PNC Financial Services Group Inc. Has $327,000 Stock Position in Alamo Group Inc. (NYSE:ALG)

PNC Financial Services Group Inc. lowered its holdings in Alamo Group Inc. (NYSE:ALG) by 22.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,761 shares of the industrial products company’s stock after selling 523 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Alamo Group were worth $327,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP acquired a new stake in shares of Alamo Group during the 3rd quarter worth approximately $35,759,000. Victory Capital Management Inc. grew its holdings in shares of Alamo Group by 8.0% during the 4th quarter. Victory Capital Management Inc. now owns 448,718 shares of the industrial products company’s stock worth $83,421,000 after purchasing an additional 33,294 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Alamo Group by 4.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 672,728 shares of the industrial products company’s stock worth $121,205,000 after purchasing an additional 30,826 shares in the last quarter. Advantage Alpha Capital Partners LP acquired a new stake in shares of Alamo Group during the 3rd quarter worth approximately $3,014,000. Finally, Tributary Capital Management LLC grew its holdings in shares of Alamo Group by 16.0% during the 4th quarter. Tributary Capital Management LLC now owns 116,584 shares of the industrial products company’s stock worth $21,674,000 after purchasing an additional 16,093 shares in the last quarter. Institutional investors and hedge funds own 92.36% of the company’s stock.

Alamo Group Price Performance

Alamo Group stock opened at $183.97 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.15 and a quick ratio of 2.39. The company has a market capitalization of $2.22 billion, a PE ratio of 18.53 and a beta of 1.10. Alamo Group Inc. has a one year low of $163.74 and a one year high of $228.88. The business has a 50 day simple moving average of $184.30 and a 200 day simple moving average of $184.35.

Alamo Group (NYSE:ALG) last issued its quarterly earnings data on Thursday, February 27th. The industrial products company reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.23 by $0.16. Alamo Group had a return on equity of 12.41% and a net margin of 7.19%. The firm had revenue of $385.32 million during the quarter, compared to the consensus estimate of $396.85 million. On average, sell-side analysts forecast that Alamo Group Inc. will post 9.53 EPS for the current fiscal year.

Alamo Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 29th. Shareholders of record on Thursday, January 16th were given a $0.30 dividend. This is an increase from Alamo Group’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Thursday, January 16th. This represents a $1.20 annualized dividend and a yield of 0.65%. Alamo Group’s payout ratio is presently 12.46%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ALG. StockNews.com lowered Alamo Group from a “buy” rating to a “hold” rating in a report on Wednesday, March 5th. Robert W. Baird downgraded Alamo Group from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $224.00 to $177.00 in a research report on Friday, February 28th. Industrial Alliance Securities set a $217.00 target price on Alamo Group in a research report on Monday, March 3rd. DA Davidson cut their target price on Alamo Group from $219.00 to $217.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Finally, Baird R W downgraded Alamo Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 28th.

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.