenue, 20% revenue growth, and a 15% operating cash flow margin. That continues to be our target, albeit with a timing adjustment to operating cash flow margin. Moving all Cloudera to an annual billings convention will cause billings and cash flow to be more than $125 million lower in fiscal year '20 and more than $75 million lower in fiscal year '21 than if we were to preserve legacy Hortonworks multiyear prepaid convention. This change in billings practices means that we do not expect to achieve 15% operating cash flow margin until fiscal year '22. In fiscal year '21, the OCF margin is projected to be roughly 10%.
Because of the factors affecting billings, revenue, and cash flow that I outlined earlier, ARR will be the truest indication of our progress against plan. As we move past merger integration in the first half, we expect to start accruing the top line synergies of the merger: cross-sale, enhanced product offerings, and the benefits of category leadership. We believe these activities will enable ARR growth to return to our long-term target of at least 20% for fiscal '21.
I will now turn the call back to Tom for concluding remarks.
Tom Reilly -- Chief Executive Officer
Thank you, Jim. I'm really pleased with our performance in Q4, both as stand-alone and combined companies. Merger integration is going well and ahead of schedule. We've accomplished a lot in a short amount of time. Most of all, we're executing as one company now, and our customers and partners in the community have embraced the new Cloudera and aligned with our enterprise data strategy.
This year is about merger execution and producing innovation that sets Cloudera for long-term success. We have a unique set of assets and competitive advantages to capitalize on the enterprise cloud trend, and we are well positioned to guide customers on this journey. We're enthusiastic about the prospects for the next few years with more scale, more resources, more new product, and a stronger, more talented team.
Thank you for joining this call, and I welcome you to the new Cloudera, the enterprise data cloud company. As we head into the Q&A portion of the call, I am pleased to introduce Arun Murthy, our new Chief Product Officer. Arun leads all of our development and support efforts and is the former co-founder and CPO of Hortonworks. We are also joined by my colleague Mike Olson, our Chief Strategy Officer, as well as our co-founder of Cloudera.
Cheryl, we're ready to begin the Q&A portion of the call.
Questions and Answers:Operator
To ask a question, please press *1 on your telephone keypad. The first question comes from the line of Phil Winslow of Wells Fargo. Please go ahead. Your line is open.
Phil Winslow -- Wells Fargo -- Managing Director
Hey, guys. Thanks, guys, for taking my question, and congrats on a great Q4 and closing the merger. Really just two questions here. I guess the first one for Mike and Arun. It was great to hear about the impending data cloud service that's coming out at some point this year run across two different clouds, obviously going down sort of the multi-cloud path here. What do you think about your ability to hybrid cloud, multi-cloud, how are you thinking about sort of positioning this within customers' and then maybe if you think about how we [audio cut].
Arun Murthy -- Chief Product Officer
-- our version of the enterprise data cloud and a lot of the customers who leverage data and applications, regardless of where they will choose to run this, and this will be available as a native hybrid service both on the public cloud, Amazon and Azure as we discussed, and later in the year we'll bring it back on prem for the private cloud offering.
Phil Winslow -- Wells Fargo -- Managing Director
Great. And then also just on, in terms of the synergies and dis-synergies, on slide 19 of the supplementals, it shows negative $52 million of merger impact. I believe from the S4 you were looking for sort of a net positive $1 million in terms of $21 million of revenue synergy, $20 million of dis-synergy. It looks like $52 million of dis-synergy only here. Wonder if you could just kind of walk through what's in that assumption.
Jim Frankola -- Chief Financial Officer
Yeah, so in the S4, and I can speak to the Cloudera assumption. We assumed $45 million of revenue dis-synergies in fiscal year '21 or calendar year '20. We assumed a little bit less than that at that moment in terms of fiscal year '20 calendar year '19. So the revenue dis-synergies are associated with the act of putting together two companies. So you are merging two fields. You are implementing new processes. You are implementing new systems. It takes time to do all that, and that's time that is taken away from the normal management of the business. So from a Cloudera perspective, when you look at the bridge from the S4 to our guidance, there aren't any significant surprises. So merger disruption synergies, dis-synergies are a little bit more than we anticipated. The purchase price adjustment is the other big thing. Other than those two things, it's all noise.
Phil Winslow -- Wells Fargo -- Managing Director
Got it. All right. Thanks, guys.
Operator
Your next question comes from the line of Jack Andrews of Needham. Please go ahead. Your line is open.
Jack Andrews -- Needham -- Analyst
Good afternoon. Thanks for taking my question. Tom, I was wondering if we get maybe some feedback on the vision that you've outlined of this enterprise data cloud. You mentioned that this is a new market category. It's perhaps different than what most enterprises have been experiencing. So are you spending time sort of evangelizing this vision to customers, or is this exactly the vision that they've been looking for? Could you help clarify what the feedback has been around this?
Tom Reilly -- Chief Executive Officer
Yeah, so here's what we have heard as the biggest demands from our enterprise customers. First and foremost they wanna take advantage of public cloud and have the ability to extend their workloads into the public cloud in a bursting capacity, and there's huge pressure for us to deliver our software in a private cloud environment with the same ease of use, elasticity, separation of compute and storage that they experience in the public cloud. And then increasingly we're hearing that they don't want vendor lock-in or cloud lock-in, and so they want multi-cloud hybrid experience.
Rather than people continually saying "hybrid multi-cloud experience," the industry, and we're not alone, is terming this an enterprise cloud. What enterprise want is the ability to take advantage of multiple cloud environments, both on-prem and in the public environment. And other large vendors are on that path. I mean, that's what IBM's acquisition of Red Hat's all about is to drive an enterprise cloud strategy. So the market is moving from a public cloud versus on-prem debate to a hybrid and multi-cloud expectation. And this is where we're uniquely -- When we say we're the enterprise data cloud, we're the only ones delivering this capability at the data layer that allow our customers to migrate data with the security context, all the privacy controls, and take advantage of all the native cloud offerings, whether on-prem or across public cloud environments.
Jack Andrews -- Needham -- Analyst
Great. Well, appreciate your perspective on that. Could I just sneak in a financial question as well, which is are you planning on disclosing the net customer expansion rates moving forward?
