Robert W. Baird Forecasts Strong Price Appreciation for Atmus Filtration Technologies (NYSE:ATMU) Stock

Key Points

• Robert W. Baird raised the price target for Atmus Filtration Technologies (NYSE:ATMU) from $41.00 to $45.00, indicating a potential upside of 10% based on its previous close, while maintaining an "outperform" rating on the stock.
• Atmus Filtration Technologies reported earnings of $0.75 per share for the last quarter, surpassing analysts' expectations and achieving a 4.8% year-over-year revenue growth.
• Consensus ratings for Atmus show a "Moderate Buy" with a target price of $42.80, while significant institutional investment has seen hedge funds acquiring substantial shares of the company.

Atmus Filtration Technologies (NYSE:ATMU - Free Report) had its price target hoisted by Robert W. Baird from $41.00 to $45.00 in a research note issued to investors on Monday,Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

Several other equities research analysts also recently commented on the stock. The Goldman Sachs Group downgraded shares of Atmus Filtration Technologies from a "buy" rating to a "neutral" rating and set a $39.00 price target for the company. in a research report on Tuesday, May 27th. Wells Fargo & Company increased their price target on shares of Atmus Filtration Technologies from $37.00 to $39.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 1st. Finally, JPMorgan Chase & Co. increased their target price on shares of Atmus Filtration Technologies from $38.00 to $41.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $42.80.

Atmus Filtration Technologies Stock Performance

Atmus Filtration Technologies stock traded down $1.64 during midday trading on Monday, reaching $43.55. 745,913 shares of the stock traded hands, compared to its average volume of 795,658. The company has a current ratio of 2.15, a quick ratio of 1.46 and a debt-to-equity ratio of 1.75. The firm has a fifty day moving average price of $37.87 and a two-hundred day moving average price of $37.38. The firm has a market cap of $3.58 billion, a price-to-earnings ratio of 19.24, a PEG ratio of 5.49 and a beta of 1.64. Atmus Filtration Technologies has a fifty-two week low of $30.94 and a fifty-two week high of $45.92.

Atmus Filtration Technologies (NYSE:ATMU - Get Free Report) last posted its quarterly earnings data on Friday, August 8th. The company reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.09. The company had revenue of $453.50 million for the quarter, compared to the consensus estimate of $433.51 million. Atmus Filtration Technologies had a return on equity of 83.23% and a net margin of 11.22%. The company's quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.71 EPS. On average, equities research analysts forecast that Atmus Filtration Technologies will post 2.52 earnings per share for the current year.

Atmus Filtration Technologies Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 26th will be issued a $0.055 dividend. This represents a $0.22 annualized dividend and a yield of 0.5%. This is a boost from Atmus Filtration Technologies's previous quarterly dividend of $0.05. The ex-dividend date is Tuesday, August 26th. Atmus Filtration Technologies's dividend payout ratio (DPR) is 8.85%.

Institutional Investors Weigh In On Atmus Filtration Technologies

A number of hedge funds have recently modified their holdings of the business. Eminence Capital LP grew its stake in Atmus Filtration Technologies by 79.0% in the fourth quarter. Eminence Capital LP now owns 4,592,614 shares of the company's stock valued at $179,939,000 after purchasing an additional 2,027,617 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in shares of Atmus Filtration Technologies during the 4th quarter worth about $63,949,000. Nuveen LLC acquired a new position in Atmus Filtration Technologies in the 1st quarter valued at about $48,966,000. Invesco Ltd. grew its holdings in Atmus Filtration Technologies by 806.1% in the 4th quarter. Invesco Ltd. now owns 1,167,382 shares of the company's stock valued at $45,738,000 after buying an additional 1,038,541 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Atmus Filtration Technologies in the fourth quarter valued at about $26,152,000. Institutional investors and hedge funds own 32.73% of the company's stock.

About Atmus Filtration Technologies

Atmus Filtration Technologies Inc designs, manufactures, and sells filtration products under the Fleetguard brand name in North America, Europe, South America, Asia, Australia, Africa, and internationally. The company offers fuel filters, lube filters, air filters, crankcase ventilation, hydraulic filters, coolants, and fuel additives, as well as other chemicals; and fuel water separators and other filtration systems to original equipment manufacturers, dealers/distributors, and end-users.