Alamo Group, Inc. (ALG) Rating Increased to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Alamo Group, Inc. (NYSE:ALG) from a hold rating to a buy rating in a research report report published on Tuesday morning. The firm currently has $100.00 target price on the industrial products company’s stock.
According to Zacks, “Alamo Group Inc. is a leading manufacturer of high quality equipment for right-of-way maintenance and agriculture. Their products include tractor-mounted mowing and other vegetation maintenance equipment, street sweepers, agricultural implements and related after market parts and services. They emphasize high quality, cost efficient products for their customers and strive to develop and market innovative products while constantly monitoring and containing their manufacturing and overhead costs. “
A number of other brokerages have also recently issued reports on ALG. Piper Jaffray Companies reaffirmed a buy rating and issued a $90.00 target price on shares of Alamo Group in a report on Friday, July 14th. BidaskClub cut shares of Alamo Group from a buy rating to a hold rating in a report on Friday, June 23rd. Finally, Seaport Global Securities upped their target price on shares of Alamo Group from $71.00 to $80.00 and gave the company a neutral rating in a report on Monday, May 8th.
Alamo Group (ALG) opened at 89.33 on Tuesday. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of 22.96 and a beta of 0.95. Alamo Group has a 1-year low of $58.30 and a 1-year high of $95.62. The company has a 50-day moving average price of $91.92 and a 200 day moving average price of $83.71.
Alamo Group (NYSE:ALG) last issued its earnings results on Wednesday, August 2nd. The industrial products company reported $1.05 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.05. The company had revenue of $213.28 million for the quarter, compared to analysts’ expectations of $217.90 million. Alamo Group had a net margin of 5.32% and a return on equity of 11.78%. Equities analysts anticipate that Alamo Group will post $4.21 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which was paid on Friday, July 28th. Shareholders of record on Monday, July 17th were issued a $0.10 dividend. The ex-dividend date was Thursday, July 13th. This represents a $0.40 annualized dividend and a yield of 0.45%. Alamo Group’s dividend payout ratio is currently 10.28%.
In other Alamo Group news, Director David W. Grzelak sold 2,201 shares of the stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $92.18, for a total value of $202,888.18. Following the transaction, the director now directly owns 1,325 shares of the company’s stock, valued at approximately $122,138.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Dan Edward Malone sold 950 shares of the stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $90.75, for a total transaction of $86,212.50. Following the completion of the transaction, the vice president now directly owns 11,950 shares in the company, valued at $1,084,462.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,335 shares of company stock worth $305,830. Insiders own 3.99% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. boosted its position in Alamo Group by 8.3% in the first quarter. Ameriprise Financial Inc. now owns 56,465 shares of the industrial products company’s stock valued at $4,302,000 after buying an additional 4,340 shares in the last quarter. Great West Life Assurance Co. Can boosted its position in Alamo Group by 4.4% in the first quarter. Great West Life Assurance Co. Can now owns 12,474 shares of the industrial products company’s stock valued at $950,000 after buying an additional 523 shares in the last quarter. Stevens Capital Management LP bought a new position in Alamo Group during the first quarter valued at $207,000. TIAA CREF Investment Management LLC boosted its position in Alamo Group by 30.1% in the first quarter. TIAA CREF Investment Management LLC now owns 52,438 shares of the industrial products company’s stock valued at $3,995,000 after buying an additional 12,124 shares in the last quarter. Finally, BlackRock Inc. boosted its position in Alamo Group by 1,076.3% in the first quarter. BlackRock Inc. now owns 1,275,432 shares of the industrial products company’s stock valued at $97,174,000 after buying an additional 1,167,004 shares in the last quarter. 87.86% of the stock is currently owned by hedge funds and other institutional investors.
About Alamo Group
Alamo Group Inc is engaged in the design and manufacture of agricultural equipment and infrastructure maintenance equipment for governmental and industrial use. The Company operates in Industrial, Agricultural and European segments. The Company’s products include tractor-mounted mowing and other vegetation maintenance equipment, street sweepers, excavators, vacuum trucks, snow removal equipment, pothole patchers, zero turn radius mowers, agricultural implements and related aftermarket.
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