Bank of New York Mellon buys $9.8M stake in Alamo Group
What's the deal? Bank of New York Mellon CorpDealroom has a profile for this one. Try Dealroom → acquired a new position in Alamo GroupDealroom has a profile for this one. Try Dealroom → during the second quarter, buying 59,599 shares of the industrial products company worth roughly $9,803,000, according to Holdings Channel.com.
Why now? The move follows a wave of institutional activity in the stock. Natixis AdvisorsDealroom has a profile for this one. Try Dealroom → grew its position by 209% in the fourth quarter, while VanguardDealroom has a profile for this one. Try Dealroom →, Janus HendersonDealroom has a profile for this one. Try Dealroom →, Sei InvestmentsDealroom has a profile for this one. Try Dealroom →, and UBSDealroom has a profile for this one. Try Dealroom → all added shares. Institutional investors now own 92.36% of Alamo Group.
By the numbers: Alamo Group reported $2.82 in earnings per share for the quarter ended August 3, beating consensus estimates of $2.74. Revenue reached $450.73 million, above the $437.48 million analysts expected.
The company carries a market cap of $2.09 billion, a price-to-earnings ratio of 20.56, and a debt-to-equity ratio of 0.22. Its net margin stood at 6.08%, with a return on equity of 9.83%.
What's the mood? Analysts hold a "Moderate Buy" consensus and a $188 price target. One rates it Strong Buy, one Buy, and three Hold. DA DavidsonDealroom has a profile for this one. Try Dealroom → set its $188 target with a "neutral" rating in July.
The signal: With institutions holding more than 92% of shares and earnings topping estimates, Alamo Group is drawing steady interest from large fund managers even as the stock trades near the middle of its 52-week range of $145.76 to $219.88.
Read more: americanbankingnews.com
Image credit: James T M Towill
