JPMorgan Chase & Co. Buys 144,350 Shares of Alta Equipment Group Inc. $ALTG

JPMorgan Chase & Co. raised its stake in Alta Equipment Group Inc. (NYSE:ALTG) by 262.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 199,434 shares of the company’s stock after purchasing an additional 144,350 shares during the quarter. JPMorgan Chase & Co. owned 0.62% of Alta Equipment Group worth $1,444,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Raymond James Financial Inc. bought a new stake in Alta Equipment Group in the second quarter valued at approximately $35,000. Lido Advisors LLC bought a new stake in Alta Equipment Group in the second quarter valued at approximately $74,000. R Squared Ltd bought a new stake in Alta Equipment Group in the third quarter valued at approximately $79,000. Engineers Gate Manager LP purchased a new position in shares of Alta Equipment Group during the second quarter valued at approximately $81,000. Finally, Centiva Capital LP purchased a new position in shares of Alta Equipment Group during the third quarter valued at approximately $83,000. Institutional investors own 73.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ALTG. Raymond James Financial raised Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $9.50 target price on the stock in a research note on Monday, March 9th. DA Davidson set a $7.00 target price on Alta Equipment Group in a research note on Friday, March 6th. Wall Street Zen raised Alta Equipment Group from a “sell” rating to a “hold” rating in a research note 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, Zacks Research raised Alta Equipment Group from a “strong sell” rating to a “hold” rating in a research note on Monday, January 19th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $12.17.

Insider Buying and Selling

In other news, major shareholder Mill Road Capital Iii, L.P. purchased 58,162 shares of Alta Equipment Group stock in a transaction that occurred on Thursday, March 12th. The shares were bought at an average cost of $6.10 per share, with a total value of $354,788.20. Following the completion of the purchase, the insider directly owned 4,369,410 shares in the company, valued at approximately $26,653,401. This trade represents a 1.35% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Anthony Colucci sold 8,137 shares of the company’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $7.05, for a total value of $57,365.85. Following the completion of the sale, the chief financial officer directly owned 240,750 shares in the company, valued at approximately $1,697,287.50. The trade was a 3.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have bought a total of 84,000 shares of company stock valued at $519,371 over the last ninety days. Company insiders own 19.20% of the company’s stock.

Alta Equipment Group Price Performance

ALTG opened at $5.81 on Thursday. The stock has a market capitalization of $187.46 million, a PE ratio of -2.27 and a beta of 1.57. The stock’s 50 day moving average price is $6.34 and its 200-day moving average price is $5.94. Alta Equipment Group Inc. has a 52-week low of $3.91 and a 52-week high of $8.99. 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 (NYSE:ALTG) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.10). The firm had revenue of $509.10 million during the quarter, compared to analysts’ expectations of $489.56 million. Alta Equipment Group had a negative return on equity of 341.70% and a negative net margin of 4.37%. On average, equities research analysts predict that Alta Equipment Group Inc. will post -1.92 EPS for the current year.

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.