Jim Frankola -- Chief Financial Officer
Under 606 net expansion rate loses much of its meaning, so the short answer is no, at least for the fiscal year '20 while we're going through the transition. We are intending to disclose ARR, which we think is actually a much better representation of underlying growth in the business. And by the way you can impute NER from that because in any given year we pick up about five points of growth from new customers being added.
Jack Andrews -- Needham -- Analyst
Got it. Thanks for taking my questions. Congrats on the results.
Jim Frankola -- Chief Financial Officer
Thank you, Jack.
Operator
Your next question comes from the lane of Zane Chrane of Bernstein Research. Please go ahead. Your line is open.
Zane Chrane -- Bernstein Research -- Analyst
Hi. Congratulations on the merger. Question on your ARR guidance. It looks like you added about $134 million in incremental ARR in fiscal '20, and the midpoint of your guidance for fiscal '21 implies $132 million in incremental ARR. I'm just wondering why the slight decline or kinda flat-ish incremental ARR. I would have expected more leverage in the growth model at this stage just given the volume of data growth in your customer base and how many customers you're adding. Can you give us a little more detail on that?
Tom Reilly -- Chief Executive Officer
Yeah, let me start with that one. So the underlying market, the underlying long term trends of the business, are still quite positive. What that reflects is the revenue dis-synergies, which are incorporated in the ARR numbers, as well. So very specifically, as we look at this year, especially in the first half, the actions that are required to bring two companies together take time away from our normal activities of selling and developing product and so forth. We've reflected that in our business case and our guidance. That is why the ARR growth is less than what you'd otherwise expect it to be.
Zane Chrane -- Bernstein Research -- Analyst
Makes sense. And would you expect the net new ARR to grow post fiscal '21?
Tom Reilly -- Chief Executive Officer
Yes.
Zane Chrane -- Bernstein Research -- Analyst
Got it. Thanks very much. Congrats.
Operator
The next question comes from the line of Raimo Lenschow of Barclays. Please go ahead. Your line is open.
Raimo Lenschow -- Barclays -- Analyst
Hey, guys. This is David Renville on for Raimo tonight. Thanks for taking our question. So I have two questions. One on the product front and the opportunity you're seeing in AIML and then a follow-up on competition, if that's OK. So let's start with product. Just looking for some color about the opportunity ahead you see for AIML and dataflow or OIT just more generally. How do you see -- And I know that's not how you sell the products, but how do you see the penetration within your install base for those use cases specifically and how do you see that evolving over the next few quarters, few years?
Arun Murthy -- Chief Product Officer
Great, David. This is Arun. I can take your question. Typically now, one of the benefits of bringing the combined company together is that, you know, legacy Cloudera was really strong with the AIML use cases and Hortonworks with the edge. The benefit of bringing these together is that as we go into the market now and talk to every single customer and look at every one of the most -- the common use cases, we see this opportunity to put together the entire sort of end-to-end flow all the way from injection of data all the way from the edge, bringing it in, doing sort of the legacy warehousing like analytics but also bringing AIML. So doing predictive maintenance and predictive building and so on. This allows us to literally go into every single customer, and we see these use cases every day where we actually add value for the end-to-end use case. And this was really one of the key parts of the merger was that this allowed us to put together this flow across both companies.
Raimo Lenschow -- Barclays -- Analyst
Understood. Thanks. And then quickly a follow-up on the competitive front for Tom here. With the merger, you're really the elephant in the room in the Hadoop market now and the big data market going forward. Curious to hear what has changed in terms of pricing dynamics and competitive landscape since you announced the merger and who do you see as your main competitor going forward and how is that evolving over the next 18 to 24 months?
Tom Reilly -- Chief Executive Officer
Yeah, David. So last year our No. 1 competitor was always Hortonworks and the inverse for Hortonworks it was Cloudera. Now that we are one combined company it will do -- many benefits. We believe that we don't have to discount as aggressively because we're not as directly competitive. We believe that we'll shorten sale cycles. A lot of companies are already -- If you even just look at the number of new customers we added this last quarter, there's an acceleration because we're viewed as kind of the standard.
And now, who's our No. 1 competitor? It's Amazon. And we've quickly just in even Q1 as we look at our competitive roadmap, it's Amazon -- Not Amazon the company. Amazon is a partner. But it's Amazon's house offerings in the data management analytic space, and we believe we are well-positioned to compete against them because our value proposition is to be a enterprise data cloud company, giving our customers a multi-cloud, hybrid-cloud fashion, is one enduring differentiator. And then our capabilities from the edge -- our integrative capabilities from the edge to AI, we're the only company that's offering that today. And so we feel very strong that market is moving in our direction around hybrid multi-cloud, and then our functionality is best in class.
Raimo Lenschow -- Barclays -- Analyst
Makes sense. Thanks, guys, and congrats on the merger.
Operator
Your next question comes from the line of Tyler Radke of Citi. Please go ahead. Your line is open.
Tyler Radke -- Citigroup -- Senior Analyst
Hey, thanks. Good afternoon. Could you talk about kind of your outlook for revenue synergies here in FY '20? Kind of what are assuming in any type of offset on the revenue dis-synergies and where are you finding the most effective areas of cross-sell so far? Thank you.
Jim Frankola -- Chief Financial Officer
Okay, so I'll start with that and then Tom can add color on cross-sell if he wants. So from our perspective we try to build a very prudent model, so we can see the first half dis-synergies in front of us. In the second half, we do believe that there are significant opportunities for cross-selling products, optimizing our pricing model and our packaging of our products, getting the halo benefits of category leadership, and then quite frankly as these new offerings role out being able to better monetize those. Those are reflected in our guidance at I'll say a modest level. To the extent that we get more traction on them or faster traction, that will be upside to the guidance we've provided.
Tom Reilly -- Chief Executive Officer
And, Tyler, this is Tom. Just to add a little more specific color. On day one of our new fiscal year, February 1, we introduced to our salesforce a number of new things that they can cross-sell and upsell. So the Cloudera customers have a lot of pent up desire for what was Hortonworks Data Flow, now Cloudera Data Flow. And likewise we're introducing Cloudera Data Science Workbench into the Hortonworks customer base. Those cross-sell activities are happening immediately. We have four additional tools. I won't go into the detail, but we've packaged those up and over this course of this quarter we'll be introducing them to the salesforce as cross-sell, upsell opportunities.
