Equitec Proprietary Markets LLC Takes $261,000 Position in Alta Equipment Group Inc. $ALTG

Key Points

• Equitec Proprietary Markets LLC acquired a new position in Alta Equipment Group, purchasing 55,630 shares valued at approximately $261,000, making it the firm’s 9th largest holding.
• Several large institutional investors, including Wells Fargo and MetLife, have also increased their stakes or initiated positions in Alta Equipment Group.
• Analysts have mixed views on the stock, with a range of price targets set between $7.00 and $20.00, and a consensus rating of "Buy."

Equitec Proprietary Markets LLC acquired a new stake in Alta Equipment Group Inc. (NYSE:ALTG - Free Report) in the first quarter, according to its most recent filing with the SEC. The fund acquired 55,630 shares of the company's stock, valued at approximately $261,000. Alta Equipment Group makes up 0.2% of Equitec Proprietary Markets LLC's holdings, making the stock its 9th largest holding. Equitec Proprietary Markets LLC owned approximately 0.17% of Alta Equipment Group as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Price T Rowe Associates Inc. MD bought a new stake in shares of Alta Equipment Group during the 4th quarter worth $69,000. Wells Fargo & Company MN increased its position in shares of Alta Equipment Group by 51.7% during the fourth quarter. Wells Fargo & Company MN now owns 12,533 shares of the company's stock valued at $82,000 after buying an additional 4,272 shares during the period. MetLife Investment Management LLC grew its holdings 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 during the period. Corton Capital Inc. bought a new position in shares of Alta Equipment Group in the first quarter worth approximately $152,000. Finally, Rhumbline Advisers lifted its stake in shares of Alta Equipment Group by 15.9% in the first quarter. Rhumbline Advisers now owns 39,374 shares of the company's stock worth $185,000 after buying an additional 5,406 shares in the last quarter. 73.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on ALTG. Raymond James Financial reduced 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 report on Friday, May 16th. Northland Securities upgraded 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 report on Tuesday, July 8th. Northland Capmk upgraded shares of Alta Equipment Group from a "hold" rating to a "strong-buy" rating in a 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. Finally, DA Davidson reissued a "neutral" rating and set a $8.00 target price on shares of Alta Equipment Group in a research report on Monday, August 18th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $11.25.

Alta Equipment Group Stock Performance

NYSE:ALTG traded down $0.11 during trading hours on Thursday, hitting $8.23. 93,625 shares of the company were exchanged, compared to its average volume of 222,268. The stock has a market capitalization of $263.68 million, a price-to-earnings ratio of -3.99 and a beta of 1.60. Alta Equipment Group Inc. has a 52-week low of $3.54 and a 52-week high of $8.99. The company has a debt-to-equity ratio of 16.69, a current ratio of 1.39 and a quick ratio of 0.48. The company's 50 day moving average price is $7.55 and its 200-day moving average price is $6.01.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.06. The company 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 95.61%. As a group, research analysts forecast that Alta Equipment Group Inc. will post -1.92 earnings per share for the current year.

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.