Nuveen LLC Buys New Stake in Alamo Group, Inc. $ALG

Key Points

• Nuveen LLC has made a new investment of approximately $8.36 million in Alamo Group, acquiring 46,916 shares and representing 0.39% of the company by the end of the reporting period.
• Analysts are optimistic about Alamo Group's stock, with ratings ranging from "neutral" to "strong-buy" and a consensus price target of $234.00.
• The company reported $2.57 earnings per share for the quarter, missing expectations of $2.69, but still generated revenue of $419.07 million, exceeding analysts' forecasts.

Nuveen LLC acquired a new position in shares of Alamo Group, Inc. (NYSE:ALG - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 46,916 shares of the industrial products company's stock, valued at approximately $8,361,000. Nuveen LLC owned 0.39% of Alamo Group as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Ninepoint Partners LP bought a new position in Alamo Group during the first quarter worth about $40,988,000. Bank of America Corp DE lifted its holdings in Alamo Group by 826.1% during the fourth quarter. Bank of America Corp DE now owns 130,494 shares of the industrial products company's stock worth $24,260,000 after acquiring an additional 116,404 shares in the last quarter. SG Capital Management LLC bought a new position in Alamo Group during the fourth quarter worth about $16,971,000. Ameriprise Financial Inc. lifted its holdings in Alamo Group by 338.4% during the fourth quarter. Ameriprise Financial Inc. now owns 115,856 shares of the industrial products company's stock worth $21,539,000 after acquiring an additional 89,430 shares in the last quarter. Finally, Westwood Holdings Group Inc. lifted its holdings in Alamo Group by 22.9% during the first quarter. Westwood Holdings Group Inc. now owns 400,860 shares of the industrial products company's stock worth $71,437,000 after acquiring an additional 74,679 shares in the last quarter. 92.36% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Jeffery Allen Leonard sold 2,500 shares of the stock in a transaction that occurred on 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 sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.18% of the stock is owned by insiders.

Alamo Group Stock Down 1.8%

Shares of ALG traded down $3.94 during mid-day trading on Friday, hitting $211.07. The company's stock had a trading volume of 97,703 shares, compared to its average volume of 82,456. The company's 50-day moving average is $220.54 and its 200-day moving average is $198.22. Alamo Group, Inc. has a 52-week low of $157.07 and a 52-week high of $233.29. The firm has a market capitalization of $2.56 billion, a price-to-earnings ratio of 21.49, a PEG ratio of 1.12 and a beta of 1.10. The company has a current ratio of 4.56, a quick ratio of 2.76 and a debt-to-equity ratio of 0.18.

Alamo Group (NYSE:ALG - Get Free Report) last announced 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 analysts' expectations of $406.75 million. On average, equities research analysts forecast that Alamo Group, Inc. will post 9.53 EPS for the current fiscal year.

Alamo Group Dividend Announcement

The company also recently announced 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. The ex-dividend date of this dividend was Wednesday, July 16th. This represents a $1.20 dividend on an annualized basis and a yield of 0.6%. Alamo Group's dividend payout ratio is presently 12.22%.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Baird R W upgraded Alamo Group from a "hold" rating to a "strong-buy" rating in a report on Monday, August 4th. Robert W. Baird upgraded Alamo Group from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $209.00 to $260.00 in a report on Monday, August 4th. Wall Street Zen downgraded Alamo Group from a "buy" rating to a "hold" rating in a research report on Sunday, August 24th. Finally, DA Davidson reaffirmed a "neutral" rating and issued a $225.00 target price on shares of Alamo Group in a research report on Tuesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $234.00.

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.