Another revenue synergy that we're already starting to see the early signs of is shortened sales cycles as we no longer have to do a bakeoff against two companies that offer similar strategies. We're perceived as the standard bearer. Partnerships like IBM are gaining great momentum. We're super excited about our partnerships. And finally we expect to see less discounting pressure, and all these should be revenue synergies that we capitalize on this year.
Tyler Radke -- Citigroup -- Senior Analyst
Great, and then a follow-up. Maybe, Jim, you could talk about what you're seeing now that the merger's closed from a churn perspective. I think you previously talked about how customers below 100k where maybe they didn't have the product fully deployed were, you know, you were seeing kinda 20, 25% churn rates on the smaller customers. What does that look like from a combined company perspective? And how much of the revenue at this point is coming from the customers above 100k? Thank you.
Jim Frankola -- Chief Financial Officer
Yeah, so it's really too soon to tell. We closed Q4 with literally 29 days as a combined company, and our churn rates in Q4 were slightly better than Q3. It could be a trend. It could be noise. It's a slight improvement. Regarding the second question, we still can see the vast majority of our revenue coming from customers over $100,000 in size. That represents at this point about 94% of our revenue base.
Tyler Radke -- Citigroup -- Senior Analyst
Thanks.
Operator
Your next question comes from the line of Mark Murphy of JP Morgan. Please go ahead. Your line is open.
Mark Murphy -- JP Morgan -- Executive Director
Yes. Thank you very much. Jim, I was curious, based on your prior commentary, that we would be able to impute the net dollar retention by assuming roughly five points as coming from the new customer additions. Should we be concluding that the net dollar retention was somewhere around 119% in Q4? Just using that math.
Jim Frankola -- Chief Financial Officer
Roughly. I mean, to be precise, on a stand-alone basis, and we won't report it again, our trailing 12 month net expansion rate for Q4 was 122%. So yes, the Q4 number was roughly that level, and that would get you very close to it.
Mark Murphy -- JP Morgan -- Executive Director
Okay. And at a high level, Jim, and I do understand that you're steering us more to the ARR metric going forward, but I guess I'm interested in how high is your confidence level in being able to sustain or drive a net dollar retention or just existing customer spend growth at somewhere around that level, say 120% or 120% plus, for Cloudera for the next year or two? Is it something where your customer inputs are allowing you to make a pretty reliable forecast on that metric?
Jim Frankola -- Chief Financial Officer
Whenever we look at the macro and we look at the total database market and the subsets that we operate in, when we look at our customer cohort analysis, including what the Hortonworks team has experienced, everything bodes that we should be able to grow our business more than 20%. So at least 20-25% range over the long term, and even our -- We've said this a number of times. Even our oldest cohorts, even our largest cohorts, are growing at roughly that rate, so the underlying long term trends still look extremely positive for that more than 20%, 20-25% growth rate.
Mark Murphy -- JP Morgan -- Executive Director
Okay. Thank you for that. And then, Tom, what are the most important product rationalizations that you think you'd need to decide on where, for instance, where there were competing redundant projects like Century and Ranger, how many of those situations are there? And what do you think are the most important ones?
Tom Reilly -- Chief Executive Officer
Thanks, Mark. All those decisions are behind us, and I commend Arun and the engineering team for making those decisions within a matter of weeks. Our roadmap is complete. All these overlapping products have been rationalized. Fingers are on keyboards, and for most often we didn't pick one over the other. We're combining the best of both, and I'll let Arun add some further thoughts.
Arun Murthy -- Chief Product Officer
Yeah, thanks, Tom. Thanks for the question, Mark. Like Tom said, all the decisions are behind us. In fact it was really heartening to see the two engineering teams come together and make the decisions quickly on an aggressive outputting. It's helpful that we've known each other, even though we've competed, we've known each other through the work we've done in the community. So it's actually been really great. Specifically in the questions you asked, we looked at in our operations or security or governance or management, we've been able to make those decisions quickly, and in a lot of cases we picked one or the other. In some cases we picked the fact that we can actually put them together and make a better whole effect.
Mark Murphy -- JP Morgan -- Executive Director
Thank you very much.
Operator
Your next question comes from the line of Chad Bennett of Craig-Hallum. Please go ahead. Your line is open.
Chad Bennett -- Craig-Hallum -- Analyst
Great. Thanks for taking my questions. I guess a couple questions. Second one a financial, but first one relative to the IBM relationship. Tom, you mentioned, I think briefly mentioned it a couple questions ago, but can you speak to how strong the IBM business was for Hortonworks in their calendar fourth quarter, which I think is traditionally a pretty strong IBM quarter? And then kinda expectations, I guess, if you will, on that relationship, especially around converting or transferring those IOP customers over to your base, which I think technically was supposed to be completed by midyear? And I think that contract maybe renews then. I'm not sure of that. But just kinda general overview of IBM and that relationship would be great.
Tom Reilly -- Chief Executive Officer
Thank you, Chad. I won't be able to give you the details of IBM's contribution in Q4, but let me share this broader picture. As DEO of legacy Cloudera, I was envious of the IBM relationship. When I had the opportunity to get under the covers, I was extremely impressed with the partnership that IBM and Hortonworks had and the great traction. The first executive I reached out to post-announcement on October 3 was the CEO of IBM. I reached out to Jenny. Within a matter of days, I was talking with their executive sponsor. We've had many meetings, and I expect this relationship to build on the great success that Hortonworks had and to be even stronger a relationship.
And I am now -- Rob Biermann was the executive sponsor. I am now the new executive sponsor and just returned from meeting -- I was in Armagh just last week. And I'm even further excited about this partnership once the Red Hat merger is complete. IBM plus Red Hat's strategy is to drive the enterprise cloud, which is a hybrid multi-cloud environment for enterprise customers so they have portability, and we will be one of the premier partners with an application layer at the data part, building on that partnership.
Chad Bennett -- Craig-Hallum -- Analyst
Got it. Thanks. Good color. Maybe a quick one for Jim. Maybe this is implied in the guidance and the outlook and targets, but you guys spoke about a $125 million in cost synergies realized when you announced merger, I guess. I assume we're on track with that number or that's the right number to think about, and I think possibly since you announced the merger maybe you were potentially, maybe this is my words, more optimistic that there's upside to that $125 million. Can you give us an idea of where you are there? Thanks.
