The auto industry is stuck in limbo. Vontier stock might just be getting out of it.
For car companies, it hasn’t been easy being stuck someplace in the transition to electric vehicles. The old-fashioned combustion engine is on its way out, creating a major headwind for traditional auto companies. But the transition to EVs has hit some roadblocks, creating uncertainty about where it goes next.
Vontier (ticker: VNT), which makes a variety of gear for both gas-powered and electric vehicles, has been stuck in a different kind of transition. It was spun out of Fortive (FTV) in 2020, after Fortive itself was split off from Danaher in 2016. That has left Vontier in an in-between state as investors try to figure out what the company is and where its business is going. Shares have dropped 8% since peaking in September 2021, even after gaining more than 70% this year.
Despite the lackluster returns since the spin, Vontier is a stock that can win no matter what kind of car people decide to drive. The Raleigh, N.C.–based company specializes in software and hardware for every stage of driving. It sells gas pumps to gas stations and convenience stores as well as the card readers and point-of-sale software that make them work. It helps commercial fleet owners know how their equipment is being used. It also sells the tools mechanics need to fix all the vehicles. Its products are in hundreds of thousands of locations, mainly in North America and Europe.
"auto" - Google News
November 25, 2023 at 05:00AM
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