Alamo Group Inc. (NYSE:ALG) Stake Cut by ProShare Advisors LLC

ProShare Advisors LLC lowered its stake in Alamo Group Inc. (NYSE:ALG - Free Report) by 15.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 32,613 shares of the industrial products company's stock after selling 6,069 shares during the quarter. ProShare Advisors LLC owned about 0.27% of Alamo Group worth $5,642,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Contravisory Investment Management Inc. grew its stake in shares of Alamo Group by 73.4% during the first quarter. Contravisory Investment Management Inc. now owns 111 shares of the industrial products company's stock valued at $25,000 after acquiring an additional 47 shares in the last quarter. First Horizon Advisors Inc. grew its position in shares of Alamo Group by 174.7% during the second quarter. First Horizon Advisors Inc. now owns 250 shares of the industrial products company's stock worth $43,000 after buying an additional 159 shares in the last quarter. Quest Partners LLC bought a new stake in shares of Alamo Group in the fourth quarter worth $52,000. nVerses Capital LLC acquired a new stake in Alamo Group in the second quarter valued at $52,000. Finally, Bessemer Group Inc. boosted its stake in Alamo Group by 1,885.7% during the 1st quarter. Bessemer Group Inc. now owns 278 shares of the industrial products company's stock valued at $63,000 after acquiring an additional 264 shares during the last quarter. 92.36% of the stock is currently owned by hedge funds and other institutional investors.

Alamo Group Stock Performance

Shares of NYSE:ALG traded up $2.21 during trading hours on Thursday, hitting $180.37. The stock had a trading volume of 111,724 shares, compared to its average volume of 74,108. The stock's fifty day simple moving average is $179.93 and its 200 day simple moving average is $189.24. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of 16.04 and a beta of 1.07. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.52 and a current ratio of 4.37. Alamo Group Inc. has a 1-year low of $157.74 and a 1-year high of $231.40.

Alamo Group (NYSE:ALG - Get Free Report) last announced its earnings results on Wednesday, July 31st. The industrial products company reported $2.35 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.79 by ($0.44). Alamo Group had a net margin of 7.56% and a return on equity of 13.51%. The company had revenue of $416.30 million during the quarter. During the same period in the previous year, the company earned $3.03 EPS. Sell-side analysts anticipate that Alamo Group Inc. will post 10.23 earnings per share for the current fiscal year.

Alamo Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 29th. Investors of record on Tuesday, July 16th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, July 16th. This represents a $1.04 annualized dividend and a yield of 0.58%. Alamo Group's payout ratio is 9.25%.

Insiders Place Their Bets

In other news, EVP Richard Hodges Raborn sold 300 shares of the company's stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $181.28, for a total value of $54,384.00. Following the completion of the sale, the executive vice president now owns 11,061 shares in the company, valued at $2,005,138.08. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Richard Hodges Raborn sold 300 shares of the business's stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $181.28, for a total value of $54,384.00. Following the sale, the executive vice president now directly owns 11,061 shares in the company, valued at approximately $2,005,138.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Edward Rizzuti sold 322 shares of the firm's stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $178.29, for a total transaction of $57,409.38. Following the sale, the executive vice president now owns 7,765 shares of the company's stock, valued at $1,384,421.85. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on ALG shares. StockNews.com cut shares of Alamo Group from a "buy" rating to a "hold" rating in a research report on Wednesday, July 17th. Robert W. Baird decreased their target price on Alamo Group from $223.00 to $217.00 and set an "outperform" rating for the company in a research report on Friday, August 2nd. Finally, DA Davidson upped their price target on Alamo Group from $209.00 to $219.00 and gave the company a "buy" rating in a research report on Wednesday, August 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.