Jim Frankola -- Chief Financial Officer
Yeah, so we are well along in terms of expediting those synergies. All the people-related elements of the synergies, the absence associated with them, have already been taken. So therefore, as you think about your model, the cost structure that we have today is pretty much what we're gonna see through the remainder of this year. So we'll see slight increases in expense, but the team is now in place that is able to execute to the plan for this year. So think flat-ish cost with obviously ARR growth being around 20%.
To the extent that we're finding synergies above and beyond the $125 million target, we are generally reinvesting those synergies to accelerate growth, with a focus of tentacle resources to help our customers, some of that embedded in our professional services margin, more dollars for R&D to accelerate innovation, and some additional technical resources on the sale side to help in the sale cycle. So there's a reinvestment strategy to the extent that we see more than the $125 million.
Chad Bennett -- Craig-Hallum -- Analyst
Great. Thanks.
Operator
Your next question comes from the line of Michael Turits of Raymond James. Please go ahead. Your line is open.
Michael Turits -- Raymond James -- Managing Director
Hey, guys. Good afternoon. Just to clarify so that I can make sure that we have the right pro forma growth rate being calculated for fiscal '20. What's the dollar amount of the pro forma revenue for last year on a 606 basis? And can you just make it clear again what the revenue writedown on this accounting was for fiscal '20 and the exact revenue dis-synergy for this year?
Jim Frankola -- Chief Financial Officer
Yeah, so the second two questions are on slide 19. So the purchase price adjustment in fiscal year '20 is $62 million. The merger impact due to revenue dis-synergies is $52 million. Regarding the -- We're not pro forming the revenue in the past. On slide 7 we did show annual recurring revenue on an adjusted basis by quarter from Q4 fiscal year '18 through Q4 fiscal '19, and that'll give you a baseline to build your model for fiscal year '20.
Michael Turits -- Raymond James -- Managing Director
And then would you imagine that there's -- is there any writedown impact that continues into fiscal '21 or is that pretty much over in fiscal '20?
Jim Frankola -- Chief Financial Officer
It's -- So the amount of revenue haircut in fiscal year '21 will be less than 2% of total.
Michael Turits -- Raymond James -- Managing Director
Okay. Thanks, Jim. And then if I get a fundamental question, as you guys think about machine learning and data science as well as dataflow, what are really the incremental areas of investment that you have to make? And how much of that could conceivably be inorganic?
Arun Murthy -- Chief Product Officer
Hey. Hey, Michael. This is Arun. Definitely, you mentioned the two main areas for us to invest, which is AI and also dataflow. Obviously at any point we will continue to evaluate the market for opportunities for some inorganic growth, but right now organically that's the two main areas that are receiving this thing. Along with all the work we have to do in terms of the SDX there that Tom talked about, that's really what we think of as our secret sauce. We expect to sing this a lot. Common security, governance, privacy, sort of regulation capabilities in the platform.
Mike Olson -- Co-Founder and Chief Strategy Officer
And this is Mike. Let me just come in behind Arun very briefly. You asked as well how much of that feature addition, how much of that innovation might be inorganic. Of course, we don't pre-announce MNA plans and I'll let Tom talk to the general strategy, but I think we're well capitalized in order to execute on such a thing. And certainly there are lots of interesting properties on the market. It's an area that we will continue to watch closely to see what inorganic opportunities might be there.
Michael Turits -- Raymond James -- Managing Director
Thanks, guys.
Operator
Your next question comes from the line of Karl Keirstead of Deutsche Bank. Please go ahead. Your line is open.
Karl Keirstead -- Deutsche Bank -- Managing Director
Ah, thank you. Maybe two for Jim. Jim, I'm trying to take a shot at figuring out what normalized cash flow would be in fiscal '20. So your guidance is negative $30 million to $40 million, but you mentioned that there's a $66 million of non-recurring payments and you also mentioned that there's $125 million hit you're taking from adopting the billing practices of Cloudera. So if I take your negative $30-40 million, add back $66 million, add back $125 million, is that the right math to take a guestimate as to what normalized cash flow would be for Cloudera pro forma?
Jim Frankola -- Chief Financial Officer
Yeah. Yeah. So if there were no merger-related spending and if we kept the Hortonworks business at 19 months contractor duration, yes, that would get you to approximately the normalized cash flow. And by the way, going back to some of the earlier points on merger synergy, you can clearly see a phenomenal increase in normalized cash flow from where we are today to where we'll be a year from now.
Karl Keirstead -- Deutsche Bank -- Managing Director
Got it. Okay. And then maybe a second one. Jim, you highlighted a couple times that you're taking into account some merger disruption in the first half. So on the margin it makes us wanna model second half a little stronger, first half a little weaker. So I'm just wondering if you could give us some guidance. Where in the first half numbers would we see evidence of merger disruption that perhaps we should cool it a little bit on our estimates? Because I look at your subscription revenue guidance for Q1, and it's actually the same percentage of the full year subscription revs as Cloudera used to post in the past. So the subscription revenue guidance doesn't look, at first blush, like it's seasonally light and therefore reflecting merger disruption. Maybe just where in the model should we be a little bit careful to account for this? Thank you.
Jim Frankola -- Chief Financial Officer
Yeah, it'll be in Q2 and Q3 software growth rates, whether on a total basis or more importantly on an ARR basis. So the bookings impact of the dis-synergies in the first half tend to lag in terms of revenue, so we'll see bookings disruptions in Q1 and Q2. They will be reflected mainly in Q2 and Q3 ARR growth.
Karl Keirstead -- Deutsche Bank -- Managing Director
Oh, OK. Got it. That's helpful, Jim. Thank you.
Operator
Your next question comes from the line of Rishi Jaluria of DA Davidson. Please go ahead. Your line is open.
Rishi Jaluria -- DA Davidson -- Analyst
Great. Thank you, guys, for taking my questions. One partner question and one financial question. Tom, appreciate the clarity on the IBM side. I just wanted to maybe specifically, since you've talked about the roadmap decisions being made, how does the DSX versus Data Science Workbench from a partner standpoint work out? And alongside that, you did mention Microsoft in your prepared remarks, is just hasty insight gonna be now on the combined Cloudera platform or if you could share any specifics around there that would be helpful? And then I've got a follow-up for Jim.
