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

A number of other large investors have also made changes to their positions in the company. Voss Capital LP raised its holdings in shares of Alta Equipment Group by 2.3% during the first quarter. Voss Capital LP now owns 2,980,816 shares of the company's stock valued at $13,980,000 after acquiring an additional 65,816 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Alta Equipment Group by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 608,406 shares of the company's stock valued at $3,979,000 after acquiring an additional 18,926 shares during the period. Royce & Associates LP raised its holdings in shares of Alta Equipment Group by 48.3% during the first quarter. Royce & Associates LP now owns 393,270 shares of the company's stock valued at $1,844,000 after acquiring an additional 128,000 shares during the period. GSA Capital Partners LLP raised its holdings in shares of Alta Equipment Group by 98.4% during the first quarter. GSA Capital Partners LLP now owns 358,290 shares of the company's stock valued at $1,680,000 after acquiring an additional 177,685 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Alta Equipment Group by 6.9% during the fourth quarter. Northern Trust Corp now owns 230,430 shares of the company's stock valued at $1,507,000 after acquiring an additional 14,925 shares during the period. Institutional investors and hedge funds own 73.58% of the company's stock.

Alta Equipment Group Stock Down 1.7%

ALTG stock traded down $0.14 during trading hours on Wednesday, hitting $7.68. The company's stock had a trading volume of 287,212 shares, compared to its average volume of 239,700. The company has a quick ratio of 0.48, a current ratio of 1.39 and a debt-to-equity ratio of 16.69. The company has a market capitalization of $245.98 million, a PE ratio of -3.73 and a beta of 1.61. Alta Equipment Group Inc. has a 12 month low of $3.54 and a 12 month high of $8.99. The stock has a 50 day moving average price of $7.92 and a two-hundred day moving average price of $6.07.

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

Analyst Upgrades and Downgrades

ALTG has been the topic of a number of recent analyst reports. Northland Capmk upgraded shares of Alta Equipment Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 8th. Raymond James Financial lowered their price objective on shares of Alta Equipment Group from $8.50 to $7.00 and set a "market perform" rating on the stock in a research report on Friday, May 16th. DA Davidson reaffirmed a "neutral" rating and set a $8.00 price objective on shares of Alta Equipment Group in a research report on Monday, August 18th. Wall Street Zen raised shares of Alta Equipment Group from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. Finally, Northland Securities raised shares of Alta Equipment Group from a "market perform" rating to an "outperform" rating and set a $20.00 price objective on the stock in a research report on Tuesday, July 8th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Alta Equipment Group has an average rating of "Buy" and an average price target 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.