Actuant Corp. (NYSE:ATU) was up 3% on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $23.21 and last traded at $22.82, with a volume of 892,633 shares traded. 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 positive return on equity of 13.05% and a negative net margin of 8.56%. The business had revenue of $275.77 million for the quarter. During the same period last year, the company earned $0.37 EPS. The company’s revenue was down 8.0% compared to the same quarter last year.
The business also recently announced 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. This represents a $0.16 annualized dividend and a yield of 0.72%. The ex-dividend date of this dividend is Wednesday, September 28th. Actuant Corp.’s payout ratio is -2.34%.
Several equities analysts have weighed in on the company. Royal Bank Of Canada cut their target price on Actuant Corp. from $30.00 to $27.00 and set an “outperform” rating on the stock in a research note on Thursday, June 23rd. Zacks Investment Research lowered Actuant Corp. from a “hold” rating to a “sell” rating in a research note on Friday, September 2nd. TheStreet lowered Actuant Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday. Wells Fargo & Co. reissued an “outperform” rating on shares of Actuant Corp. in a research note on Friday, June 24th. Finally, JPMorgan Chase & Co. lowered Actuant Corp. from a “neutral” rating to an “underweight” rating and cut their target price for the company from $25.00 to $20.00 in a research note on Wednesday, June 22nd. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $23.78.
In other news, CEO Randal W. Baker acquired 10,795 shares of the firm’s stock in a transaction that occurred on Monday, July 11th. The stock was acquired at an average cost of $23.14 per share, for a total transaction of $249,796.30. Following the completion of the acquisition, the chief executive officer now owns 63,979 shares in the company, valued at $1,480,474.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.90% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp increased its position in Actuant Corp. by 0.6% in the first quarter. State Street Corp now owns 1,156,962 shares of the company’s stock worth $28,585,000 after buying an additional 7,393 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in Actuant Corp. by 1.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,439,031 shares of the company’s stock worth $35,558,000 after buying an additional 21,636 shares during the last quarter. HBK Investments L P purchased a new position in Actuant Corp. during the first quarter worth about $1,279,000. Prudential Financial Inc. increased its position in Actuant Corp. by 1.8% in the first quarter. Prudential Financial Inc. now owns 140,932 shares of the company’s stock worth $3,482,000 after buying an additional 2,500 shares during the last quarter. Finally, BlackRock Group LTD increased its position in Actuant Corp. by 1.1% in the first quarter. BlackRock Group LTD now owns 76,153 shares of the company’s stock worth $1,883,000 after buying an additional 820 shares during the last quarter.
The stock’s market capitalization is $1.32 billion. The stock has a 50-day moving average price of $23.30 and a 200-day moving average price of $24.53.
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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