Wells Fargo & Company MN reduced its position in shares of Alamo Group, Inc. (NYSE:ALG) by 0.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,200 shares of the industrial products company’s stock after selling 12 shares during the period. Wells Fargo & Company MN owned 0.09% of Alamo Group worth $777,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. State Street Corp increased its position in shares of Alamo Group by 9.4% in the fourth quarter. State Street Corp now owns 200,130 shares of the industrial products company’s stock worth $15,230,000 after buying an additional 17,223 shares during the period. Renaissance Technologies LLC bought a new stake in Alamo Group during the fourth quarter worth about $2,899,000. Comerica Bank boosted its stake in Alamo Group by 5.4% in the fourth quarter. Comerica Bank now owns 10,038 shares of the industrial products company’s stock worth $775,000 after buying an additional 518 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in Alamo Group by 5.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 5,090 shares of the industrial products company’s stock worth $387,000 after buying an additional 250 shares in the last quarter. Finally, First Manhattan Co. boosted its stake in Alamo Group by 50.6% in the first quarter. First Manhattan Co. now owns 152,240 shares of the industrial products company’s stock worth $10,031,000 after buying an additional 51,177 shares in the last quarter. 89.93% of the stock is owned by institutional investors and hedge funds.
Alamo Group, Inc. (NYSE:ALG) opened at 92.40 on Tuesday. The company’s 50 day moving average is $87.60 and its 200-day moving average is $79.28. Alamo Group, Inc. has a 52-week low of $58.30 and a 52-week high of $94.01. The firm has a market cap of $1.07 billion, a P/E ratio of 24.57 and a beta of 0.95.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 28th. Shareholders of record on Monday, July 17th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend is Thursday, July 13th. Alamo Group’s dividend payout ratio (DPR) is presently 10.64%.
Several analysts have weighed in on ALG shares. Piper Jaffray Companies reiterated a “buy” rating and issued a $90.00 price objective on shares of Alamo Group in a research note on Friday. Zacks Investment Research cut shares of Alamo Group from a “hold” rating to a “sell” rating in a research report on Tuesday, March 21st. BidaskClub lowered shares of Alamo Group from a “buy” rating to a “hold” rating in a report on Friday, June 23rd. Finally, Seaport Global Securities boosted their price target on shares of Alamo Group from $71.00 to $80.00 and gave the stock a “neutral” rating in a research report on Monday, May 8th.
In related news, VP Dan Edward Malone sold 900 shares of the business’s stock in a transaction on Friday, May 12th. The stock was sold at an average price of $82.02, for a total value of $73,818.00. Following the sale, the vice president now owns 10,750 shares in the company, valued at approximately $881,715. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ronald A. Robinson sold 25,000 shares of the business’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $83.76, for a total value of $2,094,000.00. Following the completion of the sale, the chief executive officer now owns 222,575 shares in the company, valued at approximately $18,642,882. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 39,235 shares of company stock valued at $3,314,748. Company insiders own 3.99% of the company’s stock.
About Alamo Group
Alamo Group Inc is engaged in the design and manufacture of agricultural equipment and infrastructure maintenance equipment for governmental and industrial use. The Company operates in Industrial, Agricultural and European segments. The Company’s products include tractor-mounted mowing and other vegetation maintenance equipment, street sweepers, excavators, vacuum trucks, snow removal equipment, pothole patchers, zero turn radius mowers, agricultural implements and related aftermarket.
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