Corton Capital Inc. purchased a new position in Alta Equipment Group Inc. (NYSE:ALTG - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 32,507 shares of the company's stock, valued at approximately $152,000. Corton Capital Inc. owned 0.10% of Alta Equipment Group as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently modified their holdings of ALTG. Price T Rowe Associates Inc. MD bought a new position in Alta Equipment Group in the fourth quarter worth approximately $69,000. Intech Investment Management LLC bought a new position in Alta Equipment Group in the fourth quarter worth approximately $79,000. Wells Fargo & Company MN grew its stake in Alta Equipment Group by 51.7% in the fourth quarter. Wells Fargo & Company MN now owns 12,533 shares of the company's stock worth $82,000 after purchasing an additional 4,272 shares in 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 worth $133,000 after purchasing an additional 6,716 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in Alta Equipment Group by 15.9% during 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 in the last quarter. 73.58% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, Director Andrew P. Studdert acquired 6,743 shares of the firm's stock in a transaction on Thursday, May 29th. The stock was bought at an average price of $4.80 per share, for a total transaction of $32,366.40. Following the completion of the purchase, the director directly owned 93,334 shares of the company's stock, valued at approximately $448,003.20. The trade was a 7.79% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 19.20% of the stock is owned by company insiders.
Alta Equipment Group Trading Down 3.1%
Shares of ALTG stock traded down $0.25 during trading on Thursday, hitting $7.73. 110,308 shares of the stock traded hands, compared to its average volume of 218,718. The firm has a market capitalization of $254.01 million, a P/E ratio of -3.47 and a beta of 1.55. The company has a debt-to-equity ratio of 13.12, a current ratio of 1.36 and a quick ratio of 0.42. The firm's fifty day moving average price is $6.64 and its 200-day moving average price is $5.92. Alta Equipment Group Inc. has a 52-week low of $3.54 and a 52-week high of $10.94.
Alta Equipment Group (NYSE:ALTG - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.65) EPS for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.05). Alta Equipment Group had a negative return on equity of 80.23% and a negative net margin of 3.83%. The firm had revenue of $423.00 million for the quarter, compared to analyst estimates of $436.15 million. As a group, research analysts forecast that Alta Equipment Group Inc. will post -1.92 earnings per share for the current fiscal year.
Alta Equipment Group Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Thursday, May 15th were issued a $0.057 dividend. This represents a $0.23 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Thursday, May 15th. Alta Equipment Group's dividend payout ratio is -10.31%.
Analysts Set New Price Targets
A number of research firms have recently weighed in on ALTG. Northland Securities raised Alta Equipment Group from a "market perform" rating to an "outperform" rating and set a $20.00 price objective for the company in a research report on Tuesday, July 8th. Northland Capmk raised Alta Equipment Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 8th. Wall Street Zen raised Alta Equipment Group from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. Raymond James Financial lowered their price objective on Alta Equipment Group from $8.50 to $7.00 and set a "market perform" rating for the company in a research report on Friday, May 16th. Finally, DA Davidson lowered their price objective on Alta Equipment Group from $9.00 to $8.00 and set a "buy" rating for the company in a research report on Monday, May 19th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Alta Equipment Group presently has a consensus rating of "Buy" and an average target price of $11.25.
Read Our Latest Stock Report on ALTG
About Alta Equipment Group
(
Free Report)
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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