Magnetar Financial LLC Purchases New Position in Alamo Group, Inc. $ALG

Key Points

• Magnetar Financial LLC acquired a new position in Alamo Group, purchasing 1,790 shares valued at approximately $319,000 in the first quarter.
• Alamo Group's recent quarterly earnings revealed $2.57 earnings per share, missing analysts' expectations, while the company also announced a dividend of $0.30 per share.
• The stock currently has a consensus rating of "Buy" with a target price of $234.00, showing positive analyst sentiment despite a recent downgrade from some research firms.

Magnetar Financial LLC acquired a new stake in Alamo Group, Inc. (NYSE:ALG - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,790 shares of the industrial products company's stock, valued at approximately $319,000.

Other hedge funds also recently bought and sold shares of the company. Parallel Advisors LLC grew its position 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 acquiring an additional 72 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Alamo Group by 110.6% during the 1st quarter. GAMMA Investing LLC now owns 238 shares of the industrial products company's stock worth $42,000 after buying an additional 125 shares in the last quarter. Nisa Investment Advisors LLC grew its position in shares of Alamo Group by 30.0% during the 1st quarter. Nisa Investment Advisors LLC now owns 264 shares of the industrial products company's stock worth $47,000 after buying an additional 61 shares in the last quarter. Smartleaf Asset Management LLC grew its position in shares of Alamo Group by 31.6% during the 1st quarter. Smartleaf Asset Management LLC now owns 271 shares of the industrial products company's stock worth $49,000 after buying an additional 65 shares in the last quarter. Finally, Lazard Asset Management LLC bought a new position in shares of Alamo Group during the 4th quarter worth $79,000. Institutional investors own 92.36% of the company's stock.

Insider Activity

In other news, CEO Jeffery Allen Leonard sold 2,500 shares of the firm's stock in a transaction dated 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 directly owned 38,413 shares in the company, valued at $8,534,984.47. This trade represents a 6.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.18% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ALG. Robert W. Baird raised Alamo Group from a "neutral" rating to an "outperform" rating and increased their price target for the stock from $209.00 to $260.00 in a research report on Monday, August 4th. Wall Street Zen raised Alamo Group from a "hold" rating to a "buy" rating in a research report on Friday. Baird R W raised Alamo Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 4th. Finally, DA Davidson reaffirmed a "neutral" rating and set a $225.00 price objective on shares of Alamo Group in a research report on Tuesday, July 22nd. 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 company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $234.00.

Alamo Group Stock Down 0.7%

NYSE ALG traded down $1.43 during trading on Friday, hitting $209.12. The company's stock had a trading volume of 52,797 shares, compared to its average volume of 73,057. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.56 and a quick ratio of 2.76. The company has a market cap of $2.53 billion, a PE ratio of 21.30, a P/E/G ratio of 1.09 and a beta of 1.10. The business's 50 day simple moving average is $219.83 and its 200-day simple moving average is $199.12. Alamo Group, Inc. has a fifty-two week low of $157.07 and a fifty-two week high of $233.29.

Alamo Group (NYSE:ALG - Get Free Report) last issued its quarterly 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 during the quarter, compared to analyst estimates of $406.75 million. On average, equities analysts anticipate that Alamo Group, Inc. will post 9.53 EPS for the current fiscal year.

Alamo Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 29th. Stockholders of record on Wednesday, July 16th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Wednesday, July 16th. Alamo Group's dividend payout ratio (DPR) 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.