143,218 Shares in Alta Equipment Group Inc. (NYSE:ALTG) Acquired by Millennium Management LLC

Millennium Management LLC purchased a new stake in shares of Alta Equipment Group Inc. (NYSE:ALTG - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 143,218 shares of the company's stock, valued at approximately $937,000. Millennium Management LLC owned about 0.43% of Alta Equipment Group at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Portolan Capital Management LLC bought a new position in Alta Equipment Group in the 4th quarter worth approximately $5,561,000. First Eagle Investment Management LLC bought a new position in shares of Alta Equipment Group in the fourth quarter worth $2,589,000. CastleKnight Management LP increased its holdings in shares of Alta Equipment Group by 70.2% during the fourth quarter. CastleKnight Management LP now owns 540,986 shares of the company's stock valued at $3,538,000 after purchasing an additional 223,072 shares during the period. Bank of America Corp DE raised its stake in shares of Alta Equipment Group by 148.0% during the fourth quarter. Bank of America Corp DE now owns 187,813 shares of the company's stock valued at $1,228,000 after purchasing an additional 112,092 shares in the last quarter. Finally, Aristeia Capital L.L.C. bought a new stake in shares of Alta Equipment Group during the fourth quarter valued at about $641,000. 73.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Alta Equipment Group

In related news, Director Andrew P. Studdert purchased 6,743 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The shares were purchased at an average price of $4.80 per share, with a total value of $32,366.40. Following the purchase, the director now owns 93,334 shares of the company's stock, valued at $448,003.20. This trade represents a 7.79% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 19.20% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on ALTG shares. Raymond James 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. DA Davidson lowered their price objective on shares of Alta Equipment Group from $9.00 to $8.00 and set a "buy" rating on the stock in a research note on Monday, May 19th. Wall Street Zen raised Alta Equipment Group from a "sell" rating to a "hold" rating in a report on Friday. Finally, B. Riley initiated coverage on Alta Equipment Group in a research note on Thursday, March 27th. They set a "buy" rating and a $10.00 price target for the company. Four equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $11.25.

Alta Equipment Group Price Performance

Shares of ALTG traded up $0.18 during mid-day trading on Friday, hitting $5.97. The company's stock had a trading volume of 325,822 shares, compared to its average volume of 287,076. The company has a debt-to-equity ratio of 7.45, a current ratio of 1.35 and a quick ratio of 0.43. The firm has a 50-day moving average price of $4.68 and a 200 day moving average price of $5.94. Alta Equipment Group Inc. has a fifty-two week low of $3.54 and a fifty-two week high of $11.39. The stock has a market capitalization of $196.01 million, a price-to-earnings ratio of -3.51 and a beta of 1.53.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last posted its quarterly 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 business had revenue of $423.00 million during the quarter, compared to analyst estimates of $436.15 million. Alta Equipment Group had a negative return on equity of 42.09% and a negative net margin of 2.81%. On average, research analysts predict that Alta Equipment Group Inc. will post -1.92 EPS for the current fiscal year.

Alta Equipment Group Announces Dividend

The business 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 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date was Thursday, May 15th. Alta Equipment Group's payout ratio is -9.87%.

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.