Alamo Group, Inc. (ALG) Rating Lowered to Hold at Zacks Investment Research
Zacks Investment Research lowered shares of Alamo Group, Inc. (NYSE:ALG) from a buy rating to a hold rating in a research report sent to investors on Monday morning.
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. “
ALG has been the topic of several other reports. ValuEngine upgraded Alamo Group from a hold rating to a buy rating in a research report on Friday, September 1st. Piper Jaffray Companies reiterated a buy rating and set a $90.00 target price on shares of Alamo Group in a research report on Friday, July 14th. Finally, BidaskClub downgraded Alamo Group from a buy rating to a hold rating in a research report on Friday, June 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $99.33.
Alamo Group (NYSE:ALG) last issued its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $1.05 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.05. Alamo Group had a return on equity of 11.78% and a net margin of 5.32%. The business had revenue of $213.28 million for the quarter, compared to the consensus estimate of $217.90 million.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Monday, October 16th will be given a dividend of $0.10 per share. The ex-dividend date is Friday, October 13th. This represents a $0.40 annualized dividend and a yield of 0.37%. Alamo Group’s dividend payout ratio (DPR) is presently 10.28%.
In related news, VP Geoff Davies sold 4,000 shares of the stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $98.16, for a total transaction of $392,640.00. Following the transaction, the vice president now directly owns 3,800 shares in the company, valued at $373,008. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Richard Hodges Raborn sold 364 shares of the stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $92.19, for a total value of $33,557.16. Following the transaction, the executive vice president now owns 4,500 shares in the company, valued at $414,855. The disclosure for this sale can be found here. Corporate 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 ALG. BlackRock Inc. lifted its position in Alamo Group by 1,076.3% during the first quarter. BlackRock Inc. now owns 1,275,432 shares of the industrial products company’s stock worth $97,174,000 after buying an additional 1,167,004 shares during the period. Bank of New York Mellon Corp increased its stake in Alamo Group by 37.5% during the first quarter. Bank of New York Mellon Corp now owns 179,240 shares of the industrial products company’s stock worth $13,655,000 after acquiring an additional 48,873 shares during the last quarter. Vanguard Group Inc. increased its stake in Alamo Group by 9.0% during the first quarter. Vanguard Group Inc. now owns 496,485 shares of the industrial products company’s stock worth $37,828,000 after acquiring an additional 41,187 shares during the last quarter. Ameriprise Financial Inc. increased its stake in Alamo Group by 69.9% during the second quarter. Ameriprise Financial Inc. now owns 95,920 shares of the industrial products company’s stock worth $8,711,000 after acquiring an additional 39,455 shares during the last quarter. Finally, Prudential Financial Inc. increased its stake in Alamo Group by 80.9% during the second quarter. Prudential Financial Inc. now owns 62,659 shares of the industrial products company’s stock worth $5,690,000 after acquiring an additional 28,030 shares during the last quarter. Hedge funds and other institutional investors own 90.30% of the company’s stock.
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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