Zacks Investment Research upgraded shares of Alamo Group, Inc. (NYSE:ALG) from a hold rating to a buy rating in a research report released on Friday morning. The firm currently has $106.00 price objective 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. “

Several other equities research analysts have also recently commented on ALG. BidaskClub cut Alamo Group from a hold rating to a sell rating in a research note on Friday, August 18th. ValuEngine raised Alamo Group from a hold rating to a buy rating in a research note on Friday, September 1st. Finally, Piper Jaffray Companies reissued a buy rating and issued a $90.00 target price on shares of Alamo Group in a research note on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $96.67.

Shares of Alamo Group (NYSE ALG) opened at 96.96 on Friday. The stock has a 50 day moving average price of $91.42 and a 200 day moving average price of $85.17. The firm has a market cap of $1.13 billion, a price-to-earnings ratio of 24.93 and a beta of 0.96. Alamo Group has a one year low of $58.30 and a one year high of $96.97.

Alamo Group (NYSE:ALG) last released its earnings results on Wednesday, August 2nd. The industrial products company reported $1.05 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.05. The company had revenue of $213.28 million during the quarter, compared to analysts’ expectations of $217.90 million. Alamo Group had a return on equity of 11.78% and a net margin of 5.32%. On average, equities research analysts forecast that Alamo Group will post $4.21 EPS for the current year.

TRADEMARK VIOLATION WARNING: “Alamo Group, Inc. (ALG) Lifted to “Buy” at Zacks Investment Research” was first published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this piece on another site, it was illegally copied and reposted in violation of United States and international trademark and copyright legislation. The original version of this piece can be viewed at https://www.thecerbatgem.com/2017/09/18/alamo-group-inc-alg-lifted-to-buy-at-zacks-investment-research.html.

In related news, EVP Richard Hodges Raborn sold 364 shares of Alamo Group stock in a transaction on Friday, September 1st. The stock was sold at an average price of $92.19, for a total transaction of $33,557.16. Following the completion of the sale, the executive vice president now directly owns 4,500 shares of the company’s stock, valued at $414,855. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.99% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in ALG. Acrospire Investment Management LLC grew its stake in shares of Alamo Group by 150.1% during the second quarter. Acrospire Investment Management LLC now owns 1,173 shares of the industrial products company’s stock worth $107,000 after purchasing an additional 704 shares during the period. Pinebridge Investments L.P. grew its stake in shares of Alamo Group by 1.4% during the second quarter. Pinebridge Investments L.P. now owns 1,248 shares of the industrial products company’s stock worth $113,000 after purchasing an additional 17 shares during the period. BNP Paribas Arbitrage SA grew its stake in shares of Alamo Group by 10.0% during the first quarter. BNP Paribas Arbitrage SA now owns 1,712 shares of the industrial products company’s stock worth $130,000 after purchasing an additional 156 shares during the period. Mason Street Advisors LLC grew its stake in shares of Alamo Group by 7.0% during the first quarter. Mason Street Advisors LLC now owns 2,207 shares of the industrial products company’s stock worth $168,000 after purchasing an additional 144 shares during the period. Finally, State of Alaska Department of Revenue grew its stake in shares of Alamo Group by 79.3% during the second quarter. State of Alaska Department of Revenue now owns 1,865 shares of the industrial products company’s stock worth $169,000 after purchasing an additional 825 shares during the period. 90.30% of the stock is owned by institutional investors and hedge funds.

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.

Get a free copy of the Zacks research report on Alamo Group (ALG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Stock Ratings for Alamo Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alamo Group Inc. and related stocks with our FREE daily email newsletter.