Altra Industrial Motion Corp. (AIMC) Upgraded by Zacks Investment Research to Buy

Altra Industrial Motion Corp. (NASDAQ:AIMC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm presently has a $45.00 target price on the stock. Zacks Investment Research’s price target would indicate a potential upside of 12.92% from the company’s previous close.

According to Zacks, “Over the last one month, Altra Industrial's shares outperformed the Zacks categorized Machinery General Industrial industry. Also, we believe that the company holds solid potential for organic and inorganic growth in the long run. Also, Stromag acquisition will start yielding earnings benefits in 2017. In addition, the company is progressing well on its restructuring and cost-saving strategies. In 2017, the company anticipates closing one facility in the first quarter, while is evaluating options for one or two more closures in the rest of 2017. Rewarding shareholders with dividends and share buybacks remain a priority. Over the last 60 days, earnings estimates for the stock increased for 2017.”

Other analysts also recently issued research reports about the stock. BMO Capital Markets reissued a “buy” rating on shares of Altra Industrial Motion Corp. in a research note on Wednesday, November 30th. TheStreet downgraded shares of Altra Industrial Motion Corp. from a “buy” rating to a “hold” rating in a research note on Friday, October 21st. Stephens raised shares of Altra Industrial Motion Corp. from an “equal weight” rating to an “overweight” rating in a research note on Monday, October 24th. Finally, Jefferies Group LLC raised their price objective on shares of Altra Industrial Motion Corp. from $26.00 to $32.00 and gave the stock a “hold” rating in a research note on Friday, December 16th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $40.67.

Altra Industrial Motion Corp. (NASDAQ:AIMC) traded up 0.13% during midday trading on Tuesday, reaching $39.90. The company had a trading volume of 39,588 shares. The firm has a 50-day moving average price of $37.67 and a 200-day moving average price of $32.53. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of 34.73 and a beta of 1.52. Altra Industrial Motion Corp. has a 52 week low of $21.39 and a 52 week high of $40.25.

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In other news, VP Gerald P. Ferris sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, November 25th. The shares were sold at an average price of $35.40, for a total transaction of $531,000.00. Following the transaction, the vice president now directly owns 46,183 shares of the company’s stock, valued at $1,634,878.20. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Gerald P. Ferris sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 5th. The stock was sold at an average price of $36.00, for a total transaction of $360,000.00. Following the transaction, the vice president now directly owns 35,500 shares in the company, valued at $1,278,000. The disclosure for this sale can be found here. Company insiders own 4.10% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Silvercrest Asset Management Group LLC raised its stake in Altra Industrial Motion Corp. by 13.8% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 1,798,099 shares of the company’s stock valued at $66,350,000 after buying an additional 217,955 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Altra Industrial Motion Corp. by 5.1% in the third quarter. Victory Capital Management Inc. now owns 1,436,542 shares of the company’s stock valued at $41,617,000 after buying an additional 69,338 shares during the period. Frontier Capital Management Co. LLC raised its stake in shares of Altra Industrial Motion Corp. by 10.7% in the fourth quarter. Frontier Capital Management Co. LLC now owns 1,244,844 shares of the company’s stock valued at $45,935,000 after buying an additional 120,492 shares during the period. Wells Fargo & Company MN raised its stake in shares of Altra Industrial Motion Corp. by 0.4% in the third quarter. Wells Fargo & Company MN now owns 589,078 shares of the company’s stock valued at $17,063,000 after buying an additional 2,131 shares during the period. Finally, State Street Corp raised its stake in shares of Altra Industrial Motion Corp. by 3.5% in the fourth quarter. State Street Corp now owns 464,225 shares of the company’s stock valued at $17,131,000 after buying an additional 15,826 shares during the period.

About Altra Industrial Motion Corp.

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. The Company’s products are used to control and transmit power and torque in virtually any industrial application involving movement.

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