Short Interest in Alta Equipment Group Inc. (NYSE:ALTG) Declines By 27.0%

Alta Equipment Group Inc. (NYSE:ALTG - Get Free Report) was the target of a large drop in short interest in March. As of March 31st, there was short interest totalling 1,540,000 shares, a drop of 27.0% from the March 15th total of 2,110,000 shares. Based on an average daily volume of 220,000 shares, the days-to-cover ratio is currently 7.0 days. Approximately 7.8% of the shares of the stock are sold short.

Alta Equipment Group Trading Up 8.0 %

Alta Equipment Group stock traded up $0.33 during trading on Wednesday, hitting $4.48. The company had a trading volume of 18,580 shares, compared to its average volume of 207,489. Alta Equipment Group has a 1-year low of $3.54 and a 1-year high of $12.09. The company has a current ratio of 1.35, a quick ratio of 0.43 and a debt-to-equity ratio of 7.45. The company's 50 day simple moving average is $5.04 and its 200-day simple moving average is $6.35. The stock has a market cap of $147.21 million, a price-to-earnings ratio of -2.64 and a beta of 1.55.

Alta Equipment Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Saturday, February 15th were issued a $0.057 dividend. The ex-dividend date was Friday, February 14th. This represents a $0.23 annualized dividend and a yield of 5.09%. Alta Equipment Group's dividend payout ratio (DPR) is presently -11.22%.

Insiders Place Their Bets

In other Alta Equipment Group news, COO Craig Brubaker sold 5,294 shares of the firm's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $5.00, for a total value of $26,470.00. Following the transaction, the chief operating officer now directly owns 98,640 shares of the company's stock, valued at $493,200. This trade represents a 5.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 19.90% of the company's stock.

Institutional Trading of Alta Equipment Group

A number of large investors have recently modified their holdings of the stock. Portolan Capital Management LLC purchased a new stake in Alta Equipment Group during the 4th quarter worth about $5,561,000. First Eagle Investment Management LLC acquired a new stake in Alta Equipment Group in the 4th quarter valued at about $2,589,000. CastleKnight Management LP raised its position in Alta Equipment Group by 70.2% in the 4th quarter. CastleKnight Management LP now owns 540,986 shares of the company's stock valued at $3,538,000 after purchasing an additional 223,072 shares in the last quarter. Millennium Management LLC acquired a new stake in Alta Equipment Group in the 4th quarter valued at about $937,000. Finally, Bank of America Corp DE raised its position in Alta Equipment Group by 148.0% in the 4th quarter. Bank of America Corp DE now owns 187,813 shares of the company's stock valued at $1,228,000 after purchasing an additional 112,092 shares in the last quarter. Hedge funds and other institutional investors own 73.58% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Raymond James reduced their price target on shares of Alta Equipment Group from $9.00 to $8.50 and set a "market perform" rating on the stock in a research report on Monday, March 10th. B. Riley assumed coverage on shares of Alta Equipment Group in a research report on Thursday, March 27th. They set a "buy" rating and a $10.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $12.63.

Alta Equipment Group Company Profile

Alta Equipment Group Inc owns and operates integrated equipment dealership platforms in the United States. It operates through three segments: Material Handling, Construction Equipment, and Master Distribution. The company operates a branch network that sells, rents, and provides parts and service support for various categories of specialized equipment, including lift trucks and other material handling equipment, heavy and compact earthmoving equipment, crushing and screening equipment, environmental processing equipment, cranes and aerial work platforms, paving and asphalt equipment, and other construction equipment and related products.