CastleKnight Management LP Raises Position in Alta Equipment Group Inc. (NYSE:ALTG)

CastleKnight Management LP boosted its position in shares of Alta Equipment Group Inc. (NYSE:ALTG - Free Report) by 70.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 540,986 shares of the company's stock after buying an additional 223,072 shares during the period. CastleKnight Management LP owned 1.63% of Alta Equipment Group worth $3,538,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ALTG. Price T Rowe Associates Inc. MD acquired a new stake in Alta Equipment Group during the 4th quarter worth approximately $69,000. Intech Investment Management LLC purchased a new position in Alta Equipment Group during the 4th quarter worth $79,000. Wells Fargo & Company MN lifted its stake in shares of Alta Equipment Group by 51.7% in the 4th quarter. Wells Fargo & Company MN now owns 12,533 shares of the company's stock worth $82,000 after acquiring an additional 4,272 shares during the period. SG Americas Securities LLC boosted its holdings in shares of Alta Equipment Group by 20.8% in the fourth quarter. SG Americas Securities LLC now owns 13,784 shares of the company's stock valued at $90,000 after acquiring an additional 2,375 shares in the last quarter. Finally, MetLife Investment Management LLC increased its stake in shares of Alta Equipment Group by 49.4% during the fourth quarter. MetLife Investment Management LLC now owns 20,313 shares of the company's stock worth $133,000 after acquiring an additional 6,716 shares during the period. Hedge funds and other institutional investors own 73.58% of the company's stock.

Alta Equipment Group Price Performance

Shares of ALTG stock traded up $0.12 during mid-day trading on Friday, reaching $4.60. The stock had a trading volume of 75,358 shares, compared to its average volume of 306,072. Alta Equipment Group Inc. has a 12-month low of $3.54 and a 12-month high of $11.39. 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 business has a 50-day simple moving average of $4.61 and a 200 day simple moving average of $6.21. The company has a market cap of $151.16 million, a P/E ratio of -2.71 and a beta of 1.53.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.05). Alta Equipment Group had a negative net margin of 2.81% and a negative return on equity of 42.09%. The business had revenue of $423.00 million during the quarter, compared to analyst estimates of $436.15 million. On average, sell-side analysts anticipate that Alta Equipment Group Inc. will post -1.92 earnings per share for the current year.

Alta Equipment Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Thursday, May 15th will be given a dividend of $0.057 per share. This represents a $0.23 dividend on an annualized basis and a yield of 4.96%. The ex-dividend date is Thursday, May 15th. Alta Equipment Group's dividend payout ratio is presently -9.87%.

Analyst Ratings Changes

Several equities analysts have issued reports on ALTG shares. Raymond James dropped their target price on 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 began coverage on Alta Equipment Group in a report on Thursday, March 27th. They issued a "buy" rating and a $10.00 target price for the company. Three research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $12.63.

Insider Activity at Alta Equipment Group

In other news, COO Craig Brubaker sold 5,294 shares of the firm's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $5.00, for a total transaction of $26,470.00. Following the sale, the chief operating officer now owns 98,640 shares in the company, valued at $493,200. This trade represents a 5.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 19.20% of the stock is currently owned by corporate insiders.

About Alta Equipment Group

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.