Redmond Asset Management LLC Invests $1.24 Million in Altra Industrial Motion Corp (NASDAQ:AIMC)
Redmond Asset Management LLC acquired a new position in shares of Altra Industrial Motion Corp (NASDAQ:AIMC) in the second quarter, HoldingsChannel reports. The fund acquired 34,537 shares of the industrial products company’s stock, valued at approximately $1,239,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Strs Ohio acquired a new stake in shares of Altra Industrial Motion during the 2nd quarter worth $89,000. Advisor Group Inc. acquired a new stake in shares of Altra Industrial Motion during the 2nd quarter worth $127,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Altra Industrial Motion during the 2nd quarter worth $130,000. Virginia Retirement Systems ET AL acquired a new stake in shares of Altra Industrial Motion during the 2nd quarter worth $205,000. Finally, Xact Kapitalforvaltning AB acquired a new stake in shares of Altra Industrial Motion during the 2nd quarter worth $316,000.
NASDAQ:AIMC traded down $0.13 on Thursday, reaching $24.16. The stock had a trading volume of 8,395 shares, compared to its average volume of 643,639. 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’s 50-day moving average price is $31.15. The company has a market cap of $1.59 billion, a PE ratio of 8.45 and a beta of 1.94. Altra Industrial Motion Corp has a 12-month low of $23.52 and a 12-month high of $44.05.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Wednesday, September 18th will be given a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, September 17th. This represents a $0.68 dividend on an annualized basis and a yield of 2.81%. Altra Industrial Motion’s payout ratio is currently 23.78%.
In other news, Director Larry Mcpherson sold 9,922 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $25.40, for a total transaction of $252,018.80. Following the transaction, the director now owns 9,608 shares of the company’s stock, valued at $244,043.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.10% of the company’s stock.
AIMC has been the subject of a number of research analyst reports. ValuEngine downgraded Altra Industrial Motion from a “sell” rating to a “strong sell” rating in a report on Friday, July 26th. Zacks Investment Research upgraded Altra Industrial Motion from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 23rd. KeyCorp lowered their price target on Altra Industrial Motion from $49.00 to $45.00 and set an “overweight” rating for the company in a report on Friday, July 26th. BidaskClub downgraded Altra Industrial Motion from a “hold” rating to a “sell” rating in a report on Wednesday, August 7th. Finally, Robert W. Baird set a $46.00 price target on Altra Industrial Motion and gave the company a “buy” rating in a report on Friday, July 26th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $47.20.
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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