Actuant (NASDAQ:EPAC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday, Zacks.com reports. They presently have a $18.00 price objective on the stock. Zacks Investment Research‘s price target suggests a potential upside of 1.29% from the stock’s previous close.
According to Zacks, “Enerpac Tool is poised to gain from product development — with six new categories added in third-quarter fiscal 2020, efforts to improve commercial effectiveness, and restructuring measures. Also, shareholder-friendly policies and acquired assets might be beneficial. In the third quarter, the company’s earnings and sales missed the Zacks Consensus Estimate by 150% and 15.47%, respectively. Results suffered heavily from the adverse impacts of the pandemic. For fiscal 2020, the company kept its projections suspended. Beside the pandemic issues, it faces risks from high debt levels and weak abilities to repay its financial obligations. International exposure too is concerning. In the past three months, the stock has underperformed the industry. In the past seven days, its earnings estimates for the fourth quarter have been lowered.”
Several other research firms have also recently commented on EPAC. Wells Fargo & Co reduced their target price on Actuant from $25.00 to $19.50 and set an “equal weight” rating for the company in a research report on Monday, March 16th. Stifel Nicolaus reduced their target price on Actuant from $24.00 to $22.00 and set a “hold” rating for the company in a research report on Friday, March 20th. Gabelli upgraded Actuant from a “hold” rating to a “buy” rating in a research report on Monday, March 23rd. Royal Bank of Canada restated a “hold” rating on shares of Actuant in a research report on Wednesday, March 18th. Finally, G.Research upgraded Actuant from a “hold” rating to a “buy” rating in a research report on Monday, March 23rd. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Actuant presently has a consensus rating of “Hold” and an average target price of $21.38.
Actuant (NASDAQ:EPAC) last announced its quarterly earnings results on Thursday, June 25th. The company reported ($0.06) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by ($0.17). The firm had revenue of $101.90 million during the quarter, compared to the consensus estimate of $125.85 million. Actuant’s revenue was down 42.8% compared to the same quarter last year.
Institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC purchased a new position in shares of Actuant in the 4th quarter worth about $18,506,000. Goldman Sachs Group Inc. purchased a new position in shares of Actuant in the 4th quarter worth about $5,014,000. Swiss National Bank purchased a new position in shares of Actuant in the 4th quarter worth about $3,064,000. Norges Bank purchased a new position in shares of Actuant in the 4th quarter worth about $29,855,000. Finally, Advisory Research Inc. purchased a new position in shares of Actuant in the 4th quarter worth about $31,797,000.
Actuant Corp. is a diversified industrial company, which engages in the designing, manufacturing, and distribution of a broad range of industrial products and systems to various end markets. It operates through the Industrial Tools and Services; and Engineered Components and Systems segments. The Industrial Tools and Services segment supplies both products and services to a broad array of end markets, including industrial, energy, mining and production automation markets.
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