Mutual of America Capital Management LLC Decreases Stake in Altair Engineering Inc. (NASDAQ:ALTR)

Mutual of America Capital Management LLC cut its holdings in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 1.2% during the 3rd quarter, Holdings Channel.com reports. The firm owned 64,588 shares of the software’s stock after selling 793 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Altair Engineering were worth $6,169,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ALTR. Blue Trust Inc. raised its position in shares of Altair Engineering by 572.1% in the third quarter. Blue Trust Inc. now owns 289 shares of the software’s stock valued at $28,000 after purchasing an additional 246 shares during the period. GAMMA Investing LLC grew its stake in Altair Engineering by 81.7% in the 2nd quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock valued at $41,000 after buying an additional 188 shares in the last quarter. FSC Wealth Advisors LLC raised its holdings in Altair Engineering by 41.3% during the 2nd quarter. FSC Wealth Advisors LLC now owns 832 shares of the software’s stock valued at $82,000 after acquiring an additional 243 shares during the period. Van ECK Associates Corp lifted its position in shares of Altair Engineering by 41.7% during the second quarter. Van ECK Associates Corp now owns 1,057 shares of the software’s stock worth $104,000 after acquiring an additional 311 shares in the last quarter. Finally, KBC Group NV boosted its holdings in shares of Altair Engineering by 17.9% in the third quarter. KBC Group NV now owns 1,640 shares of the software’s stock worth $157,000 after acquiring an additional 249 shares during the period. Institutional investors own 63.38% of the company’s stock.

Altair Engineering Price Performance

Shares of NASDAQ:ALTR opened at $104.25 on Wednesday. The company’s fifty day moving average price is $98.11 and its 200-day moving average price is $93.52. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.27 and a quick ratio of 3.27. The firm has a market capitalization of $8.87 billion, a price-to-earnings ratio of 274.35, a PEG ratio of 11.93 and a beta of 1.44. Altair Engineering Inc. has a one year low of $68.87 and a one year high of $113.12.

Wall Street Analysts Forecast Growth

ALTR has been the topic of a number of recent research reports. Royal Bank of Canada increased their price objective on Altair Engineering from $90.00 to $113.00 and gave the stock a “sector perform” rating in a report on Thursday, October 31st. Needham & Company LLC reaffirmed a “hold” rating and set a $100.00 price objective on shares of Altair Engineering in a research note on Thursday, October 31st. Rosenblatt Securities increased their target price on shares of Altair Engineering from $88.00 to $113.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Loop Capital restated a “hold” rating and set a $113.00 price target on shares of Altair Engineering in a research report on Thursday, October 31st. Finally, The Goldman Sachs Group downgraded Altair Engineering from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $85.00 to $71.00 in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $100.71.

Insider Buying and Selling

In other Altair Engineering news, major shareholder Jrs Investments Llc sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $89.04, for a total value of $578,760.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO James Ralph Scapa sold 13,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $89.04, for a total transaction of $1,157,520.00. Following the transaction, the chief executive officer now owns 134,045 shares in the company, valued at $11,935,366.80. The trade was a 8.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 362,544 shares of company stock worth $35,717,201. Corporate insiders own 21.75% of the company’s stock.

Altair Engineering Company Profile

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