Investment firm Wall Street Zen has downgraded Atmus Filtration Technologies (NYSE:ATMU) from a “strong-buy” rating to a “buy” rating, as announced in a note to investors on October 7, 2023. This adjustment comes amid a broader review of the company by various research analysts.
Weiss Ratings reaffirmed a “buy (B-)” rating for Atmus Filtration Technologies in a report on October 8, 2023. Meanwhile, Robert W. Baird raised its price target for Atmus from $41.00 to $45.00, giving the company an “outperform” rating in a report released on August 11, 2023. Additionally, Wells Fargo & Company increased its price target from $42.00 to $47.00, maintaining an “equal weight” rating as of September 18, 2023.
Finally, JPMorgan Chase & Co. raised its price target to $47.00 while assigning a “neutral” rating in a report dated October 14, 2023. Overall, three analysts have assigned a Buy rating to the stock, while three others have given it a Hold rating. According to data from MarketBeat.com, Atmus Filtration Technologies currently holds a consensus rating of “Moderate Buy” with an average price target of $45.60.
Recent Financial Performance
Atmus Filtration Technologies reported its quarterly earnings on August 8, 2023. The company exceeded expectations with earnings per share (EPS) of $0.75, surpassing the consensus estimate of $0.66 by $0.09. The company also achieved a return on equity of 83.23% and a net margin of 11.22%. Revenue for the quarter reached $453.50 million, compared to the consensus estimate of $433.51 million. This marks a growth of 4.8% in revenue compared to the same quarter last year.
Looking ahead, Atmus Filtration Technologies has set its fiscal year 2025 guidance at an EPS range of $2.400-$2.600. Research analysts predict that the company will post an EPS of $2.52 for the current year.
Investor Activity and Market Position
Recent activity among hedge funds indicates growing interest in Atmus Filtration Technologies. Y Intercept Hong Kong Ltd increased its stake by 49.2% during the third quarter, now holding 87,051 shares valued at approximately $3.93 million after adding 28,721 shares. Similarly, the Teacher Retirement System of Texas upped its stake by 48.5%, owning 559,122 shares worth around $25.21 million after acquiring an additional 182,568 shares.
Strs Ohio also increased its stake in Atmus by 53.8%, now holding 4,000 shares valued at $180,000. Vest Financial LLC raised its stake by 74.3%, bringing its total to 98,317 shares valued at approximately $4.43 million.
Overall, institutional investors hold 32.73% of Atmus Filtration Technologies’ stock, reflecting a solid base of support among major stakeholders.
Atmus Filtration Technologies specializes in designing, manufacturing, and selling filtration products under the Fleetguard brand across various regions, including North America, Europe, and Asia. The company’s products range from fuel filters to hydraulic filters, serving original equipment manufacturers, dealers, distributors, and end-users globally.
As market dynamics evolve, the performance and ratings of Atmus Filtration Technologies will continue to be closely monitored by both analysts and investors.
