Bank of America Corp DE Raises Stock Holdings in Alta Equipment Group Inc. (NYSE:ALTG)

Bank of America Corp DE increased its position in shares of Alta Equipment Group Inc. (NYSE:ALTG - Free Report) by 148.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 187,813 shares of the company's stock after acquiring an additional 112,092 shares during the quarter. Bank of America Corp DE owned approximately 0.56% of Alta Equipment Group worth $1,228,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mill Road Capital Management LLC increased its stake in shares of Alta Equipment Group by 1.3% during the 4th quarter. Mill Road Capital Management LLC now owns 4,269,508 shares of the company's stock valued at $27,923,000 after acquiring an additional 56,300 shares during the last quarter. Portolan Capital Management LLC acquired a new stake in shares of Alta Equipment Group in the fourth quarter worth approximately $5,561,000. Dimensional Fund Advisors LP grew its holdings in Alta Equipment Group by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 608,406 shares of the company's stock valued at $3,979,000 after purchasing an additional 18,926 shares during the period. Geode Capital Management LLC increased its position in Alta Equipment Group by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 542,607 shares of the company's stock worth $3,549,000 after purchasing an additional 6,692 shares during the last quarter. Finally, First Eagle Investment Management LLC acquired a new position in Alta Equipment Group during the fourth quarter worth approximately $2,589,000. 73.58% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Andrew P. Studdert bought 6,743 shares of the firm's stock in a transaction dated Thursday, May 29th. The stock was acquired at an average cost of $4.80 per share, for a total transaction of $32,366.40. Following the completion of the purchase, the director now owns 93,334 shares of the company's stock, valued at $448,003.20. This trade represents a 7.79% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 19.20% of the company's stock.

Alta Equipment Group Trading Up 3.0%

ALTG traded up $0.18 during trading on Friday, hitting $5.97. 325,822 shares of the company's stock were exchanged, compared to its average volume of 287,076. Alta Equipment Group Inc. has a 1 year low of $3.54 and a 1 year high of $11.39. The stock has a 50 day moving average price of $4.68 and a 200 day moving average price of $5.94. The firm has a market cap of $196.01 million, a P/E ratio of -3.51 and a beta of 1.53. The company has a current ratio of 1.35, a quick ratio of 0.43 and a debt-to-equity ratio of 7.45.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last posted its earnings results 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). 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 for the quarter, compared to analyst estimates of $436.15 million. As a group, analysts expect that Alta Equipment Group Inc. will post -1.92 EPS for the current fiscal year.

Alta Equipment Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Thursday, May 15th were paid a $0.057 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $0.23 dividend on an annualized basis and a dividend yield of 3.82%. Alta Equipment Group's dividend payout ratio (DPR) is currently -9.87%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Raymond James decreased their price target on shares of Alta Equipment Group from $8.50 to $7.00 and set a "market perform" rating on the stock in a report on Friday, May 16th. DA Davidson cut their target price on Alta Equipment Group from $9.00 to $8.00 and set a "buy" rating on the stock in a research report on Monday, May 19th. Wall Street Zen upgraded Alta Equipment Group from a "sell" rating to a "hold" rating in a report on Friday. Finally, B. Riley started coverage on Alta Equipment Group in a research note on Thursday, March 27th. They set a "buy" rating and a $10.00 price target for the company. Four investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued 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 $11.25.

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.