Mutual of America Capital Management LLC Cuts Stock Holdings in Altair Engineering Inc. (NASDAQ:ALTR)

Posted by Defense World Staff on Aug 5th, 2023

Mutual of America Capital Management LLC reduced its stake in Altair Engineering Inc. (NASDAQ:ALTR – Free Report) by 4.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,363 shares of the software’s stock after selling 2,413 shares during the period. Mutual of America Capital Management LLC owned approximately 0.07% of Altair Engineering worth $3,776,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ALTR. MetLife Investment Management LLC raised its position in Altair Engineering by 54.5% in the 1st quarter. MetLife Investment Management LLC now owns 24,032 shares of the software’s stock valued at $1,548,000 after purchasing an additional 8,474 shares in the last quarter. Rhumbline Advisers raised its holdings in Altair Engineering by 1.5% in the first quarter. Rhumbline Advisers now owns 47,705 shares of the software’s stock valued at $3,072,000 after acquiring an additional 704 shares in the last quarter. BlackRock Inc. lifted its stake in Altair Engineering by 7.5% in the first quarter. BlackRock Inc. now owns 4,879,144 shares of the software’s stock worth $314,217,000 after acquiring an additional 339,610 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Altair Engineering by 3.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 353,243 shares of the software’s stock worth $22,750,000 after acquiring an additional 10,216 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Altair Engineering by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 4,645,906 shares of the software’s stock valued at $299,196,000 after purchasing an additional 18,157 shares during the last quarter. 63.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on ALTR. Needham & Company LLC reiterated a “buy” rating and set a $77.00 target price on shares of Altair Engineering in a research note on Friday. 51job reissued a “maintains” rating on shares of Altair Engineering in a research report on Friday, May 5th. Rosenblatt Securities upped their price target on Altair Engineering from $70.00 to $74.00 and gave the company a “buy” rating in a report on Friday. Loop Capital raised their price objective on shares of Altair Engineering from $70.00 to $81.00 and gave the stock a “buy” rating in a report on Tuesday, April 18th. Finally, Royal Bank of Canada lifted their price target on shares of Altair Engineering from $71.00 to $74.00 and gave the stock a “sector perform” rating in a research note on Friday. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.57.

Insider Transactions at Altair Engineering

In related news, insider Raoul Maitra sold 847 shares of Altair Engineering stock in a transaction on Friday, May 26th. The shares were sold at an average price of $72.70, for a total value of $61,576.90. Following the transaction, the insider now directly owns 23,144 shares in the company, valued at approximately $1,682,568.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO James Ralph Scapa sold 5,358 shares of the firm’s stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $67.82, for a total value of $363,379.56. Following the completion of the sale, the chief executive officer now directly owns 113,406 shares of the company’s stock, valued at approximately $7,691,194.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Raoul Maitra sold 847 shares of the company’s stock in a transaction on Friday, May 26th. The stock was sold at an average price of $72.70, for a total value of $61,576.90. Following the transaction, the insider now directly owns 23,144 shares in the company, valued at approximately $1,682,568.80. The disclosure for this sale can be found here. Insiders sold 270,608 shares of company stock worth $19,998,751 over the last 90 days. 22.17% of the stock is currently owned by insiders.

Altair Engineering Price Performance

Shares of ALTR opened at $63.80 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.83 and a current ratio of 1.83. Altair Engineering Inc. has a fifty-two week low of $43.17 and a fifty-two week high of $78.49. The firm has a 50-day simple moving average of $73.97 and a 200-day simple moving average of $67.88. The company has a market capitalization of $5.15 billion, a price-to-earnings ratio of -87.40, a price-to-earnings-growth ratio of 27.99 and a beta of 1.46.

Altair Engineering (NASDAQ:ALTR – Get Free Report) last posted its quarterly earnings data on Thursday, May 4th. The software reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $166.03 million during the quarter, compared to analysts’ expectations of $157.10 million. Altair Engineering had a negative return on equity of 0.23% and a negative net margin of 9.84%. On average, equities research analysts anticipate that Altair Engineering Inc. will post 0.22 earnings per share for the current year.

Altair Engineering Profile

(Free Report)

Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions in the areas of simulation, high-performance computing, data analytics, and artificial intelligence in the United States and internationally. The company operates in two segments: Software and Client Engineering Services.