Actuant (ATU) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Actuant (NYSE:ATU) from a hold rating to a buy rating in a research note released on Wednesday. The brokerage currently has $31.00 target price on the industrial products company’s stock.
According to Zacks, “Over the last month, Actuant's shares have underperformed the industry. The company perceives that sturdier demand for industrial stools, solid customer production rates in almost all the off-highway markets and increased Chinese heavy-duty truck original equipment manufacturer's demand will likely boost top-line results in the quarters ahead. Moreover, the company is reshaping its portfolio with strategic divestitures and meaningful business acquisitions. Also, Actuant intends to provide higher returns to its shareholders going forward.”
Several other equities analysts also recently issued reports on the stock. Robert W. Baird upped their price objective on shares of Actuant from $26.00 to $27.00 and gave the company an outperform rating in a research note on Thursday, September 28th. BMO Capital Markets reissued a market perform rating and set a $25.00 price objective (up previously from $23.00) on shares of Actuant in a research note on Saturday, September 30th. SunTrust Banks reissued a hold rating and set a $23.00 price objective on shares of Actuant in a research note on Monday, October 2nd. KeyCorp reissued a buy rating and set a $29.00 price objective on shares of Actuant in a research note on Sunday, November 19th. Finally, Royal Bank of Canada reissued a hold rating and set a $24.00 price objective on shares of Actuant in a research note on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $25.60.
Actuant (NYSE:ATU) last issued its earnings results on Wednesday, December 20th. The industrial products company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.02. Actuant had a negative net margin of 6.04% and a positive return on equity of 9.43%. The company had revenue of $289.00 million for the quarter, compared to analyst estimates of $269.22 million. During the same period in the prior year, the business posted $0.20 earnings per share. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. sell-side analysts predict that Actuant will post 1.08 EPS for the current fiscal year.
In other news, VP Ted Wozniak sold 5,000 shares of the firm’s stock in a transaction on Tuesday, October 10th. The shares were sold at an average price of $26.19, for a total value of $130,950.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.10% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. Neuberger Berman Group LLC grew its holdings in Actuant by 10.0% during the 3rd quarter. Neuberger Berman Group LLC now owns 632,812 shares of the industrial products company’s stock worth $16,200,000 after acquiring an additional 57,545 shares in the last quarter. California Public Employees Retirement System boosted its holdings in shares of Actuant by 1.6% in the 3rd quarter. California Public Employees Retirement System now owns 187,694 shares of the industrial products company’s stock valued at $4,805,000 after buying an additional 2,894 shares during the period. Jane Street Group LLC acquired a new position in shares of Actuant in the 3rd quarter valued at about $244,000. Oppenheimer Asset Management Inc. boosted its holdings in shares of Actuant by 41.2% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 16,733 shares of the industrial products company’s stock valued at $428,000 after buying an additional 4,879 shares during the period. Finally, OxFORD Asset Management LLP acquired a new position in shares of Actuant in the 3rd quarter valued at about $1,205,000.
Actuant Corporation designs, manufactures and distributes a range of industrial products and systems to various end markets. The Company operates through three segments: Industrial, Energy and Engineered Solutions. The Company’s Industrial segment is primarily involved in the design, manufacture and distribution of branded hydraulic and mechanical tools to the maintenance, industrial, infrastructure and production automation markets.
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