Comerica Bank Cuts Stock Holdings in Alamo Group, Inc. $ALG

Key Points

• Comerica Bank reduced its holdings in Alamo Group, Inc. by 36.6% in Q1, now owning approximately 7,827 shares valued at $1.40 million.
• Several institutional investors such as Nisa Investment Advisors LLC and Parallel Advisors LLC have recently increased their stakes in Alamo Group, highlighting strong institutional interest.
• Alamo Group reported a quarterly earnings miss with $2.57 earnings per share, and has a current consensus price target of $234 from analysts following the company's recent performance.

Comerica Bank lowered its position in Alamo Group, Inc. (NYSE:ALG - Free Report) by 36.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 7,827 shares of the industrial products company's stock after selling 4,521 shares during the period. Comerica Bank owned about 0.06% of Alamo Group worth $1,395,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Nisa Investment Advisors LLC raised its position in Alamo Group by 30.0% during the first quarter. Nisa Investment Advisors LLC now owns 264 shares of the industrial products company's stock valued at $47,000 after acquiring an additional 61 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Alamo Group by 31.6% in the first quarter. Smartleaf Asset Management LLC now owns 271 shares of the industrial products company's stock valued at $49,000 after buying an additional 65 shares during the period. Parallel Advisors LLC grew its stake in Alamo Group by 80.0% in the 1st quarter. Parallel Advisors LLC now owns 162 shares of the industrial products company's stock valued at $29,000 after purchasing an additional 72 shares during the period. New York State Teachers Retirement System increased its stake in Alamo Group by 4.1% in the 1st quarter. New York State Teachers Retirement System now owns 2,512 shares of the industrial products company's stock worth $448,000 after acquiring an additional 100 shares during the last quarter. Finally, Heritage Family Offices LLP lifted its holdings in Alamo Group by 8.3% in the 1st quarter. Heritage Family Offices LLP now owns 1,358 shares of the industrial products company's stock worth $242,000 after buying an additional 104 shares during the period. 92.36% of the stock is currently owned by institutional investors.

Insider Activity

In other Alamo Group news, CEO Jeffery Allen Leonard sold 2,500 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $222.19, for a total value of $555,475.00. Following the completion of the transaction, the chief executive officer owned 38,413 shares of the company's stock, valued at $8,534,984.47. This represents a 6.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.18% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on ALG shares. Wall Street Zen upgraded Alamo Group from a "hold" rating to a "buy" rating in a report on Friday. 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. DA Davidson reissued a "neutral" rating and issued a $225.00 price objective on shares of Alamo Group in a research report on Tuesday, July 22nd. Finally, Robert W. Baird upgraded shares of Alamo Group from a "neutral" rating to an "outperform" rating and raised their price objective for the company from $209.00 to $260.00 in a report on Monday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $234.00.

Alamo Group Stock Up 1.3%

Shares of ALG stock traded up $2.76 during mid-day trading on Monday, hitting $211.98. The stock had a trading volume of 35,518 shares, compared to its average volume of 108,612. The firm's 50-day moving average is $219.83 and its two-hundred day moving average is $199.19. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.56 and a quick ratio of 2.76. Alamo Group, Inc. has a 12-month low of $157.07 and a 12-month high of $233.29. The firm has a market capitalization of $2.57 billion, a P/E ratio of 21.59, a price-to-earnings-growth ratio of 1.09 and a beta of 1.10.

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 (EPS) for the quarter, missing the consensus estimate of $2.69 by ($0.12). The company had revenue of $419.07 million during the quarter, compared to analyst estimates of $406.75 million. Alamo Group had a net margin of 7.41% and a return on equity of 11.45%. On average, analysts predict that Alamo Group, Inc. will post 9.53 earnings per share for the current fiscal year.

Alamo Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 29th. Investors of record on Wednesday, July 16th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Wednesday, July 16th. Alamo Group's payout ratio is presently 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.