EnerSys (NYSE:ENS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage presently has a $89.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 11.29% from the stock’s previous close.

According to Zacks, “EnerSys’ shares have outperformed the Zacks categorized Machinery-Electrical industry average over the past one year. Encouragingly, the company has beat estimates each time over the trailing four quarters. Over the past few quarters, the company's bottom line growth was driven mainly by diligent restructuring initiatives, lower commodity costs and positive mix. Going forward, we believe that positive industry trends and strong sales of products, like lead chargers and battery management systems, will drive growth of Motive business. Also, solid ODYSSEY sales are likely to bolster Reserve Power business sales. This apart, the company’s keen eye for acquisitions and strategic restructuring actions are expected to drive growth. However, a global slowdown in industrial spending, currency fluctuations and volatility in commodity prices are likely to weigh on the company’s profits.”

Separately, Oppenheimer Holdings Inc. set a $95.00 target price on EnerSys and gave the stock a “buy” rating in a research note on Thursday, March 2nd.

Shares of EnerSys (NYSE:ENS) opened at 79.97 on Friday. The stock’s 50 day moving average price is $80.47 and its 200 day moving average price is $78.20. EnerSys has a 52-week low of $55.73 and a 52-week high of $84.74. The company has a market capitalization of $3.47 billion, a P/E ratio of 25.91 and a beta of 1.68.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be paid a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a yield of 0.88%. The ex-dividend date is Wednesday, June 14th. EnerSys’s payout ratio is 22.65%.

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Institutional investors have recently bought and sold shares of the company. Bayesian Capital Management LP bought a new stake in EnerSys during the fourth quarter worth about $647,000. Frontier Capital Management Co. LLC raised its stake in EnerSys by 47.0% in the fourth quarter. Frontier Capital Management Co. LLC now owns 420,620 shares of the industrial products company’s stock worth $32,850,000 after buying an additional 134,552 shares in the last quarter. Norges Bank bought a new stake in EnerSys during the fourth quarter worth about $46,125,000. BlackRock Advisors LLC raised its stake in EnerSys by 9.8% in the third quarter. BlackRock Advisors LLC now owns 22,483 shares of the industrial products company’s stock worth $1,556,000 after buying an additional 2,011 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new stake in EnerSys during the fourth quarter worth about $565,000. 98.78% of the stock is currently owned by hedge funds and other institutional investors.

About EnerSys

EnerSys is a manufacturer, marketer and distributor of industrial batteries. The Company manufactures, markets and distributes related products, such as chargers, power equipment, outdoor cabinet enclosures and battery accessories, and provides related after-market and customer-support services for industrial batteries.

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