Tom Reilly -- Chief Executive Officer
Okay, Rishi. So with IBM, this is a very collaborative relationship. Our teams are looking at the complementary strengths of CDSW and DSX and identifying ways that we can leverage both in a strengthening position. I also failed to mention earlier that we are continuing with IBM to do the migrations of their IOP platform to our platform, so that work continues as well. And finally, on the Microsoft, we are also very excited about the strong partnership that both Hortonworks and Cloudera had with Microsoft in very different ways, and now we can have an even stronger relationship. One of the things I didn't share, our sales kickoff this year, which had over 1,200 attendees, was held in Seattle and joined by Microsoft and IBM. And so those are partnerships we'll be building on, Rish.
Rishi Jaluria -- DA Davidson -- Analyst
Got it. Thank you. That's helpful. And, Jim, just a clarification, because I know we're gonna have a lot of these conversations with our clients tomorrow, but your operating cash flow being brought down or target being brought down from 15% to 10% and calendar year '20, that is purely the billings duration from Hortonworks doing longer and bringing that in line with the 13 months that you have?
Jim Frankola -- Chief Financial Officer
That's correct.
Rishi Jaluria -- DA Davidson -- Analyst
There's no other moving pieces that are resulting in that margin coming down?
Jim Frankola -- Chief Financial Officer
Absolutely. So if you take that target of 10%, and by the way in my script I talk about the billings impact in fiscal year '21 is gonna be at least $75 million. Call that roughly 7% of revenue. If you add those two together, you would get a normalized OCF of 17%. So on a normalized basis, we're right where we expected to be.
Rishi Jaluria -- DA Davidson -- Analyst
Perfect. That's helpful. Thank you guys so much.
Operator
Your next question comes from the line of Sanjit Singh of Morgan Stanley. Please go ahead. Your line is open.
Sanjit Singh -- Morgan Stanley -- Analyst
Hi, this is Josh Baron for Sanjit. I was hoping you could talk a little bit about the potential for improved renewal rates post-merger given the change to the competitive environment.
Tom Reilly -- Chief Executive Officer
This is Tom. We expect -- We are pursuing improving renewal rates. This goes back to a lot of the work that Cloudera began a year ago, what we called our transition work, which we have completed. We have introduced more technical resources into our install base. We're in line with our partners more on delivering outcome based capabilities, and a large focus is to improve our renewal rates. And of course we don't have the dynamic of customers playing off Hortonworks and Cloudera against one another and trying to move workloads and lower the prices. So factored into our renewal rates is also shrinkage of renewals, not just losing a customer, and we expect less of that.
Sanjit Singh -- Morgan Stanley -- Analyst
Great. Thank you.
Tom Reilly -- Chief Executive Officer
Thank you, Josh.
Operator
There are no further questions at this time. I will turn the call back over to the presenters for closing remarks.
Tom Reilly -- Chief Executive Officer
Well, thank you all for the very thoughtful questions and joining us on this first earnings call as the new Cloudera, the enterprise data cloud company. We are very excited about the journey ahead of us. We are very excited to meet with you on a quarterly basis as you follow this journey. This market is moving in our direction. We now have a team that is stronger, innovating faster, and positioned to lead this market. So thank you for your time today, and we look forward to talking to you in 90 days.
Operator
That concludes today's conference call. You may now disconnect.
Duration: 67 minutes
Call participants:Kevin Cook -- Vice President of Corporate Development and Investor Relations
Tom Reilly -- Chief Executive Offic
Thursday, March 14, 2019
Heidrick & Struggles International, Inc. (HSII) Expected to Post Quarterly Sales of $170.61 Mill
Equities analysts expect that Heidrick & Struggles International, Inc. (NASDAQ:HSII) will post $170.61 million in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Heidrick & Struggles International’s earnings. The highest sales estimate is $178.40 million and the lowest is $162.82 million. Heidrick & Struggles International posted sales of $160.07 million in the same quarter last year, which would indicate a positive year over year growth rate of 6.6%. The company is expected to issue its next quarterly earnings results on Monday, April 22nd.
On average, analysts expect that Heidrick & Struggles International will report full-year sales of $729.04 million for the current financial year, with estimates ranging from $715.23 million to $737.20 million. For the next year, analysts expect that the business will post sales of $767.50 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Heidrick & Struggles International.
Get Heidrick & Struggles International alerts:Several analysts recently issued reports on HSII shares. Zacks Investment Research upgraded Heidrick & Struggles International from a “hold” rating to a “buy” rating and set a $37.00 price objective for the company in a report on Thursday, January 10th. TheStreet upgraded Heidrick & Struggles International from a “c+” rating to a “b-” rating in a report on Tuesday, January 15th. BidaskClub upgraded Heidrick & Struggles International from a “strong sell” rating to a “sell” rating in a report on Thursday, December 13th. Barrington Research increased their price objective on Heidrick & Struggles International to $51.00 and gave the stock an “outperform” rating in a report on Wednesday, February 27th. Finally, ValuEngine upgraded Heidrick & Struggles International from a “hold” rating to a “buy” rating in a report on Wednesday, February 27th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Heidrick & Struggles International presently has an average rating of “Buy” and an average price target of $43.50.
Large investors have recently made changes to their positions in the stock. Meeder Asset Management Inc. bought a new position in Heidrick & Struggles International during the fourth quarter valued at about $38,000. Municipal Employees Retirement System of Michigan bought a new position in Heidrick & Struggles International during the fourth quarter valued at about $171,000. Metropolitan Life Insurance Co. NY raised its holdings in Heidrick & Struggles International by 400.0% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 6,560 shares of the business services provider’s stock valued at $205,000 after buying an additional 5,248 shares in the last quarter. Hartford Investment Management Co. bought a new position in Heidrick & Struggles International during the fourth quarter valued at about $206,000. Finally, Laurion Capital Management LP bought a new position in Heidrick & Struggles International during the third quarter valued at about $212,000. Institutional investors and hedge funds own 91.82% of the company’s stock.
Shares of NASDAQ:HSII traded down $1.15 during midday trading on Tuesday, hitting $40.65. 148,300 shares of the stock were exchanged, compared to its average volume of 147,469. Heidrick & Struggles International has a 52-week low of $28.25 and a 52-week high of $45.28. The firm has a market cap of $772.96 million, a price-to-earnings ratio of 16.13, a P/E/G ratio of 1.03 and a beta of 1.38.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 22nd. Investors of record on Friday, March 8th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.48%. This is a positive change from Heidrick & Struggles International’s previous quarterly dividend of $0.13. The ex-dividend date is Thursday, March 7th. Heidrick & Struggles International’s dividend payout ratio (DPR) is currently 20.63%.
