Actuant Corporation (ATU) Upgraded to Hold by Zacks Investment Research
Actuant Corporation (NYSE:ATU) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “On the wake of becoming a resilient company, Actuant has been undertaking certain restructuring actions and accelerating lean production efforts within its business. Moreover, stronger Industrial and Engineered Solutions’ performance would likely boost results in the quarters ahead. However, over the last three months, Actuant's shares have underperformed and look overvalued compared to the industry. The company's noted that challenging conditions prevailing in the global energy market is currently hurting its Hydratight business. Headwinds such as dismal oil prices or a stronger U.S. dollar might continue to weigh over the company's top- and bottom-line performances in the upcoming quarters. Over the last 30 days, Zacks Consensus Estimate for the stock has remained unchanged for fiscal 2018.”
Several other analysts have also issued reports on ATU. BMO Capital Markets increased their price objective on Actuant Corporation from $22.00 to $23.00 and gave the stock a “market perform” rating in a report on Friday. Wolfe Research lowered Actuant Corporation from a “market perform” rating to an “underperform” rating in a report on Monday. BidaskClub lowered Actuant Corporation from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 16th. Royal Bank Of Canada reiterated a “hold” rating and set a $28.00 price objective on shares of Actuant Corporation in a report on Tuesday, June 6th. Finally, Barclays PLC upgraded Actuant Corporation from an “underweight” rating to an “equal weight” rating and set a $20.00 price objective for the company in a report on Thursday, June 22nd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $26.78.
Actuant Corporation (ATU) traded up 2.46% during trading on Tuesday, reaching $22.95. The company had a trading volume of 109,948 shares. The stock has a market cap of $1.37 billion, a PE ratio of 27.32 and a beta of 1.61. The company has a 50-day moving average price of $24.04 and a 200 day moving average price of $25.61. Actuant Corporation has a 52-week low of $20.54 and a 52-week high of $29.80.
Actuant Corporation (NYSE:ATU) last announced its quarterly earnings data on Wednesday, June 21st. The industrial products company reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.01. Actuant Corporation had a return on equity of 10.58% and a net margin of 4.56%. The business had revenue of $295.40 million during the quarter, compared to analyst estimates of $294 million. During the same period last year, the company earned $0.40 earnings per share. Actuant Corporation’s quarterly revenue was down 3.2% compared to the same quarter last year. On average, analysts anticipate that Actuant Corporation will post $0.01 earnings per share for the current year.
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A number of institutional investors have recently bought and sold shares of the stock. Bank of Montreal Can raised its position in Actuant Corporation by 16.0% in the first quarter. Bank of Montreal Can now owns 5,035 shares of the industrial products company’s stock valued at $132,000 after buying an additional 695 shares during the period. Ameritas Investment Partners Inc. acquired a new position in Actuant Corporation during the first quarter worth approximately $134,000. Pacad Investment Ltd. raised its position in Actuant Corporation by 30.3% in the second quarter. Pacad Investment Ltd. now owns 5,080 shares of the industrial products company’s stock worth $125,000 after buying an additional 1,180 shares during the last quarter. US Bancorp DE raised its position in Actuant Corporation by 3.2% in the second quarter. US Bancorp DE now owns 6,173 shares of the industrial products company’s stock worth $152,000 after buying an additional 190 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its position in Actuant Corporation by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 6,530 shares of the industrial products company’s stock worth $172,000 after buying an additional 150 shares during the last quarter.
About Actuant Corporation
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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