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

Key Points

• Allspring Global Investments cut its Alamo Group stake by 21.5% in the third quarter, selling 132,902 shares; it retained 484,355 shares, representing a 3.98% holding.
• Alamo Group missed quarterly expectations, reporting EPS of $2.06 versus $2.62 expected and revenue of $403.14 million versus $437.11 million forecast.
• Analysts’ consensus rating was Hold, with a consensus price target of $188. The stock opened at $140.24, below its 50- and 200-day moving averages.

Allspring Global Investments Holdings LLC lowered its stake in shares of Alamo Group, Inc. (NYSE:ALG - Free Report) by 21.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 484,355 shares of the industrial products company's stock after selling 132,902 shares during the period. Allspring Global Investments Holdings LLC owned 3.98% of Alamo Group worth $75,734,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Pullen Investment Management LLC boosted its position in shares of Alamo Group by 0.7% in the third quarter. Pullen Investment Management LLC now owns 15,188 shares of the industrial products company's stock valued at $2,351,000 after acquiring an additional 100 shares during the period. PNC Financial Services Group Inc. boosted 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 valued at $269,000 after buying an additional 101 shares during the period. GAMMA Investing LLC boosted its stake in Alamo Group by 183.3% during the third quarter. GAMMA Investing LLC now owns 170 shares of the industrial products company's stock valued at $26,000 after buying an additional 110 shares during the period. NewEdge Advisors LLC purchased a new position in Alamo Group during the second quarter worth about $25,000. Finally, Integrated Wealth Concepts LLC purchased a new position in Alamo Group during the second quarter worth about $25,000. 92.36% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on ALG shares. Weiss Ratings cut Alamo Group from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, October 2nd. Zacks Research cut shares of Alamo Group from a "hold" rating to a "strong sell" rating in a research report on Thursday, November 5th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $188.00.

Alamo Group Price Performance

ALG stock opened at $140.24 on Tuesday. The firm has a market cap of $1.71 billion, a P/E ratio of 15.77, a P/E/G ratio of 0.86 and a beta of 1.08. The firm's fifty day moving average is $156.99 and its 200 day moving average is $167.60. Alamo Group, Inc. has a 52 week low of $133.32 and a 52 week high of $219.88. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.48 and a current ratio of 4.19.

Alamo Group (NYSE:ALG - Get Free Report) last posted its quarterly earnings results on Monday, November 2nd. The industrial products company reported $2.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.62 by ($0.56). The business had revenue of $403.14 million for the quarter, compared to analysts' expectations of $437.11 million. Alamo Group had a net margin of 4.72% and a return on equity of 9.43%. Research analysts predict that Alamo Group, Inc. will post 9.90 earnings per share for the current year.

Alamo Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 28th. Investors of record on Thursday, October 15th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 1.0%. The ex-dividend date was Thursday, October 15th. Alamo Group's dividend payout ratio (DPR) is presently 21.22%.

Insider Transactions at Alamo Group

In other Alamo Group news, EVP Edward Rizzuti sold 2,715 shares of Alamo Group stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $164.41, for a total value of $446,373.15. Following the transaction, the executive vice president directly owned 8,142 shares of the company's stock, valued at $1,338,626.22. The trade was a 25.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.06% of the stock is currently owned by insiders.

Alamo Group Company Profile

Alamo Group Inc is a manufacturer of equipment used to maintain infrastructure and manage vegetation. Its products serve municipal, utility, contractor and agricultural customers, including equipment for roadside mowing, street and vegetation maintenance, snow removal and land management.

The company also makes agricultural machinery such as rotary cutters, mowers, tillage and hay tools. Its product portfolio includes equipment sold under brands such as Bush Hog, Gradall, Ventrac and McConnel.

Founded in 1969 and headquartered in Seguin, Texas, Alamo Group serves customers in North America and international markets through its manufacturing operations and dealer network.

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