Enerpac Tool Group (NYSE:EPAC) Shares Gap Up on Better-Than-Expected Earnings

Enerpac Tool Group Corp. (NYSE:EPAC)’s share price gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $34.31, but opened at $35.82. Enerpac Tool Group shares last traded at $35.7330, with a volume of 70,332 shares traded.

The company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.11. The firm had revenue of $167.55 million during the quarter, compared to analyst estimates of $165.60 million. Enerpac Tool Group had a return on equity of 22.25% and a net margin of 13.69%.The business’s quarterly revenue was up 5.7% on a year-over-year basis.

Analysts Set New Price Targets

EPAC has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Enerpac Tool Group from a “hold” rating to a “buy” rating in a research report on Saturday, March 28th. Weiss Ratings lowered shares of Enerpac Tool Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, May 19th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $51.00.

Hedge Funds Weigh In On Enerpac Tool Group

Several hedge funds and other institutional investors have recently modified their holdings of the business. Capital International Investors lifted its position in Enerpac Tool Group by 9.8% during the third quarter. Capital International Investors now owns 4,530,064 shares of the company’s stock worth $185,733,000 after buying an additional 403,834 shares in the last quarter. Cooke & Bieler LP grew its holdings in shares of Enerpac Tool Group by 2.1% in the fourth quarter. Cooke & Bieler LP now owns 1,577,871 shares of the company’s stock valued at $60,338,000 after purchasing an additional 31,868 shares during the period. Dimensional Fund Advisors LP increased its position in Enerpac Tool Group by 0.3% during the third quarter. Dimensional Fund Advisors LP now owns 1,383,056 shares of the company’s stock worth $56,703,000 after purchasing an additional 4,480 shares during the last quarter. M&T Bank Corp increased its position in Enerpac Tool Group by 2,163.1% during the fourth quarter. M&T Bank Corp now owns 1,124,267 shares of the company’s stock worth $42,992,000 after purchasing an additional 1,074,588 shares during the last quarter. Finally, Brown Advisory Inc. raised its stake in Enerpac Tool Group by 92.7% during the fourth quarter. Brown Advisory Inc. now owns 864,054 shares of the company’s stock worth $33,041,000 after purchasing an additional 415,723 shares during the period. 97.70% of the stock is owned by hedge funds and other institutional investors.

Enerpac Tool Group Stock Up 4.6%

The company has a current ratio of 2.56, a quick ratio of 1.88 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $1.85 billion, a price-to-earnings ratio of 22.43 and a beta of 0.85. The firm’s fifty day simple moving average is $34.85 and its two-hundred day simple moving average is $37.42.

About Enerpac Tool Group

Enerpac Tool Group Corp. (NYSE: EPAC) is a global provider of high-pressure hydraulic tools, controlled force products and precision positioning equipment. The company’s products and solutions enable customers in manufacturing, energy, infrastructure, transportation and construction to lift, move, position and secure heavy loads with safety and accuracy. Enerpac’s core portfolio includes hydraulic pumps, cylinders, torque wrenches, torque multipliers, flange spreaders, tensioners and portable bolting tools, complemented by electric and pneumatic tools for a wide range of industrial applications.

In addition to its extensive product lines, Enerpac offers integrated systems and services such as engineered lifting solutions, custom skidding and spreader beam assemblies, mobile bolting units and digital monitoring platforms.