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%.
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
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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