Zacks Investment Research Downgrades Altra Industrial Motion Corp. (AIMC) to Hold

Altra Industrial Motion Corp. (NASDAQ:AIMC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday.

According to Zacks, “Over the last one year, Altra Industrial's shares have outperformed the Zacks categorized Machinery industry. Also, the company holds solid potential for organic and inorganic growth. For instance, the Stromag acquisition (completed in January) is predicted to be earnings accretive in 2017. Moreover, the company has been progressing well on its restructuring and cost-saving strategies. For 2017, the company raised its non-GAAP earnings guidance to $1.83-$1.93 per share from the earlier forecast of $1.75-$1.85. Revenue projection has been revised to $840-$855 million from the previous projection of $835-$855 million. However, the company is exposed to risks arising from high debt levels, stiff competition, geopolitical issues as well as adverse foreign currency movements. Over the last 60 days, earnings estimates on the stock remained stable for 2017 and 2018.”

A number of other equities research analysts also recently weighed in on the stock. BidaskClub downgraded shares of Altra Industrial Motion Corp. from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Jefferies Group LLC lifted their price target on shares of Altra Industrial Motion Corp. from $38.00 to $40.00 and gave the stock a “hold” rating in a research note on Monday, May 8th. TheStreet upgraded shares of Altra Industrial Motion Corp. from a “c+” rating to a “b” rating in a research note on Friday, April 28th. Finally, BMO Capital Markets lifted their price target on shares of Altra Industrial Motion Corp. from $46.00 to $49.00 and gave the stock an “outperform” rating in a research note on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $46.00.

Shares of Altra Industrial Motion Corp. (NASDAQ AIMC) opened at 39.62 on Monday. Altra Industrial Motion Corp. has a one year low of $26.24 and a one year high of $46.90. The firm has a market capitalization of $1.16 billion, a PE ratio of 39.51 and a beta of 1.65. The firm’s 50 day moving average is $42.00 and its 200-day moving average is $39.44.

Altra Industrial Motion Corp. (NASDAQ:AIMC) last posted its quarterly earnings results on Friday, April 28th. The industrial products company reported $0.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.13. Altra Industrial Motion Corp. had a net margin of 3.58% and a return on equity of 16.20%. The firm had revenue of $215.40 million for the quarter, compared to the consensus estimate of $209.55 million. During the same quarter in the previous year, the company earned $0.38 earnings per share. The business’s revenue was up 19.3% compared to the same quarter last year. On average, equities research analysts predict that Altra Industrial Motion Corp. will post $1.93 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 6th. Shareholders of record on Friday, June 16th were issued a dividend of $0.17 per share. The ex-dividend date was Wednesday, June 14th. This is a boost from Altra Industrial Motion Corp.’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.72%. Altra Industrial Motion Corp.’s dividend payout ratio (DPR) is presently 69.39%.

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In other Altra Industrial Motion Corp. news, Chairman Carl R. Christenson sold 40,000 shares of Altra Industrial Motion Corp. stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of $43.32, for a total transaction of $1,732,800.00. Following the completion of the transaction, the chairman now directly owns 136,176 shares of the company’s stock, valued at $5,899,144.32. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Todd Patriacca sold 1,000 shares of Altra Industrial Motion Corp. stock in a transaction on Monday, May 15th. The shares were sold at an average price of $42.00, for a total value of $42,000.00. Following the transaction, the vice president now directly owns 29,371 shares of the company’s stock, valued at $1,233,582. The disclosure for this sale can be found here. Over the last three months, insiders have sold 63,500 shares of company stock valued at $2,740,050. Company insiders own 3.20% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of AIMC. Wells Fargo & Company MN boosted its position in shares of Altra Industrial Motion Corp. by 2.7% in the first quarter. Wells Fargo & Company MN now owns 640,923 shares of the industrial products company’s stock worth $24,964,000 after buying an additional 16,750 shares during the last quarter. State Street Corp boosted its position in shares of Altra Industrial Motion Corp. by 3.5% in the fourth quarter. State Street Corp now owns 464,225 shares of the industrial products company’s stock worth $17,131,000 after buying an additional 15,826 shares during the last quarter. Russell Investments Group Ltd. bought a new position in shares of Altra Industrial Motion Corp. during the fourth quarter worth about $3,621,000. Bbva Compass Bancshares Inc. boosted its position in shares of Altra Industrial Motion Corp. by 4.6% in the first quarter. Bbva Compass Bancshares Inc. now owns 7,098 shares of the industrial products company’s stock worth $277,000 after buying an additional 311 shares during the last quarter. Finally, Comerica Bank boosted its position in shares of Altra Industrial Motion Corp. by 189.4% in the fourth quarter. Comerica Bank now owns 53,602 shares of the industrial products company’s stock worth $2,018,000 after buying an additional 35,080 shares during the last quarter. 98.29% of the stock is owned by institutional investors.

About Altra Industrial Motion Corp.

Altra Industrial Motion Corp. is a designer, producer and marketer of a range of mechanical power transmission (MPT) components. The Company operates through three segments: Couplings, Clutches and Brakes; Electromagnetic Clutches and Brakes, and Gearing. It manufactures a range of couplings suitable for various industrial and specialty applications.

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