106,007 Shares of Alamo Group, Inc. $ALG Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 106,007 Alamo Group shares worth approximately $17.4 million during the second quarter, giving it a 0.87% stake. Institutional investors and hedge funds collectively own 92.36% of the company.
• Alamo Group’s latest quarterly results exceeded expectations, with earnings of $2.82 per share versus the $2.74 consensus estimate and revenue of $450.73 million versus $437.48 million expected.
• The stock opened at $159.09, down 3.4%, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $188. The company also pays a quarterly dividend of $0.34, representing a 0.9% yield.

Bank of America Corp DE purchased a new stake in Alamo Group, Inc. (NYSE:ALG - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 106,007 shares of the industrial products company's stock, valued at approximately $17,437,000. Bank of America Corp DE owned 0.87% of Alamo Group at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its stake in Alamo Group by 6.6% during the first quarter. PNC Financial Services Group Inc. now owns 1,633 shares of the industrial products company's stock worth $269,000 after buying an additional 101 shares during the last quarter. Global Retirement Partners LLC bought a new position in shares of Alamo Group in the 2nd quarter worth about $35,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in shares of Alamo Group by 22.6% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,552 shares of the industrial products company's stock valued at $256,000 after purchasing an additional 286 shares during the period. Hantz Financial Services Inc. boosted its position in shares of Alamo Group by 861.5% during the 4th quarter. Hantz Financial Services Inc. now owns 500 shares of the industrial products company's stock valued at $84,000 after purchasing an additional 448 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its position in shares of Alamo Group by 18.9% during the 1st quarter. Quantinno Capital Management LP now owns 5,113 shares of the industrial products company's stock valued at $844,000 after purchasing an additional 814 shares in the last quarter. 92.36% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Alamo Group

In other Alamo Group news, EVP Edward Rizzuti sold 2,537 shares of the company's stock in a transaction on Friday, September 4th. The stock was sold at an average price of $174.68, for a total value of $443,163.16. Following the completion of the transaction, the executive vice president owned 5,605 shares in the company, valued at $979,081.40. This represents a 31.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.06% of the company's stock.

Alamo Group Trading Down 3.4%

NYSE:ALG opened at $159.09 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.39 and a quick ratio of 2.48. Alamo Group, Inc. has a one year low of $145.76 and a one year high of $219.88. The company has a market cap of $1.94 billion, a PE ratio of 19.08, a PEG ratio of 0.98 and a beta of 1.09. The firm has a 50-day moving average of $165.50 and a 200-day moving average of $163.98.

Alamo Group (NYSE:ALG - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The industrial products company reported $2.82 EPS for the quarter, topping analysts' consensus estimates of $2.74 by $0.08. Alamo Group had a return on equity of 9.83% and a net margin of 6.08%.The firm had revenue of $450.73 million during the quarter, compared to analyst estimates of $437.48 million. As a group, equities research analysts expect that Alamo Group, Inc. will post 10.52 EPS for the current fiscal year.

Alamo Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 29th. Stockholders of record on Thursday, July 16th were issued a $0.34 dividend. The ex-dividend date of this dividend was Thursday, July 16th. This represents a $1.36 annualized dividend and a dividend yield of 0.9%. Alamo Group's dividend payout ratio is currently 16.31%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ALG. DA Davidson restated a "neutral" rating and set a $188.00 price target on shares of Alamo Group in a report on Wednesday, July 1st. Weiss Ratings upgraded shares of Alamo Group from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Alamo Group presently has a consensus rating of "Moderate Buy" and an average price target of $188.00.

About Alamo Group

Alamo Group Inc NYSE: ALG designs, manufactures, distributes and services equipment used in vegetation management, infrastructure maintenance and agricultural applications. Its products are sold primarily to government agencies, municipalities, contractors, utility companies, industrial organizations and agricultural customers.

The company's product portfolio includes truck- and tractor-mounted mowing equipment, roadside and vegetation-management machinery, snow removal equipment, street sweepers, vacuum trucks, excavators and other specialized infrastructure-maintenance equipment.

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