Alamo Group (NYSE:ALG) Lifted to Buy at DA Davidson

Financial News Live · Mar 19, 2023 18:22

DA Davidson upgraded shares of Alamo Group (NYSE:ALG – Get Rating) from a neutral rating to a buy rating in a research report released on Thursday, MarketBeat Ratings reports. They currently have $196.00 price target on the industrial products company's stock, up from their prior price target of $173.00.

Separately, StockNews.com initiated coverage on Alamo Group in a research note on Thursday. They set a buy rating for the company.

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Alamo Group Trading Down 1.8 %

Shares of NYSE:ALG opened at $173.19 on Thursday. The stock has a 50 day moving average of $163.14 and a 200 day moving average of $148.29. The company has a market cap of $2.07 billion, a PE ratio of 20.28 and a beta of 0.98. The company has a current ratio of 3.82, a quick ratio of 1.97 and a debt-to-equity ratio of 0.37. Alamo Group has a 12-month low of $108.35 and a 12-month high of $186.37.

Alamo Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 1st. Shareholders of record on Wednesday, January 18th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.51%. This is an increase from Alamo Group's previous quarterly dividend of $0.18. The ex-dividend date was Tuesday, January 17th. Alamo Group's dividend payout ratio is presently 10.30%.

Insiders Place Their Bets

In other Alamo Group news, EVP Edward Rizzuti sold 394 shares of the company's stock in a transaction that occurred on Wednesday, March 8th. The stock was sold at an average price of $184.21, for a total value of $72,578.74. Following the completion of the transaction, the executive vice president now directly owns 5,433 shares in the company, valued at approximately $1,000,812.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Edward Rizzuti sold 394 shares of the company's stock in a transaction that occurred on Wednesday, March 8th. The stock was sold at an average price of $184.21, for a total transaction of $72,578.74. Following the sale, the executive vice president now directly owns 5,433 shares of the company's stock, valued at approximately $1,000,812.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Janet S. Pollock sold 150 shares of the company's stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $180.40, for a total value of $27,060.00. Following the sale, the vice president now directly owns 2,606 shares in the company, valued at $470,122.40. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Alamo Group

Hedge funds have recently modified their holdings of the company. Quadrant Capital Group LLC purchased a new stake in shares of Alamo Group during the 3rd quarter worth approximately $29,000. Lazard Asset Management LLC purchased a new stake in Alamo Group during the 3rd quarter valued at $32,000. Point72 Hong Kong Ltd purchased a new stake in Alamo Group during the 3rd quarter valued at $44,000. FMR LLC raised its holdings in Alamo Group by 17.4% during the 2nd quarter. FMR LLC now owns 701 shares of the industrial products company's stock valued at $81,000 after buying an additional 104 shares during the period. Finally, Captrust Financial Advisors raised its holdings in Alamo Group by 30.1% during the 1st quarter. Captrust Financial Advisors now owns 964 shares of the industrial products company's stock valued at $139,000 after buying an additional 223 shares during the period. 91.67% of the stock is owned by hedge funds and other institutional investors.

About Alamo Group

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Alamo Group, Inc engages in the design and manufacture of agricultural equipment and infrastructure maintenance equipment for governmental and industrial use. Its products include tractor-mounted mowing and other vegetation maintenance equipment, street sweepers, excavators, vacuum trucks, snow removal equipment, zero turn radius mowers, agricultural implements, and related aftermarket parts.