Citizens Financial Group Inc. RI Purchases New Stake in Alta Equipment Group Inc. (NYSE:ALTG)

Key Points

• Citizens Financial Group Inc. has purchased a new stake in Alta Equipment Group Inc., acquiring 93,000 shares valued at approximately $436,000, representing about 0.28% of the company.
• Alta Equipment Group recently reported a quarterly earnings result of (-$0.21) earnings per share, outperforming analysts' consensus estimates and achieving revenue of $481.20 million, slightly above expectations.
• Institutional investors currently own 73.58% of Alta Equipment Group's stock, indicating a strong institutional interest in the company.

Citizens Financial Group Inc. RI purchased a new stake in shares of Alta Equipment Group Inc. (NYSE:ALTG - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 93,000 shares of the company's stock, valued at approximately $436,000. Citizens Financial Group Inc. RI owned about 0.28% of Alta Equipment Group as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD bought a new position in Alta Equipment Group in the 4th quarter worth $69,000. Wells Fargo & Company MN increased its stake in shares of Alta Equipment Group by 51.7% in the 4th quarter. Wells Fargo & Company MN now owns 12,533 shares of the company's stock worth $82,000 after acquiring an additional 4,272 shares in the last quarter. MetLife Investment Management LLC increased its stake in shares of Alta Equipment Group by 49.4% in the 4th quarter. MetLife Investment Management LLC now owns 20,313 shares of the company's stock worth $133,000 after acquiring an additional 6,716 shares in the last quarter. Corton Capital Inc. bought a new position in shares of Alta Equipment Group in the 1st quarter worth about $152,000. Finally, Rhumbline Advisers increased its stake in shares of Alta Equipment Group by 15.9% in the 1st quarter. Rhumbline Advisers now owns 39,374 shares of the company's stock worth $185,000 after acquiring an additional 5,406 shares in the last quarter. 73.58% of the stock is currently owned by institutional investors.

Alta Equipment Group Stock Performance

Shares of ALTG stock opened at $7.74 on Friday. The company's 50-day moving average is $7.00 and its 200 day moving average is $5.94. The company has a debt-to-equity ratio of 13.12, a quick ratio of 0.42 and a current ratio of 1.36. The company has a market capitalization of $254.34 million, a price-to-earnings ratio of -3.76 and a beta of 1.60. Alta Equipment Group Inc. has a one year low of $3.54 and a one year high of $8.99.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.27) by $0.06. The firm had revenue of $481.20 million for 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 85.43%. Sell-side analysts expect that Alta Equipment Group Inc. will post -1.92 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ALTG. Northland Capmk upgraded shares of Alta Equipment Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 8th. Northland Securities upgraded shares of Alta Equipment Group from a "market perform" rating to an "outperform" rating and set a $20.00 price target for the company in a research note on Tuesday, July 8th. DA Davidson decreased their price target on shares of Alta Equipment Group from $9.00 to $8.00 and set a "buy" rating for the company in a research note on Monday, May 19th. Wall Street Zen upgraded shares of Alta Equipment Group from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Finally, Raymond James Financial cut 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. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, Alta Equipment Group currently has a consensus rating of "Buy" and a consensus price target of $11.25.

Insider Activity

In other Alta Equipment Group news, Director Andrew P. Studdert acquired 6,743 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The shares were bought at an average price of $4.80 per share, with a total value of $32,366.40. Following the completion of the acquisition, the director owned 93,334 shares in the company, valued at $448,003.20. This represents a 7.79% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 19.20% of the stock is currently owned by insiders.

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.

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