PNC Financial Services Group Inc. Reduces Stake in Alamo Group, Inc. (NYSE:ALG)

PNC Financial Services Group Inc. lowered its stake in Alamo Group, Inc. (NYSE:ALG) by 6.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,646 shares of the industrial products company’s stock after selling 115 shares during the period. PNC Financial Services Group Inc.’s holdings in Alamo Group were worth $293,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ALG. Wells Fargo & Company MN grew its position in Alamo Group by 16.7% in the fourth quarter. Wells Fargo & Company MN now owns 15,885 shares of the industrial products company’s stock worth $2,953,000 after acquiring an additional 2,275 shares in the last quarter. Envestnet Asset Management Inc. grew its position in Alamo Group by 13.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 23,972 shares of the industrial products company’s stock worth $4,457,000 after acquiring an additional 2,915 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Alamo Group in the fourth quarter worth about $200,000. Summit Investment Advisors Inc. grew its position in Alamo Group by 6.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 1,072 shares of the industrial products company’s stock worth $199,000 after acquiring an additional 69 shares in the last quarter. Finally, Barclays PLC grew its position in Alamo Group by 1.8% in the fourth quarter. Barclays PLC now owns 22,826 shares of the industrial products company’s stock worth $4,243,000 after acquiring an additional 409 shares in the last quarter. Hedge funds and other institutional investors own 92.36% of the company’s stock.

Alamo Group Stock Down 2.0%

Shares of NYSE:ALG opened at $221.89 on Friday. Alamo Group, Inc. has a 1 year low of $157.07 and a 1 year high of $233.29. The firm has a market capitalization of $2.69 billion, a PE ratio of 22.60, a price-to-earnings-growth ratio of 1.16 and a beta of 1.10. The business has a 50 day simple moving average of $219.85 and a two-hundred day simple moving average of $196.02. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.56 and a quick ratio of 2.76.

Alamo Group (NYSE:ALG) last issued its earnings results on Wednesday, August 6th. The industrial products company reported $2.57 earnings per share for the quarter, missing the consensus estimate of $2.69 by ($0.12). The firm had revenue of $419.07 million during the quarter, compared to analysts’ expectations of $406.75 million. Alamo Group had a return on equity of 11.45% and a net margin of 7.41%. On average, equities analysts predict that Alamo Group, Inc. will post 9.53 EPS for the current year.

Alamo Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 29th. Shareholders of record on Wednesday, July 16th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 0.5%. The ex-dividend date was Wednesday, July 16th. Alamo Group’s dividend payout ratio is presently 12.22%.

Analyst Upgrades and Downgrades

Several research firms recently commented on ALG. Robert W. Baird upgraded Alamo Group from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $209.00 to $260.00 in a research report on Monday, August 4th. DA Davidson restated a “neutral” rating and set a $225.00 target price on shares of Alamo Group in a research report on Tuesday, July 22nd. Wall Street Zen upgraded Alamo Group from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Baird R W upgraded Alamo Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 4th.

Alamo Group Profile

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.