Alta Equipment Group (NYSE:ALTG) Major Shareholder Buys $22,598.10 in Stock

Alta Equipment Group Inc. (NYSE:ALTG) major shareholder Mill Road Capital Iii, L.P. bought 3,798 shares of the business’s stock in a transaction on Friday, March 13th. The stock was bought at an average price of $5.95 per share, for a total transaction of $22,598.10. Following the completion of the purchase, the insider directly owned 4,373,208 shares of the company’s stock, valued at $26,020,587.60. The trade was a 0.09% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Mill Road Capital Iii, L.P. also recently made the following trade(s):

• On Thursday, March 12th, Mill Road Capital Iii, L.P. purchased 58,162 shares of Alta Equipment Group stock. The shares were purchased at an average price of $6.10 per share, with a total value of $354,788.20.
• On Wednesday, March 11th, Mill Road Capital Iii, L.P. acquired 18,040 shares of Alta Equipment Group stock. The stock was purchased at an average cost of $6.36 per share, for a total transaction of $114,734.40.

Alta Equipment Group Stock Down 5.2%

ALTG stock opened at $5.79 on Thursday. The stock has a market cap of $186.67 million, a PE ratio of -2.26 and a beta of 1.54. The firm’s 50-day simple moving average is $6.61 and its 200 day simple moving average is $6.19. Alta Equipment Group Inc. has a fifty-two week low of $3.54 and a fifty-two week high of $8.99. The company has a quick ratio of 0.48, a current ratio of 1.43 and a debt-to-equity ratio of 257.10.

Alta Equipment Group (NYSE:ALTG) last posted its earnings results on Thursday, February 26th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.10). Alta Equipment Group had a negative net margin of 4.37% and a negative return on equity of 341.70%. The firm had revenue of $509.10 million for the quarter, compared to analyst estimates of $489.56 million. As a group, sell-side analysts predict that Alta Equipment Group Inc. will post -1.92 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Alta Equipment Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Tudor Investment Corp ET AL grew its holdings in shares of Alta Equipment Group by 11.9% in the 4th quarter. Tudor Investment Corp ET AL now owns 100,885 shares of the company’s stock worth $464,000 after acquiring an additional 10,768 shares during the last quarter. Occudo Quantitative Strategies LP boosted its position in shares of Alta Equipment Group by 7.1% in the 4th quarter. Occudo Quantitative Strategies LP now owns 23,423 shares of the company’s stock valued at $108,000 after purchasing an additional 1,558 shares during the period. Millennium Management LLC boosted its position in shares of Alta Equipment Group by 45.4% in the 4th quarter. Millennium Management LLC now owns 76,587 shares of the company’s stock valued at $352,000 after purchasing an additional 23,926 shares during the period. Engineers Gate Manager LP increased its stake in Alta Equipment Group by 18.1% in the 4th quarter. Engineers Gate Manager LP now owns 14,940 shares of the company’s stock worth $69,000 after purchasing an additional 2,289 shares in the last quarter. Finally, CastleKnight Management LP increased its stake in Alta Equipment Group by 11.4% in the 4th quarter. CastleKnight Management LP now owns 870,128 shares of the company’s stock worth $4,003,000 after purchasing an additional 89,068 shares in the last quarter. 73.58% of the stock is owned by institutional investors and hedge funds.

About Alta Equipment Group

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.