Altra Industrial Motion (AIMC) Lifted to “Buy” at Zacks Investment Research
Altra Industrial Motion (NASDAQ:AIMC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage currently has a $53.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 12.17% from the stock’s previous close.
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.”
A number of other equities analysts have also weighed in on the company. ValuEngine lowered Altra Industrial Motion from a “buy” rating to a “hold” rating in a research report on Tuesday, December 26th. BMO Capital Markets reiterated an “outperform” rating and issued a $58.00 price target (down previously from $61.00) on shares of Altra Industrial Motion in a research report on Friday, February 23rd. Robert W. Baird reiterated a “neutral” rating and issued a $50.00 price target (down previously from $54.00) on shares of Altra Industrial Motion in a research report on Thursday, February 22nd. Stephens reiterated a “buy” rating and issued a $56.00 price target (down previously from $58.00) on shares of Altra Industrial Motion in a research report on Thursday, February 22nd. Finally, BidaskClub downgraded Altra Industrial Motion from a “hold” rating to a “sell” rating in a research note on Wednesday, February 14th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average 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 Zacks’ consensus estimate of $0.49 by ($0.02). Altra Industrial Motion had a net margin of 5.87% and a return on equity of 15.92%. The company had revenue of $223.30 million during the quarter, compared to analyst estimates of $214.70 million. During the same quarter last year, the business earned $0.41 EPS. The company’s revenue for the quarter was up 29.4% compared to the same quarter last year. research analysts expect that Altra Industrial Motion will post 2.39 earnings per share for the current fiscal year.
In related news, VP Craig Schuele sold 3,315 shares of the stock in a transaction dated Wednesday, December 27th. The stock was 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 directly owns 67,886 shares of the company’s stock, valued at approximately $3,394,300. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.20% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the stock. Earnest Partners LLC lifted its stake in 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 in the last quarter. Wasatch Advisors Inc. lifted its stake in 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 in the last quarter. Wells Fargo & Company MN lifted its stake in Altra Industrial Motion by 4.9% in the 4th quarter. Wells Fargo & Company MN now owns 543,248 shares of the industrial products company’s stock worth $27,379,000 after acquiring an additional 25,586 shares in the last quarter. New York State Common Retirement Fund raised its stake 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 in the last quarter. Finally, Wedge Capital Management L L P NC raised its stake in shares of Altra Industrial Motion by 5.0% during the 4th quarter. Wedge Capital Management L L P NC now owns 392,141 shares of the industrial products company’s stock worth $19,764,000 after purchasing an additional 18,764 shares in the last quarter. 98.62% of the stock is owned by hedge funds and other institutional investors.
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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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