Altra Industrial Motion (AIMC) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Altra Industrial Motion (NASDAQ:AIMC) from a hold rating to a buy rating in a report published on Wednesday morning. Zacks Investment Research currently has $53.00 price objective 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.”
Other analysts also recently issued research reports about the stock. Stephens restated a buy rating and set a $52.00 price target on shares of Altra Industrial Motion in a report on Thursday, March 8th. BidaskClub upgraded shares of Altra Industrial Motion from a hold rating to a buy rating in a report on Wednesday, December 27th. ValuEngine downgraded shares of Altra Industrial Motion from a buy rating to a hold rating in a report on Tuesday, December 26th. Robert W. Baird restated a neutral rating and set a $50.00 price target (down previously from $54.00) on shares of Altra Industrial Motion in a report on Thursday, February 22nd. Finally, BMO Capital Markets restated an outperform rating and set a $58.00 price target (down previously from $61.00) on shares of Altra Industrial Motion in a report on Friday, February 23rd. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $51.00.
Altra Industrial Motion (NASDAQ:AIMC) last announced its quarterly earnings results on Wednesday, February 21st. The industrial products company reported $0.47 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.02). The firm had revenue of $223.30 million for the quarter, compared to analyst estimates of $214.70 million. Altra Industrial Motion had a return on equity of 15.92% and a net margin of 5.87%. The firm’s quarterly revenue was up 29.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.41 EPS. research analysts forecast that Altra Industrial Motion will post 2.43 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 3rd. Investors of record on Monday, March 19th will be given a dividend of $0.17 per share. The ex-dividend date is Friday, March 16th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.45%. Altra Industrial Motion’s payout ratio is currently 38.20%.
In related news, 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 owns 67,886 shares of the company’s stock, valued at approximately $3,394,300. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.20% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. Earnest Partners LLC boosted its position in shares of Altra Industrial Motion by 20.4% during the 4th quarter. Earnest Partners LLC now owns 1,902,381 shares of the industrial products company’s stock worth $95,880,000 after purchasing an additional 322,792 shares during the period. Wasatch Advisors Inc. boosted its position in shares of Altra Industrial Motion by 72.1% during the 4th quarter. Wasatch Advisors Inc. now owns 1,683,489 shares of the industrial products company’s stock worth $84,848,000 after purchasing an additional 705,534 shares during the period. Wells Fargo & Company MN boosted its position in shares of Altra Industrial Motion by 4.9% during the 4th quarter. Wells Fargo & Company MN now owns 543,248 shares of the industrial products company’s stock worth $27,379,000 after purchasing an additional 25,586 shares during the period. New York State Common Retirement Fund boosted its position 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 purchasing an additional 21,674 shares during the period. Finally, Wedge Capital Management L L P NC boosted its position in Altra Industrial Motion by 5.0% in the 4th quarter. Wedge Capital Management L L P NC now owns 392,141 shares of the industrial products company’s stock valued at $19,764,000 after buying an additional 18,764 shares during the period. 98.62% of the stock is owned by hedge funds and other institutional investors.
Altra Industrial Motion Company 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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