Alamo Group (NYSE:ALG) Price Target Lowered to $209.00 at DA Davidson

Alamo Group (NYSE:ALG) had its price objective reduced by DA Davidson from $225.00 to $209.00 in a research report released on Monday morning, Benzinga reports. They currently have a buy rating on the industrial products company’s stock. DA Davidson also issued estimates for Alamo Group’s Q3 2024 earnings at $2.60 EPS.

Several other equities analysts have also issued reports on ALG. StockNews.com lowered shares of Alamo Group from a buy rating to a hold rating in a report on Wednesday, July 17th. Robert W. Baird decreased their target price on shares of Alamo Group from $223.00 to $217.00 and set an outperform rating for the company in a research note on Friday.

Alamo Group Stock Down 0.8 %

Alamo Group stock traded down $1.41 during trading hours on Monday, hitting $171.58. 94,826 shares of the stock traded hands, compared to its average volume of 75,688. The firm’s 50-day moving average price is $179.53 and its two-hundred day moving average price is $197.82. The company has a current ratio of 4.37, a quick ratio of 2.49 and a debt-to-equity ratio of 0.28. The company has a market cap of $2.07 billion, a PE ratio of 15.33 and a beta of 1.04. Alamo Group has a one year low of $157.74 and a one year high of $231.40.

Alamo Group (NYSE:ALG) last posted its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $2.35 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.44). Alamo Group had a net margin of 7.56% and a return on equity of 13.51%. The firm had revenue of $416.30 million for the quarter. During the same quarter last year, the firm posted $3.03 earnings per share. On average, research analysts forecast that Alamo Group will post 12.3 EPS for the current year.

Alamo Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 29th. Shareholders of record on Tuesday, July 16th were paid a dividend of $0.26 per share. The ex-dividend date was Tuesday, July 16th. This represents a $1.04 dividend on an annualized basis and a yield of 0.61%. Alamo Group’s dividend payout ratio is presently 9.25%.

Institutional Investors Weigh In On Alamo Group

A number of hedge funds have recently added to or reduced their stakes in ALG. Contravisory Investment Management Inc. grew its position in shares of Alamo Group by 73.4% during the 1st quarter. Contravisory Investment Management Inc. now owns 111 shares of the industrial products company’s stock valued at $25,000 after acquiring an additional 47 shares during the period. First Horizon Advisors Inc. boosted its holdings in Alamo Group by 174.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 250 shares of the industrial products company’s stock worth $43,000 after buying an additional 159 shares during the period. Quest Partners LLC bought a new position in Alamo Group in the 4th quarter worth $52,000. nVerses Capital LLC bought a new position in Alamo Group in the 2nd quarter worth $52,000. Finally, Bessemer Group Inc. boosted its holdings in Alamo Group by 1,885.7% in the 1st quarter. Bessemer Group Inc. now owns 278 shares of the industrial products company’s stock worth $63,000 after buying an additional 264 shares during the period. 92.36% of the stock is currently owned by hedge funds and other institutional investors.

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.