Corton Capital Inc. Invests $152,000 in Alta Equipment Group Inc. (NYSE:ALTG)

Key Points

• Corton Capital Inc. invested approximately $152,000 in Alta Equipment Group, acquiring 32,507 shares, which constitutes 0.10% of the company's stock as of the latest SEC filing.
• Alta Equipment Group has experienced significant investor interest, with several large firms, including JPMorgan Chase & Co. and American Century Companies Inc., increasing their holdings during the fourth quarter.
• Despite a negative earnings report, analyst ratings for Alta Equipment Group vary, with the current consensus being a "Buy" rating and an average target price of $11.25.

Corton Capital Inc. acquired a new position in shares of Alta Equipment Group Inc. (NYSE:ALTG - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 32,507 shares of the company's stock, valued at approximately $152,000. Corton Capital Inc. owned approximately 0.10% of Alta Equipment Group as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Intech Investment Management LLC acquired a new position in Alta Equipment Group during the fourth quarter worth $79,000. American Century Companies Inc. grew its position in Alta Equipment Group by 5.5% in the fourth quarter. American Century Companies Inc. now owns 285,492 shares of the company's stock valued at $1,867,000 after purchasing an additional 14,788 shares in the last quarter. LPL Financial LLC grew its position in Alta Equipment Group by 1.5% in the fourth quarter. LPL Financial LLC now owns 118,942 shares of the company's stock valued at $778,000 after purchasing an additional 1,774 shares in the last quarter. JPMorgan Chase & Co. grew its position in Alta Equipment Group by 31.7% in the fourth quarter. JPMorgan Chase & Co. now owns 67,722 shares of the company's stock valued at $443,000 after purchasing an additional 16,304 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Alta Equipment Group by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 542,607 shares of the company's stock valued at $3,549,000 after purchasing an additional 6,692 shares in the last quarter. Institutional investors own 73.58% of the company's stock.

Analyst Upgrades and Downgrades

ALTG has been the subject of a number of analyst reports. Raymond James Financial decreased their target price on shares of 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. Northland Securities raised shares of Alta Equipment Group from a "market perform" rating to an "outperform" rating and set a $20.00 target price for the company in a research report on Tuesday, July 8th. 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. Northland Capmk raised shares of Alta Equipment Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 8th. Finally, DA Davidson reduced their target price on shares of Alta Equipment Group from $9.00 to $8.00 and set a "buy" rating for the company in a report on Monday, May 19th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $11.25.

Alta Equipment Group Stock Performance

NYSE ALTG opened at $8.34 on Friday. The company has a quick ratio of 0.42, a current ratio of 1.36 and a debt-to-equity ratio of 13.12. The company has a market capitalization of $273.89 million, a P/E ratio of -3.74 and a beta of 1.55. Alta Equipment Group Inc. has a 12-month low of $3.54 and a 12-month high of $11.39. The firm has a 50-day moving average price of $6.46 and a two-hundred day moving average price of $5.88.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.05). The business had revenue of $423.00 million during the quarter, compared to the consensus estimate of $436.15 million. Alta Equipment Group had a negative net margin of 3.83% and a negative return on equity of 80.23%. Analysts anticipate that Alta Equipment Group Inc. will post -1.92 earnings per share for the current year.

Alta Equipment Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Thursday, May 15th were given a $0.057 dividend. This represents a $0.23 annualized dividend and a dividend yield of 2.74%. The ex-dividend date was Thursday, May 15th. Alta Equipment Group's payout ratio is presently -10.31%.

Insider Activity at Alta Equipment Group

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

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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