Alta Equipment Group (NYSE:ALTG) Major Shareholder Buys $114,734.40 in Stock

Alta Equipment Group Inc. (NYSE:ALTG) major shareholder Mill Road Capital Iii, L.P. bought 18,040 shares of Alta Equipment Group stock in a transaction on Wednesday, March 11th. The stock was purchased at an average price of $6.36 per share, with a total value of $114,734.40. Following the completion of the acquisition, the insider directly owned 4,311,248 shares of the company’s stock, valued at $27,419,537.28. This represents a 0.42% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Alta Equipment Group Stock Up 1.0%

NYSE:ALTG opened at $6.13 on Monday. The company’s 50-day simple moving average is $6.58 and its 200-day simple moving average is $6.23. The company has a debt-to-equity ratio of 257.10, a quick ratio of 0.48 and a current ratio of 1.43. Alta Equipment Group Inc. has a fifty-two week low of $3.54 and a fifty-two week high of $8.99. The stock has a market capitalization of $197.57 million, a P/E ratio of -2.39 and a beta of 1.54.

Alta Equipment Group (NYSE:ALTG) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.10). Alta Equipment Group had a negative return on equity of 341.70% and a negative net margin of 4.37%.The firm had revenue of $509.10 million for the quarter, compared to the consensus estimate of $489.56 million. On average, equities analysts anticipate that Alta Equipment Group Inc. will post -1.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alta Equipment Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CIBC Bancorp USA Inc. acquired a new stake in Alta Equipment Group during the 3rd quarter worth about $3,435,000. JPMorgan Chase & Co. increased its holdings in shares of Alta Equipment Group by 262.1% in the third quarter. JPMorgan Chase & Co. now owns 199,434 shares of the company’s stock valued at $1,444,000 after purchasing an additional 144,350 shares during the period. Citizens Financial Group Inc. RI increased its holdings in shares of Alta Equipment Group by 147.3% in the second quarter. Citizens Financial Group Inc. RI now owns 230,000 shares of the company’s stock valued at $1,454,000 after purchasing an additional 137,000 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in shares of Alta Equipment Group in the third quarter worth about $968,000. Finally, Squarepoint Ops LLC raised its stake in shares of Alta Equipment Group by 612.6% in the fourth quarter. Squarepoint Ops LLC now owns 122,822 shares of the company’s stock worth $565,000 after purchasing an additional 105,587 shares during the last quarter. Hedge funds and other institutional investors own 73.58% of the company’s stock.

Analyst Ratings Changes

ALTG has been the topic of a number of recent analyst reports. Raymond James Financial raised Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $9.50 price target on the stock in a research report on Monday, March 9th. Wall Street Zen upgraded Alta Equipment Group from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. DA Davidson set a $7.00 target price on Alta Equipment Group in a research report on Friday, March 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Alta Equipment Group in a research note on Monday, December 29th. Finally, Zacks Research raised Alta Equipment Group from a “strong sell” rating to a “hold” rating in a report on Monday, January 19th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $11.63.

Alta Equipment Group Company Profile

Alta Equipment Group, Inc (NYSE: ALTG) is a North American distributor of material handling and logistics equipment. The company offers a broad lineup of forklifts, lift trucks, aerial work platforms, tow motors, pallet jacks and related attachments, serving manufacturing, warehousing, distribution and industrial facilities. Through its network of branch locations, Alta Equipment provides customers with new and used sales, short- and long-term rentals, and integrated fleet management solutions designed to support operational efficiency.

In addition to equipment sales, Alta Equipment supports customers with comprehensive after-sales services.