Principal Financial Group Inc. cut its stake in shares of Altra Industrial Motion Corp. (NASDAQ:AIMC) by 22.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 36,251 shares of the industrial products company’s stock after selling 10,772 shares during the period. Principal Financial Group Inc. owned about 0.06% of Altra Industrial Motion worth $2,010,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CI Investments Inc. bought a new stake in shares of Altra Industrial Motion in the fourth quarter worth $26,000. Alpha Paradigm Partners LLC purchased a new position in Altra Industrial Motion in the fourth quarter worth about $46,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Altra Industrial Motion during the 4th quarter valued at about $76,000. Nisa Investment Advisors LLC increased its position in shares of Altra Industrial Motion by 62.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 2,600 shares of the industrial products company’s stock valued at $144,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Origin Asset Management LLP purchased a new stake in shares of Altra Industrial Motion during the 4th quarter valued at about $206,000.
AIMC has been the subject of a number of research reports. Zacks Investment Research cut shares of Altra Industrial Motion from a “buy” rating to a “hold” rating and set a $56.00 target price for the company. in a report on Monday, February 15th. Robert W. Baird restated a “buy” rating on shares of Altra Industrial Motion in a research note on Sunday, March 14th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Altra Industrial Motion currently has a consensus rating of “Buy” and an average target price of $51.67.
Altra Industrial Motion (NASDAQ:AIMC) last issued its earnings results on Thursday, February 11th. The industrial products company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.07. Altra Industrial Motion had a negative net margin of 1.13% and a positive return on equity of 9.85%. The company had revenue of $453.20 million during the quarter, compared to the consensus estimate of $431.82 million. During the same quarter in the prior year, the firm posted $0.66 EPS. Altra Industrial Motion’s quarterly revenue was up 2.6% compared to the same quarter last year. On average, research analysts expect that Altra Industrial Motion Corp. will post 2.81 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, April 2nd. Investors of record on Thursday, March 18th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.39%. The ex-dividend date was Wednesday, March 17th. Altra Industrial Motion’s dividend payout ratio is currently 8.39%.
In other Altra Industrial Motion news, Director James H. Woodward, Jr. sold 2,378 shares of the stock in a transaction that occurred on Tuesday, March 16th. The shares were sold at an average price of $61.13, for a total transaction of $145,367.14. 1.20% of the stock is currently owned by company insiders.
Altra Industrial Motion Company Profile
Altra Industrial Motion Corp. designs, produces, and markets a range of electromechanical power transmission motion control products for use in various motion related applications, and high-volume manufacturing and non-manufacturing processes worldwide. It operates in two segments, Power Transmission Technologies (PTT) and Automation & Specialty (A&S).
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