Actuant Corp. (ATU) Trading Up 3% Following Better-Than-Expected Earnings
Actuant Corp. (NYSE:ATU) was up 3% on Wednesday following a better than expected earnings announcement. The company traded as high as $23.21 and last traded at $22.82, with a volume of 892,633 shares changing hands. The stock had previously closed at $22.16.
The company reported $0.30 earnings per share (EPS) for the quarter, beating the 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 company earned $275.77 million during the quarter, compared to the consensus estimate of $300.38 million. During the same quarter in the prior year, the firm posted $0.37 earnings per share. Actuant Corp.’s revenue for the quarter was down 8.0% on a year-over-year basis.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be paid a $0.04 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.16 annualized dividend and a yield of 0.70%. Actuant Corp.’s dividend payout ratio is presently -2.34%.
Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. downgraded shares of Actuant Corp. from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $25.00 to $20.00 in a research note on Wednesday, June 22nd. Wells Fargo & Co. restated an “outperform” rating on shares of Actuant Corp. in a research note on Friday, June 24th. Royal Bank Of Canada decreased their price objective on shares of Actuant Corp. from $30.00 to $27.00 and set an “outperform” rating for the company in a research note on Thursday, June 23rd. Zacks Investment Research downgraded shares of Actuant Corp. from a “hold” rating to a “sell” rating in a research note on Friday, September 2nd. Finally, Barclays PLC restated an “equal weight” rating and issued a $20.00 price objective on shares of Actuant Corp. in a research note on Tuesday, July 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the stock. Actuant Corp. has a consensus rating of “Hold” and an average price target of $23.78.
In other news, CEO Randal W. Baker purchased 10,795 shares of the business’s stock in a transaction that occurred on Monday, July 11th. The stock was purchased at an average cost of $23.14 per share, with a total value of $249,796.30. Following the completion of the acquisition, the chief executive officer now directly owns 63,979 shares of the company’s stock, valued at approximately $1,480,474.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Fuller & Thaler Asset Management Inc. boosted its position in Actuant Corp. by 20.0% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 4,876,283 shares of the company’s stock valued at $110,253,000 after buying an additional 811,365 shares in the last quarter. Vanguard Group Inc. boosted its position in Actuant Corp. by 6.6% in the second quarter. Vanguard Group Inc. now owns 4,445,392 shares of the company’s stock valued at $100,510,000 after buying an additional 273,973 shares in the last quarter. BlackRock Fund Advisors boosted its position in 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 in the last quarter. Clarkston Capital Partners LLC boosted its position in Actuant Corp. by 9.6% in the second quarter. Clarkston Capital Partners LLC now owns 1,976,300 shares of the company’s stock valued at $44,684,000 after buying an additional 172,695 shares in the last quarter. Finally, Vulcan Value Partners LLC boosted its position in Actuant Corp. by 6.2% in the second quarter. Vulcan Value Partners LLC now owns 1,727,824 shares of the company’s stock valued at $39,066,000 after buying an additional 100,912 shares in the last quarter.
The stock’s market capitalization is $1.35 billion. The stock has a 50-day moving average of $23.34 and a 200-day moving average of $24.54.
Actuant Corp. Company Profile
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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