Ameriprise Financial Inc. lowered its stake in Altra Industrial Motion Corp (NASDAQ:AIMC) by 64.4% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 74,706 shares of the industrial products company’s stock after selling 134,857 shares during the period. Ameriprise Financial Inc. owned approximately 0.26% of Altra Industrial Motion worth $3,594,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. 361 Capital LLC acquired a new position in shares of Altra Industrial Motion during the 3rd quarter worth approximately $2,256,000. SG Americas Securities LLC grew its position in shares of Altra Industrial Motion by 8.5% during the 3rd quarter. SG Americas Securities LLC now owns 19,887 shares of the industrial products company’s stock worth $957,000 after purchasing an additional 1,557 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Altra Industrial Motion by 13.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 246,582 shares of the industrial products company’s stock worth $11,860,000 after acquiring an additional 29,706 shares during the period. New York State Common Retirement Fund lifted its holdings in shares of Altra Industrial Motion by 5.3% during the 3rd quarter. New York State Common Retirement Fund now owns 433,694 shares of the industrial products company’s stock worth $20,861,000 after acquiring an additional 21,674 shares during the period. Finally, American Century Companies Inc. bought a new stake in shares of Altra Industrial Motion during the 3rd quarter worth approximately $1,009,000. Institutional investors and hedge funds own 99.22% of the company’s stock.
AIMC has been the subject of a number of recent analyst reports. Zacks Investment Research raised shares of Altra Industrial Motion from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a report on Thursday, October 5th. Robert W. Baird reaffirmed a “hold” rating and set a $48.00 price target on shares of Altra Industrial Motion in a report on Wednesday, October 4th. Sidoti downgraded shares of Altra Industrial Motion from a “buy” rating to a “neutral” rating and set a $53.00 price target for the company. in a report on Wednesday, October 4th. They noted that the move was a valuation call. BMO Capital Markets reaffirmed a “buy” rating and set a $53.00 price target on shares of Altra Industrial Motion in a report on Wednesday, September 6th. Finally, ValuEngine downgraded shares of Altra Industrial Motion from a “buy” rating to a “hold” rating in a report on Tuesday, December 26th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $49.20.
Altra Industrial Motion (NASDAQ:AIMC) last issued its quarterly earnings results on Friday, October 20th. The industrial products company reported $0.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.02. The company had revenue of $214.60 million during the quarter, compared to the consensus estimate of $210.79 million. Altra Industrial Motion had a net margin of 4.92% and a return on equity of 16.30%. The firm’s quarterly revenue was up 24.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.35 EPS. research analysts forecast that Altra Industrial Motion Corp will post 2.05 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 3rd. Investors of record on Monday, December 18th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.37%. The ex-dividend date is Friday, December 15th. Altra Industrial Motion’s payout ratio is 48.23%.
In related news, Director Lipscomb S. Michael sold 25,000 shares of the stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $48.34, for a total value of $1,208,500.00. Following the completion of the transaction, the director now owns 15,848 shares of the company’s stock, valued at approximately $766,092.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Craig Schuele sold 3,315 shares of the stock in a transaction that occurred on Wednesday, December 27th. The shares were sold at an average price of $50.00, for a total transaction of $165,750.00. Following the completion of the transaction, the vice president now directly owns 67,886 shares of the company’s stock, valued at approximately $3,394,300. The disclosure for this sale can be found here. In the last three months, insiders sold 30,100 shares of company stock valued at $1,463,299. 3.20% of the stock is owned by insiders.
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Altra Industrial Motion Profile
Altra Industrial Motion Corp. is a designer, producer and marketer of a range of mechanical power transmission (MPT) components. The Company operates through three segments: Couplings, Clutches and Brakes; Electromagnetic Clutches and Brakes, and Gearing. It manufactures a range of couplings suitable for various industrial and specialty applications.
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