GSA Capital Partners LLP Buys 177,685 Shares of Alta Equipment Group Inc. (NYSE:ALTG)

Key Points

• GSA Capital Partners LLP increased its holdings in Alta Equipment Group by 98.4%, owning 358,290 shares worth approximately $1.68 million as of its latest SEC filing.
• Alta Equipment Group's quarterly earnings report showed a loss of ($0.65) per share, missing estimates by $0.05, along with a revenue of $423 million against expectations of $436.15 million.
• The company recently announced a quarterly dividend of $0.057 per share, resulting in a yield of 2.81%, despite having a negative payout ratio of -10.31%.

GSA Capital Partners LLP increased its holdings in shares of Alta Equipment Group Inc. (NYSE:ALTG - Free Report) by 98.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 358,290 shares of the company's stock after purchasing an additional 177,685 shares during the period. GSA Capital Partners LLP owned approximately 1.09% of Alta Equipment Group worth $1,680,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of ALTG. Price T Rowe Associates Inc. MD bought a new stake in Alta Equipment Group in the 4th quarter valued at approximately $69,000. Wells Fargo & Company MN lifted its stake in Alta Equipment Group by 51.7% in the 4th quarter. Wells Fargo & Company MN now owns 12,533 shares of the company's stock valued at $82,000 after acquiring an additional 4,272 shares in the last quarter. MetLife Investment Management LLC lifted its stake in Alta Equipment Group by 49.4% in the 4th quarter. MetLife Investment Management LLC now owns 20,313 shares of the company's stock valued at $133,000 after acquiring an additional 6,716 shares in the last quarter. Corton Capital Inc. bought a new stake in shares of Alta Equipment Group during the 1st quarter worth approximately $152,000. Finally, Rhumbline Advisers boosted its holdings 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 valued at $185,000 after buying an additional 5,406 shares during the last quarter. Institutional investors own 73.58% of the company's stock.

Alta Equipment Group Price Performance

Shares of ALTG traded down $0.30 during trading hours on Friday, hitting $7.46. 208,448 shares of the company were exchanged, compared to its average volume of 270,364. The company has a market cap of $245.14 million, a price-to-earnings ratio of -3.35 and a beta of 1.60. Alta Equipment Group Inc. has a fifty-two week low of $3.54 and a fifty-two week high of $9.78. 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 firm's fifty day moving average is $6.75 and its 200 day moving average is $5.94.

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

Analysts Set New Price Targets

ALTG has been the topic of a number of recent analyst reports. Northland Capmk upgraded shares of Alta Equipment Group from a "hold" rating to a "strong-buy" rating in a report 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 target price on the stock 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. 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. Finally, Raymond James Financial lowered 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. 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 company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $11.25.

Insider Buying and Selling at Alta Equipment Group

In other news, Director Andrew P. Studdert bought 6,743 shares of the company's stock in a transaction on Thursday, May 29th. The stock was purchased at an average cost of $4.80 per share, for a total transaction of $32,366.40. Following the completion of the transaction, the director owned 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 purchase was disclosed in a legal filing with the SEC, which is available at this link. 19.20% of the stock is currently owned by corporate insiders.

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.