Zacks Investment Research Upgrades Actuant Corp. (ATU) to “Hold”
Actuant Corp. (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, “Actuant is trying to boost its business on the back of meaningful acquisitions and new growth programs. In order to become a more resilient company, it has been undertaking certain restructuring actions and accelerating lean production efforts within its business. The company’s latest acquisitions and lucrative capital deployment initiatives are also expected to bear fruits in the near term. However, conclusion of certain major energy projects and customer destocking activities are currently hurting Actuant’s core sales. Also, other issues, such as appreciation of the U.S. dollar, extensive industry rivalry and input price fluctuations remain major causes of concern. In the last 30 days, the Zacks Consensus Estimate for the stock remained stable for both fiscal 2017 and 2018.”
ATU has been the subject of a number of other research reports. TheStreet raised Actuant Corp. from a “sell” rating to a “hold” rating in a research report on Friday, November 25th. BMO Capital Markets reissued a “hold” rating and set a $22.00 price target on shares of Actuant Corp. in a research report on Monday, November 21st. Wells Fargo & Co. downgraded Actuant Corp. from an “outperform” rating to a “market perform” rating in a research report on Friday, October 7th. Robert W. Baird raised Actuant Corp. from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $25.00 to $30.00 in a research report on Monday, November 14th. Finally, Barclays PLC downgraded Actuant Corp. from an “equal weight” rating to an “underweight” rating and set a $19.00 price target for the company. in a research report on Monday, October 24th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $24.22.
Shares of Actuant Corp. (NYSE:ATU) opened at 25.95 on Tuesday. Actuant Corp. has a 12 month low of $20.49 and a 12 month high of $27.71. The stock’s 50 day moving average price is $23.75 and its 200 day moving average price is $24.07. The firm’s market cap is $1.53 billion.
Actuant Corp. (NYSE:ATU) last released its earnings results on Wednesday, September 28th. The company reported $0.30 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.30. The firm earned $275.77 million during the quarter. Actuant Corp. had a positive return on equity of 13.22% and a negative net margin of 9.15%. The business’s revenue for the quarter was down 8.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.37 earnings per share. Equities research analysts predict that Actuant Corp. will post ($0.01) earnings per share for the current fiscal year.
In other Actuant Corp. news, CEO Randal W. Baker purchased 15,000 shares of Actuant Corp. stock in a transaction that occurred on Thursday, October 13th. The stock was purchased at an average price of $22.30 per share, with a total value of $334,500.00. Following the completion of the acquisition, the chief executive officer now owns 94,376 shares of the company’s stock, valued at approximately $2,104,584.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Randal W. Baker purchased 10,000 shares of Actuant Corp. stock in a transaction that occurred on Tuesday, October 11th. The stock was acquired at an average cost of $22.55 per share, with a total value of $225,500.00. Following the acquisition, the chief executive officer now directly owns 79,376 shares of the company’s stock, valued at approximately $1,789,928.80. The disclosure for this purchase can be found here. 3.90% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Contravisory Investment Management Inc. acquired a new position in shares of Actuant Corp. during the second quarter worth approximately $122,000. PineBridge Investments L.P. increased its position in shares of Actuant Corp. by 3.7% in the second quarter. PineBridge Investments L.P. now owns 7,467 shares of the company’s stock worth $168,000 after buying an additional 269 shares in the last quarter. Teacher Retirement System of Texas increased its position in shares of Actuant Corp. by 18.4% in the second quarter. Teacher Retirement System of Texas now owns 8,243 shares of the company’s stock worth $186,000 after buying an additional 1,283 shares in the last quarter. Raymond James Trust N.A. acquired a new position in shares of Actuant Corp. during the third quarter worth approximately $204,000. Finally, Hartford Investment Management Co. acquired a new position in shares of Actuant Corp. during the third quarter worth approximately $215,000.
About Actuant Corp.
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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