Atmus Filtration Technologies (NYSE:ATMU) Shares Up 5.8% After Strong Earnings

Atmus Filtration Technologies Inc. (NYSE:ATMU) shot up 5.8% during mid-day trading on Monday after the company announced better than expected quarterly earnings. The company traded as high as $30.17 and last traded at $30.08. 936,765 shares were traded during mid-day trading, a decline of 70% from the average session volume of 3,101,987 shares. The stock had previously closed at $28.44.

The company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.01. Atmus Filtration Technologies had a return on equity of 482.30% and a net margin of 10.03%. The firm had revenue of $426.60 million during the quarter, compared to analyst estimates of $416.18 million. The business’s revenue for the quarter was up 1.9% on a year-over-year basis.

Analysts Set New Price Targets

Several research firms have commented on ATMU. The Goldman Sachs Group raised their price objective on Atmus Filtration Technologies from $30.00 to $34.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Wells Fargo & Company lowered their price objective on Atmus Filtration Technologies from $37.00 to $36.00 and set an “overweight” rating for the company in a research report on Monday. JPMorgan Chase & Co. lifted their price target on Atmus Filtration Technologies from $36.00 to $38.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Northland Securities upgraded Atmus Filtration Technologies from a “market perform” rating to an “outperform” rating and set a $34.00 price objective for the company in a research note on Wednesday, March 20th. Finally, Robert W. Baird lifted their price target on Atmus Filtration Technologies from $29.00 to $37.00 and gave the company an “outperform” rating in a research note on Wednesday, April 17th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $34.00.

Hedge Funds Weigh In On Atmus Filtration Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Raymond James & Associates raised its position in shares of Atmus Filtration Technologies by 11.8% during the 3rd quarter. Raymond James & Associates now owns 13,569 shares of the company’s stock worth $283,000 after purchasing an additional 1,429 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in Atmus Filtration Technologies in the 3rd quarter valued at $837,000. Strs Ohio purchased a new stake in shares of Atmus Filtration Technologies during the 3rd quarter valued at $72,000. Allspring Global Investments Holdings LLC grew its stake in shares of Atmus Filtration Technologies by 1.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 469,601 shares of the company’s stock valued at $9,791,000 after buying an additional 8,391 shares during the period. Finally, Cambiar Investors LLC purchased a new stake in shares of Atmus Filtration Technologies during the 3rd quarter valued at $1,972,000. Hedge funds and other institutional investors own 32.73% of the company’s stock.

Atmus Filtration Technologies Price Performance

The company’s 50 day moving average price is $29.04 and its 200-day moving average price is $24.50. The company has a market capitalization of $2.51 billion and a PE ratio of 15.15. The company has a current ratio of 1.85, a quick ratio of 1.18 and a debt-to-equity ratio of 7.34.

Atmus Filtration Technologies Company Profile

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.