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Jeff Hammond

Managing Director and Equity Research Analyst at KeyBanc Capital Markets

Jeffrey D. Hammond is a Managing Director and Equity Research Analyst at KeyBanc Capital Markets, specializing in diversified industrial manufacturing companies. He covers major firms including ITT Inc, Eaton Corporation, and Parker Hannifin, and has demonstrated strong performance with a 62.6% success rate and an 11.4% average return over the past year according to TipRanks data. Hammond joined KeyBanc Capital Markets in June 1999 as a Research Associate on the industrial team and was promoted to Research Analyst in early 2001, building over two decades of experience at the firm. Prior to KeyBanc, he worked as an Auditor at Ernst & Young from 1996 to 1999, and he holds a Bachelor of Science degree in Accountancy from Miami University, which he completed between 1992 and 1996.

Jeff Hammond's questions to POOL (POOL) leadership

Jeff Hammond's questions to POOL (POOL) leadership • Q3 2025

Question

Jeff Hammond questioned the pricing outlook for the next year, specifically asking about price lists from equipment manufacturers and other categories, and the level of customer fatigue with above-average price increases. He also inquired about the target for POOL360 adoption percentage in a couple of years and the pushback or feedback from customers reticent to adopt.

Answer

President and CEO Peter Arvan noted that equipment price increases are above most other suppliers, and customer fatigue is addressed through innovation and new products. Regarding POOL360, Mr. Arvan highlighted a broad range in adoption rates, indicating significant room for improvement. He believes the company could reach 25-30% adoption, with pushback primarily related to education and ensuring the tools are valuable and best-in-class for customer productivity.

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Jeff Hammond's questions to LENNOX INTERNATIONAL (LII) leadership

Jeff Hammond's questions to LENNOX INTERNATIONAL (LII) leadership • Q3 2025

Question

Jeff Hammond asked if the industry was starting to consider price elasticity more and potentially taking a breather from pricing actions, given consumer tightening and past price increases. He also inquired about quantifying the 2026 tailwinds from the commercial plant achieving full efficiency and the resolution of R454B transition noise.

Answer

CEO Alok Maskara noted that OEM-to-channel prices increased 40% over 4-5 years, while channel-to-consumer prices rose 100-200%, expecting price adjustments to occur more between consumers and contractors. He mentioned $10 million in productivity from the new Saltillo plant, which will continue into next year, balancing absorption impacts. He expects 2026 to see more 'normal' productivity ($20-$30 million) compared to recent years, highlighting the absence of startup inefficiencies and transfer costs seen in H1 2025. CFO Michael Quenzer added that the new plant also helps drive efficiencies at the Stuttgart factory.

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Jeff Hammond's questions to LENNOX INTERNATIONAL (LII) leadership • Q3 2025

Question

Jeff Hammond questioned if the industry might take a breather from pricing actions, given the significant price increases over the past five years and current consumer tightening, shift to value, and repair-versus-replace trends. He also asked for quantification of the 2026 tailwinds from the commercial plant reaching full efficiency and the R-454B transition.

Answer

CEO Alok Maskara noted that while OEM prices to channels rose 40% in 4-5 years, channel-to-consumer prices rose 100%-200%. He expects price adjustments to occur more between consumers and contractors (consumers getting more quotes), rather than OEMs taking a breather from pricing to offset inflation. He reiterated $10 million in productivity from the new Saltillo plant in 2025, which continues into 2026, along with labor arbitrage benefits and avoided startup inefficiencies. CFO Michael Quenzer added that the new plant also relieves pressure on the Stuttgart factory.

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Jeff Hammond's questions to PENTAIR (PNR) leadership

Jeff Hammond's questions to PENTAIR (PNR) leadership • Q3 2025

Question

Jeff Hammond inquired about the 2026 Pool pricing, noting it's projected at 6-7% compared to a normal 4%, and asked what this contemplates for incremental tariffs and if similar above-normal price increases are expected from other businesses due to carryover tariff impacts.

Answer

CFO Bob Fishman explained that Pool's roughly 6% price increase for 2026 captured all known information at the end of the Pool season, acknowledging that the full amount isn't always netted due to dealer incentives. He stated that other businesses are evaluating pricing similarly for January 1, based on known information, and would adjust if disruptive events occur.

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Jeff Hammond's questions to PENTAIR (PNR) leadership • Q3 2025

Question

Jeff Hammond noted that Pool's 2026 pricing appears to be around 6.5% or 6-7%, higher than the normal 4%, and asked what this contemplates for incremental tariffs. He also inquired if similar above-normal price increases, potentially due to carryover tariff impact, should be expected from other Pentair businesses.

Answer

CFO Bob Fishman explained that Pool, which sets its prices first, implemented approximately 6% price increases based on known information at the time, acknowledging that the full amount is not always netted due to dealer incentives. He stated that other businesses would evaluate their pricing similarly, considering known factors by January 1st, and would adjust prices accordingly if any disruptive events, such as further tariffs, occur between now and year-end.

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