Alamo Group Inc. (NYSE:ALG) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its position in Alamo Group Inc. (NYSE:ALG) by 1.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 82,738 shares of the industrial products company’s stock after selling 1,473 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.69% of Alamo Group worth $15,382,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. State of New Jersey Common Pension Fund D grew its position in shares of Alamo Group by 10.0% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 10,705 shares of the industrial products company’s stock valued at $1,928,000 after buying an additional 971 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Alamo Group in the third quarter valued at about $1,138,000. Victory Capital Management Inc. boosted its holdings in shares of Alamo Group by 7.4% in the third quarter. Victory Capital Management Inc. now owns 415,424 shares of the industrial products company’s stock valued at $74,830,000 after acquiring an additional 28,786 shares in the last quarter. Huntington National Bank boosted its holdings in shares of Alamo Group by 10.4% in the third quarter. Huntington National Bank now owns 669 shares of the industrial products company’s stock valued at $121,000 after acquiring an additional 63 shares in the last quarter. Finally, Quest Partners LLC boosted its holdings in shares of Alamo Group by 2,243.2% in the third quarter. Quest Partners LLC now owns 5,319 shares of the industrial products company’s stock valued at $958,000 after acquiring an additional 5,092 shares in the last quarter. 92.36% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ALG has been the topic of several analyst reports. Robert W. Baird downgraded shares of Alamo Group from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $224.00 to $177.00 in a report on Friday, February 28th. Industrial Alliance Securities set a $217.00 target price on shares of Alamo Group in a report on Monday, March 3rd. StockNews.com downgraded shares of Alamo Group from a “buy” rating to a “hold” rating in a report on Wednesday, March 5th. DA Davidson reduced their price objective on shares of Alamo Group from $219.00 to $217.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Finally, Baird R W cut shares of Alamo Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 28th.

Insider Activity

In related news, VP Janet S. Pollock sold 257 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $193.41, for a total transaction of $49,706.37. Following the completion of the sale, the vice president now directly owns 3,360 shares of the company’s stock, valued at approximately $649,857.60. This trade represents a 7.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.40% of the company’s stock.

Alamo Group Price Performance

Alamo Group stock opened at $185.92 on Wednesday. Alamo Group Inc. has a 1 year low of $163.74 and a 1 year high of $228.88. The firm has a 50 day moving average price of $183.03 and a 200 day moving average price of $184.22. The company has a market cap of $2.24 billion, a price-to-earnings ratio of 18.72 and a beta of 1.10. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.39 and a current ratio of 4.15.

Alamo Group (NYSE:ALG) last released its earnings results on Thursday, February 27th. The industrial products company reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.23 by $0.16. Alamo Group had a net margin of 7.19% and a return on equity of 12.41%. The firm had revenue of $385.32 million during the quarter, compared to the consensus estimate of $396.85 million. Sell-side analysts predict that Alamo Group Inc. will post 9.53 earnings per share for the current year.

Alamo Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 29th. Shareholders of record on Thursday, January 16th were paid a dividend of $0.30 per share. This is an increase from Alamo Group’s previous quarterly dividend of $0.26. This represents a $1.20 annualized dividend and a yield of 0.65%. The ex-dividend date of this dividend was Thursday, January 16th. Alamo Group’s payout ratio is currently 12.46%.

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.