Heidrick & Struggles International Company Profile
Heidrick & Struggles International, Inc, together with its subsidiaries, provides executive search, culture shaping, and leadership consulting services on a retained basis to businesses and business leaders in the Americas, Europe, the Asia Pacific, and internationally. The company enables its clients to build leadership teams by facilitating the recruitment, management, and deployment of senior executives.
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Tuesday, March 12, 2019
Top 10 Dividend Stocks To Own For 2019
Though the market has only risen slightly this year, with the S&P 500 up about 1% year TO date, stocks are still up significantly over longer time horizons. Over the trailing one- and three-year periods, for instance, the S&P 500 is up 12% and 28%, respectively. With stocks trading much higher than they were a few years ago, some investors may be looking to put their money in more quality, dividend-paying equities. This way, if stocks do undergo a correction, investors can at least count on some reliable cash flow from their portfolio.
Fortunately, there are still plenty of great dividend stocks trading at good prices -- even after the overall stock market's gain in recent years. Two dividend stocks worth considering are Costco (NASDAQ:COST) and JPMorgan Chase (NYSE:JPM). Here's a quick look at why both of these stocks are compelling bets for investors looking for income.
Image source: Getty Images.
Top 10 Dividend Stocks To Own For 2019: Amphenol Corporation(APH)
Advisors' Opinion:- [By Joseph Griffin]
Get a free copy of the Zacks research report on Amphenol (APH)
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- [By Ethan Ryder]
Teacher Retirement System of Texas lessened its holdings in shares of Amphenol Co. (NYSE:APH) by 50.9% during the 2nd quarter, Holdings Channel reports. The firm owned 154,246 shares of the electronics maker’s stock after selling 160,204 shares during the period. Teacher Retirement System of Texas’ holdings in Amphenol were worth $13,443,000 at the end of the most recent reporting period.
- [By Max Byerly]
Get a free copy of the Zacks research report on Amphenol (APH)
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Top 10 Dividend Stocks To Own For 2019: 3M Company(MMM)
Advisors' Opinion:- [By Paul Ausick]
Industrial giant 3M Co. (NYSE: MMM) saw a small increase to its share price last week, but the gain was not enough to lift it out of the Dow Jones industrials cellar. Shares added about 0.3% on no significant news, and 3M’s stock has now dropped 12.8% for the year to date and marks its third straight week as the Dow’s worst stock.
- [By Logan Wallace]
Sawgrass Asset Management LLC decreased its position in shares of 3M Co (NYSE:MMM) by 29.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 87,974 shares of the conglomerate’s stock after selling 36,053 shares during the quarter. Sawgrass Asset Management LLC’s holdings in 3M were worth $17,306,000 as of its most recent SEC filing.
- [By Paul Ausick]
The second-worst Dow stock so far this year is The Procter & Gamble Co. (NYSE: PG), down 15.8%; followed by Walmart Inc. (NYSE: WMT), down 15.2%; 3M Company (NYSE: MMM), down 12.9%; and Johnson & Johnson (NYSE: JNJ), down 12.3%. Of the 30 Dow stocks, 15 are showing a loss to date in 2018.
- [By Paul Ausick]
The DJIA stock posting the largest daily percentage gain ahead of the close Monday was 3M Company (NYSE: MMM) which traded up 3.23% at $244.68. The stock’s 52-week range is $86.31 to $259.77. Volume was about 25% lower than the daily average of around 2.4 million. The company had no specific news Monday.
Top 10 Dividend Stocks To Own For 2019: S&P Smallcap 600(PH)
Advisors' Opinion:- [By Shane Hupp]
Investors sold shares of Parker-Hannifin Corp (NYSE:PH) on strength during trading hours on Friday. $23.02 million flowed into the stock on the tick-up and $82.05 million flowed out of the stock on the tick-down, for a money net flow of $59.03 million out of the stock. Of all stocks tracked, Parker-Hannifin had the 25th highest net out-flow for the day. Parker-Hannifin traded up $2.45 for the day and closed at $171.53
- [By Max Byerly]
Barings LLC decreased its holdings in Parker Hannifin (NYSE:PH) by 36.4% in the first quarter, HoldingsChannel reports. The firm owned 26,064 shares of the industrial products company’s stock after selling 14,937 shares during the period. Barings LLC’s holdings in Parker Hannifin were worth $4,458,000 as of its most recent SEC filing.
- [By Ethan Ryder]
Get a free copy of the Zacks research report on Parker-Hannifin (PH)
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Top 10 Dividend Stocks To Own For 2019: Polo Ralph Lauren Corporation(RL)
Advisors' Opinion:- [By Garrett Baldwin]
Click here to learn more…
Stocks to Watch Today: DIS, TMUS, BP, S Shares of Walt Disney Co. (NYSE: DIS) will lead a busy day of earnings reports. Wall Street is expecting a small decline in revenue for the first quarter. Disney is still in the process of absorbing most of Fox's assets from a deal last June. In addition, Disney will be launching its streaming service, Disney+, and investors will be looking for updates on the project. In deal news, T-Mobile U.S. Inc. (NYSE: TMUS) is looking to sweeten an offer to regulators to ensure a merger with rival Sprint Corp. (NYSE: S). The telecom giant told the U.S. Federal Communications Commission that it would freeze the prices of many plans if it receives approval for a deal. T-Mobile has offered $26 billion to buy Sprint. Shares of BP Plc. (NYSE: BP) rallied more than 3.7% after the global energy giant topped 2018 earnings expectations. The firm's big bets on shale developments have paid off. Profitability more than doubled over the previous year, while production topped out at 3.7 million barrels per day. Look for earnings reports from Allstate Corp. (NYSE: ALL), Anadarko Petroleum Corp. (NYSE: APC), Archer Daniels Midland Co. (NYSE: ADM), Becton, Dickenson & Co. (NYSE: BDX), BP Plc. (NYSE: BP), Chubb Ltd. (NYSE: CB), Digital Realty Trust (NYSE: DLR), Emerson Electric Co. (NYSE: EMR), Estee Lauder Co. Inc. (NYSE: EL), Lazard Ltd. (NYSE: LAZ), Pitney Bowes Inc. (NYSE: PBI), Plains All American Pipeline LP (NYSE: PAA), Ralph Lauren Corp. (NYSE: RL), Snap Inc. (NYSE: SNAP), and Tableau Software Inc. (NASDAQ: DATA).Follow Money Morning on Facebook, Twitter, and LinkedIn.
