Altra Industrial Motion (NASDAQ:AIMC) Shares Gap Up Following Analyst Upgrade


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Altra Industrial Motion Corp. (NASDAQ:AIMC) shares gapped up before the market opened on Monday after Rosenblatt Securities raised their price target on the stock from $53.00 to $56.00. The stock had previously closed at $59.01, but opened at $63.10. Rosenblatt Securities currently has a neutral rating on the stock. Altra Industrial Motion shares last traded at $61.50, with a volume of 2,224 shares.

A number of other research analysts also recently weighed in on the stock. Zacks Investment Research raised shares of Altra Industrial Motion from a “hold” rating to a “buy” rating and set a $67.00 target price for the company in a research report on Monday, April 26th. TheStreet upgraded Altra Industrial Motion from a “c” rating to a “b” rating in a report on Thursday, April 29th. BMO Capital Markets upped their target price on Altra Industrial Motion from $65.00 to $70.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Robert W. Baird restated a “buy” rating on shares of Altra Industrial Motion in a research note on Sunday, March 14th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Altra Industrial Motion presently has an average rating of “Buy” and a consensus target price of $64.00.

In related news, Director James H. Woodward, Jr. sold 2,378 shares of the firm’s stock in a transaction dated Tuesday, March 16th. The shares were sold at an average price of $61.13, for a total value of $145,367.14. 1.20% of the stock is currently owned by corporate insiders.

Several hedge funds have recently bought and sold shares of the stock. CI Investments Inc. acquired a new stake in Altra Industrial Motion during the 4th quarter valued at $26,000. Alpha Paradigm Partners LLC acquired a new stake in shares of Altra Industrial Motion during the 4th quarter worth about $46,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Altra Industrial Motion during the 4th quarter worth about $76,000. Meeder Asset Management Inc. grew its stake in Altra Industrial Motion by 1,038.6% in the 1st quarter. Meeder Asset Management Inc. now owns 1,890 shares of the industrial products company’s stock valued at $105,000 after buying an additional 1,724 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in Altra Industrial Motion by 62.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,600 shares of the industrial products company’s stock valued at $144,000 after acquiring an additional 1,000 shares during the period.

The business has a fifty day moving average price of $59.90 and a 200-day moving average price of $55.96. The company has a quick ratio of 1.64, a current ratio of 2.33 and a debt-to-equity ratio of 0.78. The company has a market cap of $4.07 billion, a P/E ratio of -209.59, a PEG ratio of 1.26 and a beta of 2.56.

Altra Industrial Motion (NASDAQ:AIMC) last released its quarterly earnings results on Wednesday, April 28th. The industrial products company reported $0.86 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.76 by $0.10. Altra Industrial Motion had a positive return on equity of 9.85% and a negative net margin of 1.13%. As a group, research analysts expect that Altra Industrial Motion Corp. will post 2.81 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 2nd. Stockholders of record on Friday, June 18th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date is Thursday, June 17th. This is a boost from Altra Industrial Motion’s previous quarterly dividend of $0.06. Altra Industrial Motion’s payout ratio is presently 8.39%.

Altra Industrial Motion Company Profile (NASDAQ:AIMC)

Altra Industrial Motion Corp. designs, produces, and markets a range of electromechanical power transmission motion control products for use in various motion related applications, and high-volume manufacturing and non-manufacturing processes worldwide. It operates in two segments, Power Transmission Technologies (PTT) and Automation & Specialty (A&S).

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