Zacks Investment Research upgraded shares of Altra Industrial Motion (NASDAQ:AIMC) from a hold rating to a buy rating in a research note released on Wednesday morning. The firm currently has $53.00 target price on the industrial products company’s stock.
According to Zacks, “In the last month, Altra Industrial's shares outperformed the industry. We believe that the company is poised to benefit from its solid product portfolio, exposure to diversified end markets, wide customer base and inorganic growth initiatives. Recently, it agreed to combine its operations with four companies of Automation and Specialty business of Fortive Corporation. The combined business will a global leader in motion control and power transmission and will have revenues of $1.8 billion. Also, the company's restructuring and cost-saving strategies will be beneficial. For 2018, the company anticipates net sales to be within $895-$915 million range, up from $876.7 million generated in 2017. Non-GAAP earnings will likely be $2.30-$2.43 per share versus $2.05 in 2017. Earnings estimate on the stock improved for 2018 in the last 60 days.”
AIMC has been the subject of several other research reports. ValuEngine downgraded shares of Altra Industrial Motion from a buy rating to a hold rating in a research report on Tuesday, December 26th. Stephens restated a buy rating and set a $52.00 price target on shares of Altra Industrial Motion in a research report on Thursday, March 8th. BidaskClub downgraded shares of Altra Industrial Motion from a hold rating to a sell rating in a research report on Wednesday, February 14th. Robert W. Baird upgraded shares of Altra Industrial Motion from a neutral rating to an outperform rating and set a $50.00 price target for the company in a research report on Thursday, March 8th. Finally, BMO Capital Markets reiterated an outperform rating and issued a $58.00 price objective (down previously from $61.00) on shares of Altra Industrial Motion in a report on Friday, February 23rd. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $51.00.
Altra Industrial Motion (NASDAQ:AIMC) last released its quarterly earnings results on Wednesday, February 21st. The industrial products company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.02). Altra Industrial Motion had a return on equity of 15.92% and a net margin of 5.87%. The company had revenue of $223.30 million for the quarter, compared to analyst estimates of $214.70 million. During the same quarter last year, the company earned $0.41 EPS. The firm’s revenue for the quarter was up 29.4% on a year-over-year basis. analysts forecast that Altra Industrial Motion will post 2.43 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 3rd. Shareholders of record on Monday, March 19th will be issued a $0.17 dividend. The ex-dividend date is Friday, March 16th. This represents a $0.68 dividend on an annualized basis and a yield of 1.45%. Altra Industrial Motion’s payout ratio is 38.20%.
In other Altra Industrial Motion news, VP Craig Schuele sold 3,315 shares of the stock in a transaction dated Wednesday, December 27th. The shares were sold at an average price of $50.00, for a total value of $165,750.00. Following the completion of the sale, the vice president now owns 67,886 shares in the company, valued at approximately $3,394,300. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 3.20% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in AIMC. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Altra Industrial Motion in the 3rd quarter valued at about $203,000. Cambridge Investment Research Advisors Inc. acquired a new stake in Altra Industrial Motion in the 4th quarter valued at about $203,000. D.A. Davidson & CO. acquired a new stake in Altra Industrial Motion in the 4th quarter valued at about $206,000. Xact Kapitalforvaltning AB acquired a new stake in Altra Industrial Motion in the 4th quarter valued at about $209,000. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in Altra Industrial Motion in the 3rd quarter valued at about $266,000. Institutional investors own 98.62% of the company’s stock.
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About Altra Industrial Motion
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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