Forward guidance given was slightly less than some analyst expectations. A large drop in recreational vehicle area (I wonder why?). I also got the impression from the conference call that the analysts would like to see more transparency in annual comparisons to core business (removing new aquisition revenue and earnings). I suspect this combined with a choppy market led to the recent share price drop.
For what it's worth - I personally feel Actuant is a well run company and this recent pullback is a good buying opportunity.