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ATU

Actuant

$22.27

0.22 (1.00%)

05:14
01/28/19
01/28
05:14
01/28/19
05:14

Actuant initiated process to divest Engineered Components & Systems segment

Actuant announced last night that the company intends to solely focus on its Industrial Tools & Services segment and pursue a standalone strategy as a pure play industrial tools and services company. To achieve its objective, and consistent with its recent sale of Precision-Hayes and announced intent to sell the Cortland U.S. business, the company has initiated a process to "maximize the value" of its remaining Engineered Components & Systems segment through a potential divestiture of the segment. Randy Baker, President and CEO er of Actuant, said, "Our transformation of Actuant over the last two years has resulted in a more focused, efficient company with a reinvigorated organic growth strategy. As part of these efforts, we completed an operational realignment at the end of fiscal 2018, creating two separate operating segments with independent strategies and footprints. Together with our Board of Directors and outside advisors, we determined that the prudent next step to best unlock the value of Actuant is to solely focus on our IT&S segment." As a result of the company's intent to divest EC&S, Actuant is currently performing impairment analyses of the EC&S long-lived assets which could result in the company recording non-cash impairment charges in future periods, reflecting a write down of the EC&S net assets to their net realizable value.

ATU Actuant
$22.27

0.22 (1.00%)

12/24/18
BMOC
12/24/18
NO CHANGE
Target $22
BMOC
Market Perform
Actuant price target lowered to $22 from $25 at BMO Capital
BMO Capital analyst R. Scott Graham lowered his price target on Actuant to $22 and kept his Market Perform rating, saying that while the company's earnings are recovering from a trough, some further consistency in results is still needed. The analyst further cites the slowing end markets for Actuant and a below-peer margin level that justifies the 10% valuation discount relative to its group implied in his target.
12/21/18
BARD
12/21/18
NO CHANGE
Target $26
BARD
Outperform
Actuant selloff unjustified, but understandable, says Baird
Baird analyst Mig Dobre said the selloff in Actuant following its Q1 beat was unjustified, but understandable as he recognizes the terrible sentiment toward industrials. He noted the guidance for earnings was reiterated, but revenue projections were lower due to divestitures. The selloff could have been due to the lower sales guidance, its new segment structure, price/cost dynamics, and risk that its 2019 demand drivers could decelerate, said Dobre, who maintained his Outperform rating on Actuant shares but lowered his price target to $26 from $32.
06/21/18
RBCM
06/21/18
NO CHANGE
Target $28
RBCM
Sector Perform
Actuant price target raised to $28 from $24 at RBC Capital
RBC Capital analyst Seth Weber raised his price target on Actuant to $28 after the company's Q3 earnings that showed "strong industrial tool incrementals and upside Energy operating margins". Weber says the results reflect the benefits of healthy/stabilizing end markets as well as the ongoing operating and restructuring initiatives. The analyst notes that while he is "encouraged" by the quarter, he would like to see further evidence of earnings sustainability to become more constructive, keeping his Sector Perform rating on Actuant.
06/21/18
RHCO
06/21/18
NO CHANGE
Target $27
RHCO
Hold
Actuant price target raised to $27 from $23 at SunTrust
SunTrust analyst Charles Brady raised his price target on Actuant to $27 after its "strong earnings beat" in Q3 driven by core growth in the Industrial and Engineered Solutions segments along with improving margins in Energy. Brady notes that he is also encouraged by the margin growth in that segment, even though it will be de-emphasized in FY19 when the company is reorganized into two segments. The analyst keeps his Hold rating on Actuant, warning that upcoming comps will become more difficult while inflationary headwind pressures will persist.

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