DA Davidson upgraded shares of Alamo Group (NYSE:ALG – Get Rating) from a neutral rating to a buy rating in a research note released on Thursday morning, Marketbeat Ratings reports. The firm currently has $196.00 target price on the industrial products company's stock, up from their previous target price of $173.00.
Separately, StockNews.com assumed coverage on shares of Alamo Group in a research report on Thursday. They set a buy rating for the company.
Get Alamo Group alerts:Alamo Group Stock Down 1.8 %
Shares of NYSE ALG opened at $173.19 on Thursday. The company has a 50 day simple moving average of $163.14 and a 200-day simple moving average of $148.42. The company has a market capitalization of $2.07 billion, a P/E ratio of 20.28 and a beta of 0.98. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.82 and a quick ratio of 1.97. Alamo Group has a 1 year low of $108.35 and a 1 year high of $186.37.
Alamo Group Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 1st. Shareholders of record on Wednesday, January 18th were paid a $0.22 dividend. The ex-dividend date was Tuesday, January 17th. This is a positive change from Alamo Group's previous quarterly dividend of $0.18. This represents a $0.88 dividend on an annualized basis and a yield of 0.51%. Alamo Group's payout ratio is currently 10.30%.
Insider Activity
In related news, VP Janet S. Pollock sold 150 shares of the business's stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $180.40, for a total transaction of $27,060.00. Following the sale, the vice president now owns 2,606 shares of the company's stock, valued at $470,122.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, EVP Edward Rizzuti sold 394 shares of the company's stock in a transaction that occurred on Wednesday, March 8th. The shares were sold at an average price of $184.21, for a total transaction of $72,578.74. Following the completion of the transaction, the executive vice president now owns 5,433 shares of the company's stock, valued at $1,000,812.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $27,060.00. Following the transaction, the vice president now directly owns 2,606 shares of the company's stock, valued at approximately $470,122.40. The disclosure for this sale can be found here. Insiders own 2.30% of the company's stock.
Hedge Funds Weigh In On Alamo Group
Several institutional investors and hedge funds have recently bought and sold shares of ALG. Quadrant Capital Group LLC purchased a new stake in Alamo Group during the third quarter worth approximately $29,000. Lazard Asset Management LLC purchased a new stake in Alamo Group during the third quarter worth approximately $32,000. Point72 Hong Kong Ltd purchased a new stake in Alamo Group during the third quarter worth approximately $44,000. FMR LLC grew its stake in Alamo Group by 17.4% during the second quarter. FMR LLC now owns 701 shares of the industrial products company's stock worth $81,000 after buying an additional 104 shares during the period. Finally, Captrust Financial Advisors boosted its stake in shares of Alamo Group by 30.1% in the first quarter. Captrust Financial Advisors now owns 964 shares of the industrial products company's stock valued at $139,000 after purchasing an additional 223 shares during the period. Institutional investors and hedge funds own 91.67% of the company's stock.
Alamo Group Company Profile
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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.
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