Wells Fargo & Company Upgrades Atmus Filtration Technologies (NYSE:ATMU) to "Hold"

Key Points

• Wells Fargo upgraded Atmus Filtration Technologies to “Hold,” while the broader analyst consensus remains “Moderate Buy” with a $62.00 average price target. JPMorgan and Robert W. Baird recently lowered their targets to $67 and $63, respectively, but retained positive ratings.
• Atmus reported quarterly EPS of $0.69, beating estimates of $0.65, while revenue rose 14.6% year over year to $477.5 million. The stock opened at $53.87, up 4.3% in the reported session.
• Insiders sold shares primarily to cover tax obligations tied to equity awards, including CEO Stephanie Disher’s $1.16 million sale. Institutional investors own 32.73% of the company, with Bank of America increasing its stake by 33.8%.

Atmus Filtration Technologies (NYSE:ATMU - Get Free Report) was upgraded by investment analysts at Wells Fargo & Company to a "hold" rating in a report issued on Monday,Zacks.com reports.

A number of other research analysts also recently weighed in on ATMU. JPMorgan Chase & Co. decreased their price target on Atmus Filtration Technologies from $70.00 to $67.00 and set an "overweight" rating for the company in a research note on Monday, May 4th. Zacks Research cut Atmus Filtration Technologies from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 6th. Wall Street Zen downgraded Atmus Filtration Technologies from a "buy" rating to a "hold" rating in a report on Sunday, June 14th. Weiss Ratings cut shares of Atmus Filtration Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, July 15th. Finally, Robert W. Baird lowered their target price on shares of Atmus Filtration Technologies from $66.00 to $63.00 and set an "outperform" rating on the stock in a report on Monday, May 4th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $62.00.

Atmus Filtration Technologies Trading Up 4.3%

Atmus Filtration Technologies stock opened at $53.87 on Monday. The company has a market cap of $4.40 billion, a price-to-earnings ratio of 21.12, a P/E/G ratio of 2.20 and a beta of 1.19. The firm has a 50-day moving average of $50.49 and a 200-day moving average of $56.01. The company has a debt-to-equity ratio of 2.47, a current ratio of 2.53 and a quick ratio of 1.70. Atmus Filtration Technologies has a one year low of $37.22 and a one year high of $66.50.

Atmus Filtration Technologies (NYSE:ATMU - Get Free Report) last released its earnings results on Friday, May 1st. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.65 by $0.04. Atmus Filtration Technologies had a return on equity of 64.29% and a net margin of 11.56%.The business had revenue of $477.50 million for the quarter, compared to the consensus estimate of $474.41 million. During the same quarter in the previous year, the business earned $0.63 earnings per share. Atmus Filtration Technologies's quarterly revenue was up 14.6% on a year-over-year basis. On average, equities analysts expect that Atmus Filtration Technologies will post 2.97 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Stephanie Disher sold 25,652 shares of the business's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $45.25, for a total transaction of $1,160,753.00. Following the transaction, the chief executive officer directly owned 363,024 shares of the company's stock, valued at approximately $16,426,836. The trade was a 6.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Renee Swan sold 2,566 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $45.25, for a total value of $116,111.50. Following the completion of the sale, the insider owned 50,745 shares in the company, valued at approximately $2,296,211.25. This trade represents a 4.81% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 36,240 shares of company stock valued at $1,639,860. Insiders own 0.43% of the company's stock.

Hedge Funds Weigh In On Atmus Filtration Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Summit Global Investments acquired a new position in shares of Atmus Filtration Technologies in the second quarter valued at $606,000. Oppenheimer Asset Management Inc. bought a new position in shares of Atmus Filtration Technologies in the second quarter valued at about $326,000. Tema ETFs LLC lifted its stake in shares of Atmus Filtration Technologies by 3.9% during the 2nd quarter. Tema ETFs LLC now owns 105,917 shares of the company's stock worth $5,401,000 after buying an additional 3,960 shares during the last quarter. Glenmede Trust Co. NA lifted its stake in shares of Atmus Filtration Technologies by 4.4% during the 1st quarter. Glenmede Trust Co. NA now owns 17,259 shares of the company's stock worth $980,000 after buying an additional 724 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Atmus Filtration Technologies by 33.8% during the 1st quarter. Bank of America Corp DE now owns 893,577 shares of the company's stock worth $50,728,000 after buying an additional 225,601 shares during the period. 32.73% of the stock is owned by institutional investors.

Atmus Filtration Technologies Company Profile

Atmus Filtration Technologies is a global developer and manufacturer of high-performance filter media and filtration solutions. The company designs and produces advanced materials that capture airborne particles across a range of applications, from heating, ventilation and air-conditioning (HVAC) systems to industrial and cleanroom environments. By focusing on proprietary meltblown and nanofiber technologies, Atmus delivers media that balances efficiency, airflow and durability for both original equipment manufacturers (OEMs) and aftermarket customers.

The company’s product portfolio encompasses pleated and panel filter media, depth filtration products and specialty laminates used in industries such as commercial buildings, healthcare, transportation and power generation.

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