Alta Equipment Group Inc. $ALTG Shares Bought by Voss Capital LP

Key Points

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Voss Capital LP raised its stake in Alta Equipment Group Inc. (NYSE:ALTG - Free Report) by 2.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,980,816 shares of the company's stock after purchasing an additional 65,816 shares during the period. Alta Equipment Group accounts for approximately 1.1% of Voss Capital LP's investment portfolio, making the stock its 23rd largest holding. Voss Capital LP owned about 9.07% of Alta Equipment Group worth $13,980,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Citizens Financial Group Inc. RI purchased a new position in Alta Equipment Group in the first quarter valued at about $436,000. Rhumbline Advisers grew its stake in Alta Equipment Group by 15.9% in the first quarter. Rhumbline Advisers now owns 39,374 shares of the company's stock valued at $185,000 after purchasing an additional 5,406 shares during the last quarter. MetLife Investment Management LLC grew its stake in Alta Equipment Group by 49.4% in the fourth quarter. MetLife Investment Management LLC now owns 20,313 shares of the company's stock valued at $133,000 after purchasing an additional 6,716 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in Alta Equipment Group in the fourth quarter valued at about $367,000. Finally, GSA Capital Partners LLP grew its stake 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 valued at $1,680,000 after purchasing an additional 177,685 shares during the last quarter. Hedge funds and other institutional investors own 73.58% of the company's stock.

Insiders Place Their Bets

In other Alta Equipment Group news, Director Andrew P. Studdert purchased 6,743 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The shares were bought at an average price of $4.80 per share, for a total transaction of $32,366.40. Following the acquisition, the director owned 93,334 shares in the company, valued at $448,003.20. This represents a 7.79% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 19.90% of the company's stock.

Alta Equipment Group Stock Up 9.8%

Shares of ALTG traded up $0.7150 during mid-day trading on Friday, hitting $7.9950. 317,794 shares of the company traded hands, compared to its average volume of 237,274. Alta Equipment Group Inc. has a 1-year low of $3.54 and a 1-year high of $8.99. 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 $256.24 million, a PE ratio of -3.88 and a beta of 1.60. The business has a 50 day moving average of $7.41 and a 200 day moving average of $5.97.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.21) EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $481.20 million for the quarter, compared to analyst estimates of $478.63 million. Equities research analysts anticipate that Alta Equipment Group Inc. will post -1.92 EPS for the current year.

Wall Street Analyst Weigh In

ALTG has been the topic of several analyst reports. Raymond James Financial cut their target price on Alta Equipment Group from $8.50 to $7.00 and set a "market perform" rating on the stock in a research note on Friday, May 16th. Northland Securities upgraded Alta Equipment Group from a "market perform" rating to an "outperform" rating and set a $20.00 price target on the stock in a research note on Tuesday, July 8th. Wall Street Zen upgraded shares of Alta Equipment Group from a "sell" rating to a "hold" rating in a report on Friday, June 6th. DA Davidson restated a "neutral" rating and set a $8.00 price objective on shares of Alta Equipment Group in a report on Monday, August 18th. Finally, Northland Capmk upgraded shares of Alta Equipment Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 8th. Two 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 data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average 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.