Alta Equipment Group (NYSE:ALTG) Major Shareholder Buys $354,788.20 in Stock

Alta Equipment Group Inc. (NYSE:ALTG) major shareholder Mill Road Capital Iii, L.P. bought 58,162 shares of the business’s stock in a transaction on Thursday, March 12th. The stock was purchased at an average price of $6.10 per share, for a total transaction of $354,788.20. Following the purchase, the insider directly owned 4,369,410 shares in the company, valued at approximately $26,653,401. This represents a 1.35% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Major shareholders that own 10% or more of a company’s stock 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 Friday, March 13th, Mill Road Capital Iii, L.P. purchased 3,798 shares of Alta Equipment Group stock. The shares were acquired at an average cost of $5.95 per share, with a total value of $22,598.10.
• On Wednesday, March 11th, Mill Road Capital Iii, L.P. purchased 18,040 shares of Alta Equipment Group stock. The shares were acquired at an average cost of $6.36 per share, with a total value of $114,734.40.

Alta Equipment Group Price Performance

NYSE ALTG opened at $5.79 on Thursday. The firm’s 50 day moving average is $6.61 and its 200-day moving average is $6.19. The company has a quick ratio of 0.48, a current ratio of 1.43 and a debt-to-equity ratio of 257.10. The company has a market capitalization of $186.67 million, a PE ratio of -2.26 and a beta of 1.54. Alta Equipment Group Inc. has a 12-month low of $3.54 and a 12-month high of $8.99.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Occudo Quantitative Strategies LP increased its holdings in shares of Alta Equipment Group by 7.1% during the 4th quarter. Occudo Quantitative Strategies LP now owns 23,423 shares of the company’s stock worth $108,000 after acquiring an additional 1,558 shares during the last quarter. State Street Corp lifted its holdings in Alta Equipment Group by 0.3% during the 4th quarter. State Street Corp now owns 527,644 shares of the company’s stock valued at $2,427,000 after purchasing an additional 1,826 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Alta Equipment Group by 4.0% during the 4th quarter. Russell Investments Group Ltd. now owns 54,614 shares of the company’s stock valued at $251,000 after purchasing an additional 2,112 shares during the last quarter. Royal Bank of Canada boosted its position in Alta Equipment Group by 55.1% during the fourth quarter. Royal Bank of Canada now owns 6,153 shares of the company’s stock worth $28,000 after purchasing an additional 2,186 shares during the period. Finally, Engineers Gate Manager LP boosted its position in Alta Equipment Group by 18.1% during the fourth 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 during the period. 73.58% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

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.