Altra Industrial Motion (NASDAQ:AIMC) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Altra Industrial Motion (NASDAQ:AIMC) from a hold rating to a buy rating in a research report sent to investors on Wednesday, March 14th. 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.”

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AIMC has been the subject of a number of other reports. ValuEngine downgraded Altra Industrial Motion from a buy rating to a hold rating in a research note on Tuesday, December 26th. Stephens reissued a buy rating and set a $52.00 price objective on shares of Altra Industrial Motion in a report on Thursday, March 8th. BidaskClub lowered Altra Industrial Motion from a hold rating to a sell rating in a report on Wednesday, February 14th. Robert W. Baird raised Altra Industrial Motion from a neutral rating to an outperform rating and set a $50.00 target price on the stock in a report on Thursday, March 8th. Finally, BMO Capital Markets reaffirmed an outperform rating and issued a $58.00 target price (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 assigned a buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $51.00.

Shares of NASDAQ AIMC traded down $1.50 during mid-day trading on Wednesday, hitting $44.85. 102,650 shares of the company traded hands, compared to its average volume of 199,037. The company has a market cap of $1,361.92, a price-to-earnings ratio of 21.88 and a beta of 1.64. The company has a quick ratio of 1.49, a current ratio of 2.51 and a debt-to-equity ratio of 0.69. Altra Industrial Motion has a 1 year low of $36.50 and a 1 year high of $53.70.

Altra Industrial Motion (NASDAQ:AIMC) last announced its quarterly earnings data on Wednesday, February 21st. The industrial products company reported $0.47 earnings per share (EPS) 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 business had revenue of $223.30 million during the quarter, compared to analysts’ expectations of $214.70 million. During the same period in the prior year, the company posted $0.41 earnings per share. The firm’s revenue was up 29.4% on a year-over-year basis. sell-side analysts expect that Altra Industrial Motion will post 2.43 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 3rd. Shareholders of record on Monday, March 19th were given a $0.17 dividend. The ex-dividend date was Friday, March 16th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.52%. Altra Industrial Motion’s dividend payout ratio is currently 33.17%.

Several hedge funds have recently made changes to their positions in AIMC. Wasatch Advisors Inc. lifted its position in shares of Altra Industrial Motion by 72.1% in the 4th quarter. Wasatch Advisors Inc. now owns 1,683,489 shares of the industrial products company’s stock worth $84,848,000 after acquiring an additional 705,534 shares during the period. Earnest Partners LLC lifted its position in shares of Altra Industrial Motion by 20.4% in the 4th quarter. Earnest Partners LLC now owns 1,902,381 shares of the industrial products company’s stock worth $95,880,000 after acquiring an additional 322,792 shares during the period. Kennedy Capital Management Inc. lifted its position in shares of Altra Industrial Motion by 43.3% during the 4th quarter. Kennedy Capital Management Inc. now owns 273,817 shares of the industrial products company’s stock worth $13,800,000 after buying an additional 82,702 shares during the period. 361 Capital LLC bought a new position in shares of Altra Industrial Motion during the 3rd quarter worth approximately $2,256,000. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its position in shares of Altra Industrial Motion by 47.9% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 123,426 shares of the industrial products company’s stock worth $6,221,000 after buying an additional 39,948 shares during the period. Institutional investors own 98.32% 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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