Bank of New York Mellon Corp Takes Position in Alamo Group, Inc. $ALG

Key Points

• Bank of New York Mellon acquired 59,599 shares of Alamo Group during the second quarter, worth approximately $9.8 million and representing about 0.49% of the company. Institutional investors and hedge funds collectively own 92.36% of ALG.
• Alamo Group reported quarterly EPS of $2.82, exceeding estimates of $2.74, while revenue of $450.73 million also surpassed expectations. The company declared a quarterly dividend of $0.34, equivalent to a 0.8% yield.
• ALG recently traded up 4.5%, while analysts maintain a “Moderate Buy” consensus with an average price target of $188.00; ratings include one Strong Buy, one Buy and three Holds.

Bank of New York Mellon Corp acquired a new stake in Alamo Group, Inc. (NYSE:ALG - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 59,599 shares of the industrial products company's stock, valued at approximately $9,803,000. Bank of New York Mellon Corp owned about 0.49% of Alamo Group at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Alamo Group by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,084 shares of the industrial products company's stock valued at $1,084,000 after purchasing an additional 251 shares during the period. Millennium Management LLC raised its position in Alamo Group by 164.7% during the 1st quarter. Millennium Management LLC now owns 63,588 shares of the industrial products company's stock worth $11,332,000 after purchasing an additional 39,564 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in Alamo Group by 3,140.0% during the 1st quarter. Jones Financial Companies Lllp now owns 324 shares of the industrial products company's stock worth $58,000 after buying an additional 314 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Alamo Group by 12.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 36,162 shares of the industrial products company's stock worth $6,444,000 after buying an additional 4,062 shares during the period. Finally, Invesco Ltd. grew its position in shares of Alamo Group by 83.7% in the 2nd quarter. Invesco Ltd. now owns 77,385 shares of the industrial products company's stock valued at $16,899,000 after buying an additional 35,248 shares during the last quarter. 92.36% of the stock is currently owned by institutional investors and hedge funds.

Alamo Group Trading Up 4.5%

ALG opened at $171.46 on Thursday. 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 fifty-two week low of $145.76 and a fifty-two week high of $219.88. The firm has a market capitalization of $2.09 billion, a PE ratio of 20.56, a P/E/G ratio of 0.97 and a beta of 1.09. The company's 50-day moving average is $164.68 and its 200 day moving average is $167.89.

Alamo Group (NYSE:ALG - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The industrial products company reported $2.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.74 by $0.08. The business had revenue of $450.73 million during the quarter, compared to the consensus estimate of $437.48 million. Alamo Group had a return on equity of 9.83% and a net margin of 6.08%. As a group, research analysts predict that Alamo Group, Inc. will post 10.56 earnings per share for the current fiscal year.

Alamo Group Dividend Announcement

The company also recently declared 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 0.8%. Alamo Group's dividend payout ratio is presently 16.31%.

Wall Street Analyst Weigh In

ALG has been the subject of several recent research reports. DA Davidson reissued a "neutral" rating and issued a $188.00 price target on shares of Alamo Group in a research note on Wednesday, July 1st. Weiss Ratings restated a "hold (c-)" rating on shares of Alamo Group in a report on Friday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $188.00.

Insider Activity

In other news, EVP Edward Rizzuti sold 2,715 shares of the business's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $164.41, for a total value of $446,373.15. Following the completion of the sale, the executive vice president directly owned 8,142 shares in the company, valued at approximately $1,338,626.22. The trade was a 25.01% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.06% of the company's stock.

About Alamo Group

Alamo Group, Inc engages in the design, manufacture and marketing of equipment for vegetation management, roadside maintenance, agricultural harvesting and industrial applications. The company offers a broad portfolio of products, including boom mowers, flail mowers, rotary cutters, snow removal equipment, slurry seal machines, railcar movers and tow tractors. These offerings are distributed under a variety of brand names and through a network of independent dealerships and distributors, meeting the needs of municipalities, highway departments, agricultural producers and industrial operators.

The company operates through two primary segments: Agricultural and Industrial.

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