Altra Industrial Motion Corp. (NASDAQ:AIMC) Increases Dividend to $0.09 Per Share

Altra Industrial Motion Corp. (NASDAQ:AIMCGet Rating) announced a quarterly dividend on Tuesday, April 26th, Zacks reports. Stockholders of record on Friday, June 17th will be given a dividend of 0.09 per share by the industrial products company on Wednesday, July 6th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date is Thursday, June 16th. This is a boost from Altra Industrial Motion’s previous quarterly dividend of $0.08.

Altra Industrial Motion has decreased its dividend by an average of 23.9% annually over the last three years and has increased its dividend annually for the last 1 consecutive years. Altra Industrial Motion has a payout ratio of 8.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Altra Industrial Motion to earn $4.18 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 7.7%.

NASDAQ:AIMC opened at $36.03 on Thursday. The company has a market cap of $2.34 billion, a PE ratio of 87.88, a P/E/G ratio of 0.68 and a beta of 2.30. Altra Industrial Motion has a one year low of $33.63 and a one year high of $68.07. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.80 and a quick ratio of 2.16. The firm’s 50 day simple moving average is $38.89 and its 200 day simple moving average is $47.88.

Altra Industrial Motion (NASDAQ:AIMCGet Rating) last released its earnings results on Wednesday, February 16th. The industrial products company reported $0.67 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.08). Altra Industrial Motion had a net margin of 1.46% and a return on equity of 10.40%. The company had revenue of $469.80 million for the quarter, compared to analyst estimates of $461.39 million. During the same quarter in the previous year, the firm earned $0.76 EPS. The firm’s revenue was up 3.7% on a year-over-year basis. Equities research analysts expect that Altra Industrial Motion will post 3.63 EPS for the current year.

Several institutional investors have recently made changes to their positions in AIMC. MML Investors Services LLC lifted its holdings in shares of Altra Industrial Motion by 4.1% in the fourth quarter. MML Investors Services LLC now owns 7,018 shares of the industrial products company’s stock worth $362,000 after buying an additional 278 shares in the last quarter. UBS Group AG lifted its holdings in shares of Altra Industrial Motion by 8.2% in the third quarter. UBS Group AG now owns 8,227 shares of the industrial products company’s stock worth $455,000 after buying an additional 620 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in Altra Industrial Motion in the fourth quarter valued at approximately $712,000. Glenmede Trust Co. NA raised its stake in Altra Industrial Motion by 23.8% in the fourth quarter. Glenmede Trust Co. NA now owns 23,920 shares of the industrial products company’s stock valued at $1,233,000 after purchasing an additional 4,595 shares in the last quarter. Finally, Millennium Management LLC raised its stake in Altra Industrial Motion by 43.4% in the third quarter. Millennium Management LLC now owns 33,074 shares of the industrial products company’s stock valued at $1,831,000 after purchasing an additional 10,003 shares in the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

AIMC has been the subject of several recent analyst reports. Robert W. Baird reduced their target price on shares of Altra Industrial Motion from $55.00 to $46.00 in a research note on Wednesday, March 9th. Zacks Investment Research upgraded shares of Altra Industrial Motion from a “sell” rating to a “hold” rating and set a $37.00 price target for the company in a research report on Tuesday, April 19th. TheStreet lowered shares of Altra Industrial Motion from a “b-” rating to a “c” rating in a research report on Wednesday, February 16th. Finally, StockNews.com assumed coverage on shares of Altra Industrial Motion in a research report on Thursday, March 31st. They set a “buy” rating for the company. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $55.41.

About Altra Industrial Motion (Get Rating)

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. It operates in two segments, Power Transmission Technologies (PTT) and Automation & Specialty (A&S).

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Dividend History for Altra Industrial Motion (NASDAQ:AIMC)

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