Redmond Asset Management LLC acquired a new stake in Altra Industrial Motion Corp (NASDAQ:AIMC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 34,537 shares of the industrial products company’s stock, valued at approximately $1,239,000. Redmond Asset Management LLC owned 0.05% of Altra Industrial Motion as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently made changes to their positions in the company. Strs Ohio acquired a new position in shares of Altra Industrial Motion in the second quarter valued at about $89,000. Advisor Group Inc. acquired a new position in shares of Altra Industrial Motion in the second quarter valued at about $127,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Altra Industrial Motion in the second quarter valued at about $130,000. Virginia Retirement Systems ET AL acquired a new position in shares of Altra Industrial Motion in the second quarter valued at about $205,000. Finally, Xact Kapitalforvaltning AB acquired a new position in shares of Altra Industrial Motion in the second quarter valued at about $316,000.
Shares of NASDAQ:AIMC traded down $0.13 during midday trading on Thursday, hitting $24.16. The company had a trading volume of 8,395 shares, compared to its average volume of 643,639. Altra Industrial Motion Corp has a twelve month low of $23.52 and a twelve month high of $44.05. The company has a current ratio of 2.12, a quick ratio of 1.41 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $1.59 billion, a PE ratio of 8.45 and a beta of 1.94. The firm’s 50-day moving average is $31.15.
Altra Industrial Motion (NASDAQ:AIMC) last posted its quarterly earnings results on Thursday, July 25th. The industrial products company reported $0.71 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.08). Altra Industrial Motion had a net margin of 4.34% and a return on equity of 10.50%. The company had revenue of $466.50 million during the quarter, compared to analyst estimates of $488.01 million. During the same period in the prior year, the business posted $0.71 EPS. Altra Industrial Motion’s revenue for the quarter was up 96.6% compared to the same quarter last year. As a group, equities research analysts expect that Altra Industrial Motion Corp will post 2.92 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Wednesday, September 18th will be issued a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, September 17th. This represents a $0.68 annualized dividend and a dividend yield of 2.81%. Altra Industrial Motion’s dividend payout ratio is presently 23.78%.
A number of research analysts have recently weighed in on the company. Robert W. Baird set a $46.00 price objective on Altra Industrial Motion and gave the company a “buy” rating in a report on Friday, July 26th. TheStreet lowered Altra Industrial Motion from a “b-” rating to a “c+” rating in a report on Monday. ValuEngine lowered Altra Industrial Motion from a “sell” rating to a “strong sell” rating in a report on Friday, July 26th. KeyCorp cut their price objective on Altra Industrial Motion from $49.00 to $45.00 and set an “overweight” rating on the stock in a report on Friday, July 26th. Finally, Zacks Investment Research upgraded Altra Industrial Motion from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 23rd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $47.20.
In related news, Director Larry Mcpherson sold 9,922 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $25.40, for a total value of $252,018.80. Following the completion of the sale, the director now owns 9,608 shares of the company’s stock, valued at $244,043.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.10% of the stock is currently owned by company insiders.
About Altra Industrial Motion
Altra Industrial Motion Corp. designs, produces, and markets a range of electromechanical power transmission motion control products for use in motion related applications, and high-volume manufacturing and non-manufacturing processes worldwide. It operates in two segments, Power Transmission Technologies and Automation & Specialty.
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