) hit a new 52-week high of $37.25 on Sep 9, and eventually
closed at $37.22. Shares of this machinery producer have been on
a rise since it announced the acquisition of Viking SeaTech.
Year-to-date, share prices have recorded a healthy return of
33.4%. The company's long-term estimated earnings per share
growth rate is 12.6%. Average volume of shares traded over the
last three months came in at 469.1K.
Actuant reported improved year-over-year results for the third
quarter of fiscal 2013. Earnings per share improved 21.6% year
over year to 62 cents. However, revenues were almost flat
compared with the year-ago quarter and stood at $344.2
Exiting the fiscal third-quarter 2013, Actuant had a strong
balance sheet, with cash and cash equivalents of $161.4
In Aug 2013, Actuant completed the acquisition of
Scotland-based Viking SeaTech, for roughly $225.0 million. A
majority of Viking's revenues are derived from the company's
offshore vessel mooring solutions which include design, rental,
installation and inspection. The acquisition is expected to be
accretive to Actuant's earnings and revenues in the coming
quarters, due to the similarity of operations of the two
Actuant has a successful strategy of growing inorganically. In
the fiscal third quarter of 2013, the company had a 3%
contribution from acquisitions. Actuant also intends to increase
its free cash flow and reach a level of $190.0 million to $200.0
million in fiscal 2013 and $175.0 million in fiscal 2014. Actuant
believes that it also has the potential to increase its sales in
the coming quarters. Core sales are expected to grow by 3%-5%
year over year in fiscal 2014.
Other Stocks to Consider
Actuant currently carries a Zacks Rank #3 (Hold). Other stocks
worth a watch in the industry are
Alamo Group, Inc.
). While Alamo Group and Gorman-Rupp carry a Zacks Rank #1
(Strong Buy), Lindsay Corp. carries a Zacks Rank #2 (Buy).
ALAMO GROUP INC (ALG): Free Stock Analysis
ACTUANT CORP (ATU): Free Stock Analysis
GORMAN RUPP CO (GRC): Free Stock Analysis
LINDSAY CORP (LNN): Free Stock Analysis
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