Agilent Technologies Inc (NYSE:A)’ gains agility with spin-off
On 18 September, Agilent Technologies Inc (NYSE:A) announced that it will split into 2 companies. One will retain the Agilent name and will focus on life sciences as well as on diagnostic equipment. The other company that has not yet been named will spotlight the electronic test and measurement-equipment business.
From a historical viewpoint, this is the core of the 1939-founded HP. An electronic oscillator was the first product that was manufactured by the company. Test equipment continues to be a huge focus point for it even well into the 1900’s.
Agilent was a HP spinoff that came into existence in 1999. When the company spun-off from HP in 1999 November, Agilent shares were floated on the stock exchange. This brought in $2.1B. Before Facebook, this was a record for any company based in the Silicon Valley. The company sold-off its healthcare business to Philips in 2001 and went onto announcing a slew of lay-offs. It now has almost 21,000 employees with sales amounting to almost $7B.
In the market of 2000, when tech stocks were hot property, Agilent Technologies Inc (NYSE:A) shares reached a pinnacle of $142. Since that point, the shares have not been anywhere close to that level. Post the split; shareholders will receive shares of the old as well as the new companies.
In Thursday’s trading Agilent Technologies Inc (NYSE:A) stock rose 3.37%. The opening price of the shares was $52.92 which climbed to an intraday high of $53.47 and dropped to close at $50.98. Approximately 18.15 million shares exchanged hands in Thursday’s trading. The average volume of shares that exchanged hands over a 30 day period was 2.06 million. The 52-week low of Agilent Technologies Inc (NYSE:A) shares in $35.38 while the 52-week high is $53.47. The company has a market cap of 16.87 billion.