Actuant Corporation (NYSE:ATU) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday, June 12th.
According to Zacks, “Over the last one month, Actuant's shares have underperformed and look overvalued compared to the Zacks classified Machine-Tools & Related Products industry. Weaker upstream offshore sales, as well as weaker customer spending and maintenance activities are expected to weigh over the performance of Actuant's energy businesses in the upcoming quarters. Moreover, other headwinds such as sturdy industry rivalry, a stronger U.S. dollar or short-term costs associated with investments might hurt near-term results. Based on the existing market conditions, the company trimmed its fiscal third-quarter earnings outlook within the $0.30-$0.33 per share range, as against the prior range of $0.38-$0.43. Over the last 30 days, the Zacks Consensus Estimate for the stock moved south for both fiscal 2017 and 2018.”
Several other brokerages also recently commented on ATU. KeyCorp upgraded shares of Actuant Corporation from a “sector weight” rating to an “overweight” rating and set a $32.00 price objective on the stock in a research report on Friday, March 10th. Royal Bank Of Canada reiterated a “hold” rating and issued a $28.00 price target on shares of Actuant Corporation in a report on Tuesday, June 6th. BMO Capital Markets reiterated a “hold” rating and issued a $25.00 price target on shares of Actuant Corporation in a report on Wednesday, March 22nd. Finally, Tudor Pickering began coverage on shares of Actuant Corporation in a report on Thursday, March 23rd. They issued a “hold” rating on the stock. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. Actuant Corporation presently has a consensus rating of “Hold” and an average price target of $26.88.
Shares of Actuant Corporation (NYSE ATU) traded down 2.90% during midday trading on Monday, reaching $23.40. The company had a trading volume of 256,355 shares. The firm has a market capitalization of $1.40 billion, a P/E ratio of 28.54 and a beta of 1.60. Actuant Corporation has a one year low of $20.54 and a one year high of $29.80. The company has a 50 day moving average price of $26.07 and a 200-day moving average price of $26.62.
Actuant Corporation (NYSE:ATU) last announced its quarterly earnings data on Wednesday, March 22nd. The industrial products company reported $0.11 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by $0.01. The firm had revenue of $258.90 million for the quarter, compared to the consensus estimate of $250.31 million. Actuant Corporation had a net margin of 4.40% and a return on equity of 11.60%. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.07 earnings per share. On average, analysts anticipate that Actuant Corporation will post $0.02 EPS for the current fiscal year.
In related news, VP Ted Wozniak sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, March 30th. The shares were sold at an average price of $25.64, for a total transaction of $25,640.00. Following the completion of the transaction, the vice president now owns 82,496 shares in the company, valued at approximately $2,115,197.44. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Stephen Rennie sold 2,647 shares of the business’s stock in a transaction that occurred on Wednesday, March 29th. The stock was sold at an average price of $25.20, for a total transaction of $66,704.40. Following the transaction, the vice president now owns 55,818 shares of the company’s stock, valued at approximately $1,406,613.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,147 shares of company stock valued at $105,009. Company insiders own 4.00% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Comerica Bank increased its stake in Actuant Corporation by 97.3% in the fourth quarter. Comerica Bank now owns 185,250 shares of the industrial products company’s stock valued at $4,992,000 after buying an additional 91,372 shares during the period. State Street Corp increased its stake in shares of Actuant Corporation by 7.9% in the fourth quarter. State Street Corp now owns 1,342,550 shares of the industrial products company’s stock worth $34,841,000 after buying an additional 98,361 shares during the period. FMR LLC bought a new position in Actuant Corporation during the fourth quarter valued at about $5,642,000. Systematic Financial Management LP bought a new position in Actuant Corporation during the fourth quarter valued at about $5,575,000. Finally, Marshall Wace LLP bought a new position in Actuant Corporation during the fourth quarter valued at about $768,000.
Actuant Corporation Company Profile
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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