Atmus Filtration Technologies (NYSE:ATMU) Hits New 1-Year High After Dividend Announcement

Atmus Filtration Technologies Inc. (NYSE:ATMU) shares hit a new 52-week high during mid-day trading on Wednesday following a dividend announcement from the company. The company traded as high as $45.54 and last traded at $45.55, with a volume of 468832 shares trading hands. The stock had previously closed at $43.96.

The newly announced dividend which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 26th will be given a $0.055 dividend. This represents a $0.22 dividend on an annualized basis and a yield of 0.5%. This is an increase from Atmus Filtration Technologies’s previous quarterly dividend of $0.05. Atmus Filtration Technologies’s dividend payout ratio is presently 8.85%.

Analysts Set New Price Targets

Several research firms have commented on ATMU. Robert W. Baird increased their price objective on shares of Atmus Filtration Technologies from $41.00 to $45.00 and gave the company an “outperform” rating in a research note on Monday. JPMorgan Chase & Co. increased their price objective on shares of Atmus Filtration Technologies from $38.00 to $41.00 and gave the company an “overweight” rating in a research note on Monday, May 5th. Wells Fargo & Company increased their price objective on shares of Atmus Filtration Technologies from $37.00 to $39.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 1st. Finally, The Goldman Sachs Group lowered shares of Atmus Filtration Technologies from a “buy” rating to a “neutral” rating and set a $39.00 price objective for the company. in a research note on Tuesday, May 27th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Atmus Filtration Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $42.80.

Atmus Filtration Technologies Stock Performance

The company’s 50 day simple moving average is $37.68 and its 200 day simple moving average is $37.35. The stock has a market cap of $3.74 billion, a PE ratio of 20.16, a price-to-earnings-growth ratio of 5.38 and a beta of 1.64. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.46 and a current ratio of 2.15.

Atmus Filtration Technologies (NYSE:ATMU) last released its earnings results on Friday, August 8th. The company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.09. Atmus Filtration Technologies had a net margin of 11.22% and a return on equity of 83.23%. The firm had revenue of $453.50 million during the quarter, compared to the consensus estimate of $433.51 million. During the same period in the prior year, the firm earned $0.71 EPS. The company’s revenue was up 4.8% compared to the same quarter last year. Analysts expect that Atmus Filtration Technologies Inc. will post 2.52 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Jones Financial Companies Lllp grew its position in shares of Atmus Filtration Technologies by 143.1% during the 1st quarter. Jones Financial Companies Lllp now owns 700 shares of the company’s stock valued at $26,000 after acquiring an additional 412 shares during the period. SouthState Corp bought a new position in shares of Atmus Filtration Technologies during the 1st quarter valued at approximately $27,000. Bessemer Group Inc. grew its position in shares of Atmus Filtration Technologies by 31.4% during the 2nd quarter. Bessemer Group Inc. now owns 1,138 shares of the company’s stock valued at $42,000 after acquiring an additional 272 shares during the period. Tower Research Capital LLC TRC grew its position in shares of Atmus Filtration Technologies by 295.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,368 shares of the company’s stock valued at $54,000 after acquiring an additional 1,022 shares during the period. Finally, Quarry LP boosted its holdings in Atmus Filtration Technologies by 70.9% in the 4th quarter. Quarry LP now owns 1,993 shares of the company’s stock worth $78,000 after buying an additional 827 shares during the period. 32.73% of the stock is owned by institutional investors.

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.