AlphaQuest LLC Reduces Holdings in Alta Equipment Group Inc. $ALTG

Key Points

• AlphaQuest LLC significantly reduced its stake in Alta Equipment Group by selling 38,863 shares, resulting in a 78.8% decrease in holdings to 10,453 shares.
• Alta Equipment Group reported a loss of $0.21 earnings per share in its latest quarterly results, beating expectations, and had a revenue of $481.20 million.
• Institutional ownership of Alta Equipment Group is high at 73.58%, with several large investors adjusting their stakes in the company during the first quarter.

AlphaQuest LLC lowered its holdings in Alta Equipment Group Inc. (NYSE:ALTG - Free Report) by 78.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,453 shares of the company's stock after selling 38,863 shares during the period. AlphaQuest LLC's holdings in Alta Equipment Group were worth $49,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Citizens Financial Group Inc. RI acquired a new position in shares of Alta Equipment Group during the first quarter worth $436,000. Rhumbline Advisers lifted its holdings in Alta Equipment Group by 15.9% in the 1st quarter. Rhumbline Advisers now owns 39,374 shares of the company's stock valued at $185,000 after acquiring an additional 5,406 shares during the last quarter. MetLife Investment Management LLC lifted its position in shares of Alta Equipment Group by 49.4% in the fourth quarter. MetLife Investment Management LLC now owns 20,313 shares of the company's stock worth $133,000 after purchasing an additional 6,716 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of Alta Equipment Group in the fourth quarter worth approximately $367,000. Finally, GSA Capital Partners LLP increased its holdings in Alta Equipment Group by 98.4% in the first quarter. GSA Capital Partners LLP now owns 358,290 shares of the company's stock worth $1,680,000 after buying an additional 177,685 shares during the last quarter. Institutional investors and hedge funds own 73.58% of the company's stock.

Alta Equipment Group Stock Down 0.3%

Shares of Alta Equipment Group stock traded down $0.03 on Wednesday, reaching $7.79. 13,108 shares of the company were exchanged, compared to its average volume of 222,299. Alta Equipment Group Inc. has a one year low of $3.54 and a one year high of $8.99. The company has a 50-day moving average of $7.92 and a 200 day moving average of $6.06. The company has a current ratio of 1.39, a quick ratio of 0.48 and a debt-to-equity ratio of 16.69. The company has a market capitalization of $249.49 million, a price-to-earnings ratio of -3.78 and a beta of 1.61.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.06. Alta Equipment Group had a negative return on equity of 95.61% and a negative net margin of 3.53%.The company had revenue of $481.20 million for the quarter, compared to analyst estimates of $478.63 million. On average, equities research analysts forecast that Alta Equipment Group Inc. will post -1.92 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on ALTG. Northland Capmk upgraded Alta Equipment Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 8th. Northland Securities raised Alta Equipment Group from a "market perform" rating to an "outperform" rating and set a $20.00 target price for the company in a research report on Tuesday, July 8th. DA Davidson reaffirmed a "neutral" rating and issued a $8.00 target price on shares of Alta Equipment Group in a research report on Monday, August 18th. Raymond James Financial cut their price objective on Alta Equipment Group from $8.50 to $7.00 and set a "market perform" rating for the company in a report on Friday, May 16th. Finally, Wall Street Zen upgraded Alta Equipment Group from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $11.25.

Alta Equipment Group 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.