CastleKnight Management LP Acquires 223,072 Shares of Alta Equipment Group Inc. (NYSE:ALTG)

CastleKnight Management LP lifted its holdings in shares of Alta Equipment Group Inc. (NYSE:ALTG - Free Report) by 70.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. 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 approximately 1.63% of Alta Equipment Group worth $3,538,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Barclays PLC raised its stake in shares of Alta Equipment Group by 302.8% during the 3rd quarter. Barclays PLC now owns 38,327 shares of the company's stock worth $258,000 after buying an additional 28,812 shares in the last quarter. JPMorgan Chase & Co. increased its position in Alta Equipment Group by 167.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 51,418 shares of the company's stock worth $347,000 after purchasing an additional 32,218 shares in the last quarter. SG Americas Securities LLC boosted its holdings in shares of Alta Equipment Group by 20.8% during the fourth quarter. SG Americas Securities LLC now owns 13,784 shares of the company's stock worth $90,000 after purchasing an additional 2,375 shares during the last quarter. Rhumbline Advisers lifted its position in Alta Equipment Group by 5.7% during the fourth quarter. Rhumbline Advisers now owns 33,968 shares of the company's stock worth $222,000 after buying an additional 1,827 shares during the period. Finally, Quantum Private Wealth LLC boosted its stake in Alta Equipment Group by 12.4% in the 4th quarter. Quantum Private Wealth LLC now owns 89,240 shares of the company's stock worth $584,000 after buying an additional 9,860 shares during the last quarter. 73.58% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Alta Equipment Group

In other news, COO Craig Brubaker sold 5,294 shares of the firm's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $5.00, for a total value of $26,470.00. Following the sale, the chief operating officer now directly owns 98,640 shares of the company's stock, valued at approximately $493,200. This trade represents a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 19.20% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ALTG. Raymond James cut 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 initiated coverage on Alta Equipment Group in a report on Thursday, March 27th. They issued a "buy" rating and a $10.00 price target for the company. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $12.63.

Alta Equipment Group Trading Up 2.7 %

Shares of NYSE ALTG traded up $0.12 during mid-day trading on Friday, hitting $4.60. 75,358 shares of the company traded hands, compared to its average volume of 303,275. The company has a quick ratio of 0.43, a current ratio of 1.35 and a debt-to-equity ratio of 7.45. The stock has a market capitalization of $151.16 million, a price-to-earnings ratio of -2.71 and a beta of 1.53. Alta Equipment Group Inc. has a 1 year low of $3.54 and a 1 year high of $11.39. The business has a 50 day moving average of $4.61 and a two-hundred day moving average of $6.21.

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

Alta Equipment Group Dividend Announcement

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

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.