Actuant Corp. (ATU) Updates FY17 Earnings Guidance
Actuant Corp. (NYSE:ATU) updated its FY17 earnings guidance on Wednesday. The company provided earnings per share guidance of $1.00-1.20 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.23. The company issued revenue guidance of $1.075-1.125 billion, compared to the consensus revenue estimate of $1.16 billion.Actuant Corp. also updated its Q1 guidance to $0.14-0.19 EPS.
Several brokerages have recently commented on ATU. JPMorgan Chase & Co. downgraded Actuant Corp. from a neutral rating to an underweight rating and reduced their target price for the company from $25.00 to $20.00 in a research note on Wednesday, June 22nd. Zacks Investment Research downgraded Actuant Corp. from a buy rating to a hold rating in a research note on Tuesday, May 31st. Wells Fargo & Co. restated an outperform rating on shares of Actuant Corp. in a research note on Friday, June 24th. Royal Bank Of Canada reduced their target price on Actuant Corp. from $30.00 to $27.00 and set an outperform rating for the company in a research note on Thursday, June 23rd. Finally, Barclays PLC restated an equal weight rating and issued a $20.00 target price on shares of Actuant Corp. in a research note on Tuesday, July 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $23.78.
Actuant Corp. (NYSE:ATU) opened at 22.12 on Wednesday. The firm’s 50 day moving average is $23.37 and its 200 day moving average is $24.55. The company’s market cap is $1.30 billion. Actuant Corp. has a 52-week low of $17.02 and a 52-week high of $27.71.
Actuant Corp. (NYSE:ATU) last released its quarterly earnings results on Wednesday, September 28th. The company reported $0.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.01. Actuant Corp. had a negative net margin of 8.56% and a positive return on equity of 13.05%. The business had revenue of $275.77 million for the quarter, compared to the consensus estimate of $300.38 million. During the same period last year, the firm earned $0.37 earnings per share. The company’s quarterly revenue was down 8.0% on a year-over-year basis. Analysts forecast that Actuant Corp. will post ($0.01) EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a dividend of $0.04 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.16 annualized dividend and a dividend yield of 0.72%. Actuant Corp.’s payout ratio is -2.34%.
In other news, CEO Randal W. Baker acquired 10,795 shares of the firm’s stock in a transaction dated Monday, July 11th. The shares were purchased at an average cost of $23.14 per share, for a total transaction of $249,796.30. Following the transaction, the chief executive officer now directly owns 63,979 shares of the company’s stock, valued at $1,480,474.06. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 3.90% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Penn Capital Management Co. Inc. purchased a new stake in shares of Actuant Corp. during the second quarter valued at approximately $6,653,000. Alliancebernstein L.P. increased its stake in shares of Actuant Corp. by 301.8% in the second quarter. Alliancebernstein L.P. now owns 345,337 shares of the company’s stock valued at $7,808,000 after buying an additional 259,393 shares during the last quarter. BlackRock Fund Advisors increased its stake in shares of Actuant Corp. by 3.4% in the second quarter. BlackRock Fund Advisors now owns 3,893,038 shares of the company’s stock valued at $88,022,000 after buying an additional 129,392 shares during the last quarter. Raymond James & Associates increased its stake in shares of Actuant Corp. by 15.9% in the second quarter. Raymond James & Associates now owns 279,327 shares of the company’s stock valued at $6,316,000 after buying an additional 38,314 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Actuant Corp. during the second quarter valued at approximately $551,000.
About Actuant Corp.
Actuant Corporation is a global diversified company that designs, manufactures and distributes a range of industrial products and systems to various end markets. The Company is organized into three operating segments: Industrial, Energy and Engineered Solutions. The Industrial segment is 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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