- [By Lisa Levin] Companies Reporting Before The Bell Target Corporation (NYSE: TGT) is estimated to report quarterly earnings at $1.38 per share on revenue of $16.50 billion. Ralph Lauren Corporation (NYSE: RL) is expected to report quarterly earnings at $0.83 per share on revenue of $1.48 billion. Lowe's Companies, Inc. (NYSE: LOW) is projected to report quarterly earnings at $1.25 per share on revenue of $17.63 billion. Tiffany & Co. (NYSE: TIF) is estimated to report quarterly earnings at $0.83 per share on revenue of $957.49 million. Canadian Imperial Bank of Commerce (NYSE: CM) is expected to report quarterly earnings at $2.23 per share on revenue of $3.40 billion. Citi Trends, Inc. (NASDAQ: CTRN) is projected to report quarterly earnings at $0.9 per share on revenue of $210.70 million. Qiwi plc (NASDAQ: QIWI) is expected to report quarterly earnings at $0.25 per share on revenue of $60.19 million. iClick Interactive Asia Group Limited (NASDAQ: ICLK) is projected to report quarterly loss at $0.06 per share on revenue of $34.87 million.
- [By Ethan Ryder]
Tredje AP fonden lowered its stake in Ralph Lauren Co. (NYSE:RL) by 6.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 16,720 shares of the textile maker’s stock after selling 1,110 shares during the period. Tredje AP fonden’s holdings in Ralph Lauren were worth $1,878,000 as of its most recent SEC filing.
- [By Leo Sun]
Several apparel retailers recently disproved the bears, who believed that sluggish mall traffic, e-tailers, and fast fashion players would bury older clothing stores. That list of winners includes Abercrombie & Fitch (NYSE:ANF), Guess (NYSE:GES), and Ralph Lauren (NYSE:RL), which rallied 81%, 116%, and 106%, respectively, over the past 12 months.
Top 10 Dividend Stocks To Own For 2019: S&P GSCI(GD)
Advisors' Opinion:- [By ]
Finally, General Dynamics Corp. (GD) , along with Lockheed and BAE Systems, could possibly profit from heightened demand ships and other vehicles.
- [By Lou Whiteman]
The $3 billion competition, which includes management and maintenance of a range of navy and marine networks, will pit Perspecta against two of the largest government IT vendors, Leidos Holdings (NYSE:LDOS) and the recently bulked-up IT arm of General Dynamics (NYSE:GD). This is a business where scale is vitally important, potentially putting Perspecta in a difficult position.
- [By Joseph Griffin]
General Dynamics Co. (NYSE:GD) insider S. Daniel Johnson sold 77,810 shares of the stock in a transaction on Friday, September 14th. The shares were sold at an average price of $199.85, for a total value of $15,550,328.50. Following the completion of the transaction, the insider now owns 99,333 shares of the company’s stock, valued at approximately $19,851,700.05. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
- [By Paul Ausick]
General Dynamics Corp. (NYSE: GD) dropped about 2.1% Thursday to post a new 52-week low of $187.32. Shares closed at $191.40 on Wednesday and the stock’s 52-week high is $230.00. Volume was 25% higher than the daily average of around 1.6 million. The defense giant had no specific news.
- [By Lou Whiteman]
Two of the biggest laggards have been General Dynamics (NYSE:GD) and Huntington Ingalls (NYSE:HII), each down by more than 10% in the past three months. The similarities go well beyond stock performance. The companies have two of the more interesting outlooks for growth among defense players, but each seemed to catch investors off guard over how long it will take that increased business to materialize.
- [By Rich Smith]
General Dynamics (NYSE:GD) beat earnings in its fourth quarter of 2018 -- not that you could tell from the performance of its stock, which remains 2% below where it traded before earnings, nearly a month after the fact.
Top 10 Dividend Stocks To Own For 2019: Nucor Corporation(NUE)
Advisors' Opinion:- [By Jason Hall]
Dominant U.S. steelmaker Nucor Corporation (NYSE:NUE) reported second-quarter financial and operating results before market open on July 19; it delivered its best profits in a decade, and the second most profitable quarter (and best-ever second quarter) in the company's history. The company also delivered strong revenue growth and higher volumes, driving margins up as its facilities operated more efficiently under more demand.
- [By Ethan Ryder]
Shares of Nucor Co. (NYSE:NUE) have been given an average recommendation of “Buy” by the fourteen analysts that are covering the firm, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $72.25.
- [By ]
America's oil renaissance is powered almost exclusively by technology, as companies like Schlumberger (SLB) and Core Labs (CLB) are breathing new life into once forgotten wells. Nucor (NUE) has a similar leadership position in the steel industry thanks to technology, and that company will only benefit more that President Trump's tariffs put the market on a more level playing field.
- [By Reuben Gregg Brewer]
Nucor Corporation (NYSE:NUE) has built an incredible streak in the highly cyclical steel industry -- it's increased its dividend every year for 45 consecutive years. That makes it a Dividend Aristocrat. A combination of factors led to this impressive achievement, including a well-run business, conservative finances, and a constant push for growth during good years and bad. The current industry upturn hasn't stopped it on the growth front, but it has shifted the priorities a little bit. Here's how Nucor is investing for the future today.
Top 10 Dividend Stocks To Own For 2019: ONEOK Inc.(OKE)
Advisors' Opinion:- [By Matthew DiLallo]
The transaction follows a similar blueprint of other recent ones in the sector. One of the most successful has been ONEOK's (NYSE:OKE) acquisition of its MLP last year. Shares of the midstream giant have surged more than 27% since the company announced that transaction. One of the drivers has been ONEOK's broad appeal to investors because it not only offers them yield -- in this case nearly 5% -- but a lot of growth given its view that it can increase its dividend 9% to 11% annually through 2021. Those dual value creators put the company in a class of its own.
