Alamo Group, Inc. $ALG Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in Alamo Group by 5.3%, selling 37,243 shares to hold 662,320 shares valued at approximately $147.35 million.
• Alamo Group received several upgrades from analysts, with Wall Street Zen upgrading it to a "buy" rating and Robert W. Baird increasing its price target from $209 to $260.
• The company announced a quarterly dividend of $0.30 per share, with an ex-dividend date set for October 15th, representing a 0.7% yield.

Allspring Global Investments Holdings LLC lowered its position in shares of Alamo Group, Inc. (NYSE:ALG - Free Report) by 5.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 662,320 shares of the industrial products company's stock after selling 37,243 shares during the period. Allspring Global Investments Holdings LLC owned 5.48% of Alamo Group worth $147,346,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ALG. GAMMA Investing LLC grew its stake in shares of Alamo Group by 110.6% during the first quarter. GAMMA Investing LLC now owns 238 shares of the industrial products company's stock worth $42,000 after purchasing an additional 125 shares in the last quarter. Azzad Asset Management Inc. ADV grew its stake in shares of Alamo Group by 3.1% during the first quarter. Azzad Asset Management Inc. ADV now owns 5,371 shares of the industrial products company's stock worth $957,000 after purchasing an additional 161 shares in the last quarter. GHP Investment Advisors Inc. grew its stake in shares of Alamo Group by 8.2% during the first quarter. GHP Investment Advisors Inc. now owns 12,063 shares of the industrial products company's stock worth $2,150,000 after purchasing an additional 911 shares in the last quarter. New York State Teachers Retirement System boosted its stake in Alamo Group by 4.1% in the first quarter. New York State Teachers Retirement System now owns 2,512 shares of the industrial products company's stock valued at $448,000 after acquiring an additional 100 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Alamo Group by 3.1% in the first quarter. Principal Financial Group Inc. now owns 58,673 shares of the industrial products company's stock valued at $10,456,000 after acquiring an additional 1,737 shares in the last quarter. Institutional investors and hedge funds own 92.36% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ALG. Wall Street Zen upgraded shares of Alamo Group from a "hold" rating to a "buy" rating in a research note on Friday, September 5th. DA Davidson restated a "neutral" rating and issued a $225.00 price objective on shares of Alamo Group in a research note on Tuesday, July 22nd. Robert W. Baird upgraded shares of Alamo Group from a "neutral" rating to an "outperform" rating and upped their price objective for the company from $209.00 to $260.00 in a research note on Monday, August 4th. Baird R W upgraded shares of Alamo Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 4th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Alamo Group in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $234.00.

Insider Transactions at Alamo Group

In related news, CEO Jeffery Allen Leonard sold 2,500 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $222.19, for a total transaction of $555,475.00. Following the completion of the transaction, the chief executive officer directly owned 38,413 shares of the company's stock, valued at $8,534,984.47. This represents a 6.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.18% of the stock is owned by corporate insiders.

Alamo Group Price Performance

Shares of ALG opened at $182.25 on Monday. Alamo Group, Inc. has a fifty-two week low of $157.07 and a fifty-two week high of $233.29. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of 18.56, a price-to-earnings-growth ratio of 0.95 and a beta of 1.08. The firm has a 50-day simple moving average of $207.79 and a 200-day simple moving average of $201.32. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.76 and a current ratio of 4.56.

Alamo Group (NYSE:ALG - Get Free Report) last announced its earnings results on Wednesday, August 6th. The industrial products company reported $2.57 earnings per share for the quarter, missing the consensus estimate of $2.69 by ($0.12). Alamo Group had a return on equity of 11.45% and a net margin of 7.41%.The business had revenue of $419.07 million for the quarter, compared to analyst estimates of $406.75 million. On average, equities research analysts anticipate that Alamo Group, Inc. will post 9.53 earnings per share for the current year.

Alamo Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Stockholders of record on Wednesday, October 15th will be paid a dividend of $0.30 per share. The ex-dividend date is Wednesday, October 15th. This represents a $1.20 annualized dividend and a dividend yield of 0.7%. Alamo Group's dividend payout ratio is 12.22%.

About Alamo Group

Alamo Group Inc designs, manufactures, distributes, and services vegetation management and infrastructure maintenance equipment for governmental, industrial, and agricultural uses worldwide. It operates through two segments, Vegetation Management and Industrial Equipment. Its Vegetation Management Division segment offers hydraulically-powered and tractor - and off-road chassis mounted mowers, other cutters and replacement parts for heavy-duty and intensive uses and heavy duty, tractor- and truck-mounted mowing and vegetation maintenance equipment, and replacement parts.

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