Alta Equipment Group Inc. $ALTG Shares Bought by CastleKnight Management LP

CastleKnight Management LP increased its stake in shares of Alta Equipment Group Inc. (NYSE:ALTG) by 11.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 870,128 shares of the company’s stock after purchasing an additional 89,068 shares during the period. CastleKnight Management LP owned 2.70% of Alta Equipment Group worth $4,003,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of ALTG. Strs Ohio acquired a new position in shares of Alta Equipment Group during the 1st quarter worth approximately $138,000. Rhumbline Advisers raised its position in shares of Alta Equipment Group by 15.9% during the 1st quarter. Rhumbline Advisers now owns 39,374 shares of the company’s stock worth $185,000 after purchasing an additional 5,406 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Alta Equipment Group by 71.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 55,084 shares of the company’s stock worth $348,000 after purchasing an additional 23,047 shares during the last quarter. Quantinno Capital Management LP raised its position in shares of Alta Equipment Group by 72.4% during the 2nd quarter. Quantinno Capital Management LP now owns 62,314 shares of the company’s stock worth $394,000 after purchasing an additional 26,176 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Alta Equipment Group during the 2nd quarter worth approximately $35,000. 73.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ALTG. Raymond James Financial upgraded Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $9.50 price objective for the company in a research report on Monday, March 9th. DA Davidson upgraded Alta Equipment Group to a “hold” rating in a research report on Wednesday, May 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Alta Equipment Group in a research report on Friday, May 29th. Finally, Wall Street Zen downgraded Alta Equipment Group from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $12.17.

Alta Equipment Group Stock Down 0.3%

ALTG stock opened at $7.22 on Thursday. The stock has a market capitalization of $234.78 million, a P/E ratio of -2.85 and a beta of 1.73. The company has a debt-to-equity ratio of 257.10, a quick ratio of 0.47 and a current ratio of 1.37. Alta Equipment Group Inc. has a one year low of $4.16 and a one year high of $8.99. The company has a 50 day moving average price of $6.63 and a two-hundred day moving average price of $6.17.

Alta Equipment Group (NYSE:ALTG) last released its earnings results on Thursday, May 7th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.03). The firm had revenue of $410.50 million during the quarter, compared to analysts’ expectations of $424.18 million. Alta Equipment Group had a negative return on equity of 3,253.61% and a negative net margin of 4.33%. As a group, sell-side analysts expect that Alta Equipment Group Inc. will post -1.2 EPS for the current year.

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.