- [By Motley Fool Transcribing]
ONEOK (NYSE:OKE) Q4 2018 Earnings Conference CallFeb. 26, 2019 11:00 a.m. ET
Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks:Operator
- [By Matthew DiLallo]
Tallgrass Energy currently expects to close its acquisition of Tallgrass Energy Partners by the end of the second quarter. Once that deal closes, the combined company should cover Tallgrass' 9%-yielding dividend with cash flow by more than 1.2 times. Furthermore, that company will generate very predictable cash flow going forward since 97% will come from long-term, fee-based contracts. Those are both solid numbers for a pipeline company. For comparison's sake, Tallgrass' coverage ratio will roughly match that of pipeline giant ONEOK (NYSE:OKE), which currently gets about 90% of its cash flow from predictable sources like fee-based contracts.
- [By Matthew DiLallo]
When ONEOK (NYSE:OKE) acquired its MLP in 2017, the pipeline company promised investors that it would increase its dividend 21% upon closing the deal and at a 9% to 11% annual rate from 2018 through 2021. The company has made good on that promise so far -- it boosted its payout 21% in August 2017 and increased it 12% last year.
Top 10 Dividend Stocks To Own For 2019: Cummins Inc.(CMI)
Advisors' Opinion:- [By Stephan Byrd]
Get a free copy of the Zacks research report on Cummins (CMI)
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- [By Neha Chamaria, Jason Hall, and Dan Caplinger]
So we asked three Motley Fool contributors to pick a stock famed investors are currently buying. Here's why Cummins (NYSE:CMI), CenturyLink (NYSE:CTL), and Southwest Airlines (NYSE:LUV) caught their attention.
- [By Shane Hupp]
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its holdings in Cummins Inc. (NYSE:CMI) by 21.9% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 66,458 shares of the company’s stock after selling 18,648 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Cummins were worth $8,839,000 as of its most recent SEC filing.
- [By Ethan Ryder]
Peloton Wealth Strategists reduced its stake in Cummins Inc. (NYSE:CMI) by 4.1% in the 2nd quarter, Holdings Channel reports. The firm owned 18,737 shares of the company’s stock after selling 800 shares during the period. Cummins comprises about 1.8% of Peloton Wealth Strategists’ holdings, making the stock its 27th biggest position. Peloton Wealth Strategists’ holdings in Cummins were worth $2,492,000 at the end of the most recent reporting period.
- [By Ethan Ryder]
Macquarie Group Ltd. decreased its stake in shares of Cummins Inc. (NYSE:CMI) by 7.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,060 shares of the company’s stock after selling 1,540 shares during the period. Macquarie Group Ltd.’s holdings in Cummins were worth $2,401,000 as of its most recent SEC filing.
- [By Keith Speights]
I like the idea of combining these approaches by buying stocks with strong dividend yields and bargain valuations. What are some dividend stocks that you can buy on sale right now? I'd put AbbVie (NYSE:ABBV), AT&T (NYSE:T), and Cummins (NYSE:CMI) at the top of the list.
Top 10 Dividend Stocks To Own For 2019: Summit State Bank(SSBI)
Advisors' Opinion:- [By Max Byerly]
ValuEngine upgraded shares of Summit State Bank (NASDAQ:SSBI) from a hold rating to a buy rating in a research note released on Saturday.
Separately, TheStreet raised Summit State Bank from a c+ rating to a b rating in a report on Wednesday, February 14th.
Top 10 Dividend Stocks To Own For 2019: Cellcom Israel Ltd.(CEL)
Advisors' Opinion:- [By Lisa Levin]
Thursday afternoon, the telecommunication services shares surged 0.58 percent. Meanwhile, top gainers in the sector included Intelsat S.A. (NYSE: I), up 5 percent, and Cellcom Israel Ltd. (NYSE: CEL) up 2.5 percent.
- [By Ethan Ryder]
Millicom (OTCMKTS: MIICF) and Cellcom Israel (NYSE:CEL) are both computer and technology companies, but which is the better business? We will contrast the two businesses based on the strength of their risk, valuation, dividends, institutional ownership, analyst recommendations, earnings and profitability.
- [By Lisa Levin]
Check out these big penny stock gainers and losers
Losers Natural Health Trends Corp (NASDAQ: NHTC) fell 7.8 percent to $19.80 in pre-market trading after rising 1.46 percent on Friday. Endocyte, Inc. (NASDAQ: ECYT) shares fell 6.6 percent to $11.41 in pre-market trading after climbing 4.18 percent on Friday. Quorum Health Corporation (NYSE: QHC) shares fell 6.2 percent to $5.15 in pre-market trading after tumbling 11.45 percent on Friday. Arcadia Biosciences, Inc. (NASDAQ: RKDA) fell 6.1 percent to $7.31 in pre-market trading after declining 3.35 percent on Friday. Boston Scientific Corporation (NYSE: BSX) fell 5.6 percent to $28.30 in pre-market trading. Evofem Biosciences, Inc. (NASDAQ: EVFM) fell 5.3 percent to $6.06 in pre-market trading after gaining 2.73 percent on Friday. Xerox Corporation (NYSE: XRX) shares fell 5.2 percent to $28.60 in pre-market trading. Xerox terminated its transaction agreement with Fujifilm and entered into a new agreement with Carl Icahn and Darwin Deason. JP Morgan downgraded Xerox from Overweight to Neutral. Cellcom Israel Ltd. (NYSE: CEL) fell 5.2 percent to $7.02 in pre-market trading. Cellcom is expected to release Q1 results on May 30, 2018. Perrigo Company plc (NYSE: PRGO) fell 4.5 percent to $74 in pre-market trading. Nabriva Therapeutics plc (NASDAQ: NBRV) shares fell 4 percent to $4.66 in pre-market trading - [By Lisa Levin]
Thursday afternoon, the health care shares rose 1.79 percent. Meanwhile, top gainers in the sector included Partner Communications Company Ltd. (NASDAQ: PTNR), up 8 percent, and Cellcom Israel Ltd. (NYSE: CEL) up 7 percent.
- [By Ethan Ryder]
Hellenic Telecom Organization (NYSE: CEL) and Cellcom Israel (NYSE:CEL) are both utilities companies, but which is the better investment? We will contrast the two businesses based on the strength of their profitability, earnings, valuation, risk, institutional ownership, dividends and analyst recommendations.