Gamco Investors (GBL) has 1,501,040 shares (5.19%). The firm paid a little more than $76.8 million, or $51.17 a share to acquire the stake. In early October, Varian shareholders approved the sale of the company to Agilent Technologies (A) for $52 a share in cash. The transaction remains subject to regulatory approvals and other closing conditions.

Varian's Very Attractive Right Now
Scientific and testing equipment maker Varian has a clean balance sheet and cheap valuation and is buying back stock. Dave Peltier says now is the time to buy shares.

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Varian (VARI) was upgraded to Buy rating from Neutral at UBS. Price target and FY 2008 eps hold at $75 and $2.78, respectively.

Varian Inc. said recently that it established a program to buy back up to $100 million of its stock.

The scientific instruments maker bought back 1.7 million shares under a $100 million stock repurchase program authorized in January 2007. The company has now replenished the program with $100 million in new authorizations through the end of 2009.

Varian said because of its strong balance sheet it can buy back stock and continue buying other companies that complement its existing line of products.

The stock trades for 11x cash flow.

Downgraded by UBS from Buy to Neutral

Upgraded by Robert W. Baird from Neutral to Outperform