Recognizing Opportunity
Dutton Associates is one of the largest issuer-paid equity research firms in the United States and our investment performance is ranked comparable to that of the top Wall Street firms. Our analysts, primarily CFAs with over 20 years of experience at the major securities firms, are among the most experienced on Wall Street. We offer high-quality, independent, fundamental research on small cap public companies.
We recognize independent investment research as an opportunity for both companies and investors, because the traditional avenues of gaining research coverage are closing for smaller company stocks. They do not generate the level of investment banking or brokerage business which draws the interest of the Wall Street research departments, who are funded by banking and brokerage business. Without analyst coverage, the current market prices of companies are often significantly below their intrinsic value and are many times below the relative valuation of their analyst-covered competitors. The amount of this discount attributable to lack of analyst coverage, while hard to measure, is suggested to range up to 50%. Many institutional and individual investors will not invest in companies lacking independent third-party research coverage.
Companies recognize the opportunity afforded by enrolling with Dutton Associates. Our continuing year-long program of research coverage allows under-followed companies to gain a thorough, independent analysis of their competitive position, along with independently developed earnings and valuation models that otherwise would not be available to interested investors and institutions. Dutton Associates research program is modeled in terms of prepaid compensation after the Standard & Poor's and other credit rating services. Dutton Associates research is used by investment banking firms, institutions, and individual investors to obtain independent company equity research. Our firm's operations are similar to a research department of a major investment banking firm, except we do not have any brokerage or investment banking operations. Unlike traditional brokerage firms that limit research distribution to their client bases in exchange for commissions, we widely distribute our research to institutions and individuals, both domestic and international. Our estimates are included in the major consensus estimates - Zacks, Multex, The JCF Group, and First Call.
Coverage by Industry Sector
Rated coverage as of 12/23/2005. Full register at Research Coverage.
Automotive
- SAUP SORL Auto PartsTarget $6.50Sean Yu
Banks, Financial Services & Insurance
- TCHC 21st Century Holding CoTarget $20.00Richard W. West, CFA
- TMFZ TMSF Holdings, Inc.Target $3.70Richard W. West, CFA
- PLCC Paulson Capital CorpTarget $16.25Richard W. West, CFA
Business & Support Services
- FSVP FIND/SVP IncTarget $2.40David Riedel
- GFX Media Sciences International, IncTarget $3.00David Riedel
- PFSW PFSweb IncTarget $3.00David P. Soetebier, CFA
Chemicals
- LSCO LESCO, Inc.Target $18.00Paul J. Resnik, CFA
- CESV China Energy Savings Technology, IncTarget $13.75Richard W. West, CFA
Computers, Technology & Internet
- AMSWA American Software IncTarget $8.00David P. Soetebier, CFA
- FORG Forgent Networks, Inc.Target $5.00Richard W. West, CFA
- IGLD Internet Gold-Golden Lines LtdTarget $9.50Rafael K. Kapelinski
Consumer & Retail Products
- SMF Smart & FinalTarget $15.00Jonathan H. Ziegler, CFA
- GFME George Foreman Enterprises Inc.Target $6.00Gerald F. LaKarnafeaux, CFA
- JADE LJ International Inc.Target $4.80Sally H. Wallick, CFA
Electronics & Engineering
- AMPX Ampex CorporationTarget $50.00Richard W. West, CFA
- ELRN Elron Electronic Industries LTD.Target $15.00Barry Raeburn
- LTRX Lantronix, Inc.Target $2.00David P. Soetebier, CFA
Food Manufacturing & Products
- NTRZ NutraCeaTarget $1.80Gerald F. LaKarnafeaux, CFA
- VSF Vita Food Products, Inc.Target $3.00Gerald F. LaKarnafeaux, CFA
Healthcare, Biotechnology & Pharmaceutical
- ACDI Arcadia Resources, Inc.Target $3.50David Riedel
- NXXI Nutrition 21 IncTarget $1.70William R. Prather, RPh, MD
- TRIB Trinity Biotech plcTarget $12.00Stephen L. Handley
Industrial & Manufacturing
- DXPE DXP Enterprises IncTarget $24.80Paul J. Resnik, CFA
- IBTGF International Barrier Technology IncTarget $1.44Gerald F. LaKarnafeaux, CFA
- YDHCE Yantai Dahua Holdings Company LimitedTarget $0.50Sean Yu
Leisure & Entertainment
- AIX Access Integrated Technologies, Inc.Target $14.00Jonathan H. Ziegler, CFA
- JYSR Joystar Inc.Target $1.00Richard W. West, CFA
Metals & Mining
- SA Seabridge Gold IncTarget $16.50Les W. Childress
- APP African Platinum plcTarget $1.20Les W. Childress
- SIL Apex Silver Mines LtdTarget - - -Les W. Childress
Oil, Gas & Energy
- CDNR Aurora Oil & GasTarget $7.08Richard R. Wolfe, CFA
- PHX Panhandle Royalty CompanyTarget $50.00Les W. Childress
- DLSL Deli Solar (USA), Inc.,Target $7.35Yan Zhao
Publishing & Media
- TASA Touchstone Applied Science Associates, Inc.Target $5.50Sally H. Wallick, CFA
Software
- TISA Top Image Systems LtdTarget $4.00Rafael K. Kapelinski
- IW ImageWare Systems, Inc.Target $3.25Rafael K. Kapelinski
- UNFY Unify CorpTarget $0.65Rafael K. Kapelinski
Telecommunications
- ISR I-Sector CorporationTarget $10.00David P. Soetebier, CFA
- XING Qiao Xing Universal Telephone, Inc.Target $10.50Sean Yu
- CHDW China Digital Wireless, Inc.Target $4.00Sean Yu
Utilities
- RKE Cap Rock Energy CorporationTarget $21.75Richard W. West, CFA
News and Publications
In The News
- November 8, 2005Dutton Associates and Paulson Investment Company Host Major Small Cap Conference of the Year
- November 2005Paul J. Resnik, CFA Appointed Dutton Associates' Director of Research Succeeding John M. Dutton
- October 9, 2005Sacramento Bee: NutraCea Nutritional Riches to Feed World, Including Interview With Dutton Analyst Gerald LaKarnafeaux, CFA
- July 2005Integrity Associates - "Internal Consistency [of a firm's research performance] - Simple, yet Complex"
- July 2005Tracking the Independents: Interview with Michael Mayhew, Integrity Research Associates, LLC
- May 2005Forbes Magazine - "Best analyst picks of 2004"
- May 2005Integrity Associates - "Dutton Tied for 4th Place"
- March 2005Pittsburg Tribune Review - "Health care temps in big demand" Article Including Interview With Dutton Analyst David Riedel
- March 2005New Jersey's Largest Newspaper, The Star-Ledger, Interviews Our Jon Ziegler, CFA on Pathmark-C&S Acquisition Possibility
- January 2005LA Times
- January 2005Prosper Magazine
- December 2004Dow Jones and AP Quote Impact of Dutton Sector Piece
- December 2004CFAI-NIRI Adopted Guidelines (December 2004) For Issuer Paid Research
- October 2004JM Dutton Participates in the 7th Annual Wharton Investment Management Conference
Industry and Sector Reports
- March 2005Fiber Optic Communications to the Home
- December 2004Aging of America and Its Impact - Summary Review On Arcadia Resources, World Health Alternatives, and IntegraMed America
- February 2004Natural Gas & Energy Industry Report Released; Outlook For Prices and Demand; Companies Who Are Most Probable to Benefit
- January 2003U.S. Natural Gas Price Outlook