The PNC Financial Services Group Inc. grew its stake in shares of Altra Industrial Motion Corp. (NASDAQ:AIMC) by 4.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,791 shares of the industrial products company’s stock after purchasing an additional 217 shares during the quarter. The PNC Financial Services Group Inc.’s holdings in Altra Industrial Motion were worth $264,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. CI Investments Inc. purchased a new stake in shares of Altra Industrial Motion during the fourth quarter valued at approximately $26,000. Alpha Paradigm Partners LLC bought a new position in shares of Altra Industrial Motion during the fourth quarter valued at approximately $46,000. Harvest Fund Management Co. Ltd bought a new position in shares of Altra Industrial Motion during the fourth quarter valued at approximately $76,000. Meeder Asset Management Inc. raised its holdings in shares of Altra Industrial Motion by 1,038.6% during the first quarter. Meeder Asset Management Inc. now owns 1,890 shares of the industrial products company’s stock valued at $105,000 after acquiring an additional 1,724 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Altra Industrial Motion by 62.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 2,600 shares of the industrial products company’s stock valued at $144,000 after acquiring an additional 1,000 shares in the last quarter. 99.57% of the stock is owned by hedge funds and other institutional investors.
In other news, Director James H. Woodward, Jr. sold 2,378 shares of the firm’s stock in a transaction on Tuesday, March 16th. The stock was sold at an average price of $61.13, for a total transaction of $145,367.14. Also, VP Glenn E. Deegan sold 1,092 shares of the firm’s stock in a transaction on Wednesday, June 2nd. The shares were sold at an average price of $67.71, for a total value of $73,939.32. Following the transaction, the vice president now owns 37,608 shares of the company’s stock, valued at $2,546,437.68. The disclosure for this sale can be found here. Insiders have sold 31,892 shares of company stock valued at $2,122,907 over the last 90 days. Corporate insiders own 0.90% of the company’s stock.
Altra Industrial Motion (NASDAQ:AIMC) last posted its quarterly earnings data on Wednesday, April 28th. The industrial products company reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.10. The business had revenue of $472.10 million during the quarter, compared to the consensus estimate of $457.95 million. Altra Industrial Motion had a return on equity of 10.46% and a net margin of 7.39%. On average, sell-side analysts predict that Altra Industrial Motion Corp. will post 3.19 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 2nd. Stockholders of record on Friday, June 18th will be issued a dividend of $0.08 per share. The ex-dividend date is Thursday, June 17th. This is an increase from Altra Industrial Motion’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 0.49%. Altra Industrial Motion’s dividend payout ratio (DPR) is presently 8.33%.
AIMC has been the subject of a number of recent analyst reports. Robert W. Baird restated a “buy” rating on shares of Altra Industrial Motion in a report on Sunday, March 14th. Zacks Investment Research upgraded Altra Industrial Motion from a “hold” rating to a “buy” rating and set a $67.00 target price for the company in a report on Monday, April 26th. Rosenblatt Securities upped their target price on Altra Industrial Motion from $53.00 to $56.00 and gave the company a “neutral” rating in a report on Tuesday, May 4th. BMO Capital Markets increased their price objective on Altra Industrial Motion from $65.00 to $70.00 and gave the stock an “outperform” rating in a report on Monday, May 3rd. Finally, TheStreet upgraded Altra Industrial Motion from a “c” rating to a “b” rating in a report on Thursday, April 29th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $64.00.
Altra Industrial Motion Profile
Altra Industrial Motion Corp. designs, produces, and markets a range of electromechanical power transmission motion control products for use in various motion related applications, and high-volume manufacturing and non-manufacturing processes worldwide. It operates in two segments, Power Transmission Technologies (PTT) and Automation & Specialty (A&S).
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