Alamo Group, Inc. (NYSE:ALG) Cut to Hold at Zacks Investment Research
Alamo Group, Inc. (NYSE:ALG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
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 analysts have also recently issued reports on the company. Seaport Global Securities raised their price objective on Alamo Group from $71.00 to $80.00 and gave the stock a “neutral” rating in a research note on Monday, May 8th. BidaskClub cut Alamo Group from a “buy” rating to a “hold” rating in a research note on Friday, June 23rd.
Alamo Group (ALG) traded down 1.41% during midday trading on Monday, reaching $91.99. 66,160 shares of the company were exchanged. The firm has a 50-day moving average price of $87.60 and a 200-day moving average price of $79.28. Alamo Group has a 52 week low of $58.30 and a 52 week high of $93.86. The company has a market capitalization of $1.06 billion, a PE ratio of 24.47 and a beta of 0.95.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 28th. Shareholders of record on Monday, July 17th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend is Thursday, July 13th. Alamo Group’s payout ratio is 10.64%.
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In other Alamo Group news, VP Dan Edward Malone sold 950 shares of the firm’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $90.75, for a total value of $86,212.50. Following the sale, the vice president now directly owns 11,950 shares in the company, valued at $1,084,462.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David W. Grzelak sold 2,201 shares of the firm’s stock in a transaction on Monday, June 19th. The shares were sold at an average price of $92.18, for a total value of $202,888.18. Following the completion of the sale, the director now owns 1,325 shares in the company, valued at $122,138.50. The disclosure for this sale can be found here. Insiders sold 39,235 shares of company stock worth $3,314,748 over the last quarter. 3.99% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA boosted its stake in Alamo Group by 10.0% in the first quarter. BNP Paribas Arbitrage SA now owns 1,712 shares of the industrial products company’s stock worth $130,000 after buying an additional 156 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in Alamo Group during the fourth quarter worth about $156,000. Mason Street Advisors LLC boosted its stake in Alamo Group by 7.0% in the first quarter. Mason Street Advisors LLC now owns 2,207 shares of the industrial products company’s stock worth $168,000 after buying an additional 144 shares during the last quarter. Stevens Capital Management LP bought a new stake in Alamo Group during the first quarter worth about $207,000. Finally, Strs Ohio bought a new stake in Alamo Group during the first quarter worth about $251,000. Institutional investors own 89.99% of the company’s stock.
Alamo Group Company Profile
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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