Nuveen Asset Management LLC Lowers Position in Alta Equipment Group Inc. (NYSE:ALTG)

Nuveen Asset Management LLC lessened its position in Alta Equipment Group Inc. (NYSE:ALTG - Free Report) by 68.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 65,243 shares of the company's stock after selling 144,220 shares during the quarter. Nuveen Asset Management LLC owned 0.20% of Alta Equipment Group worth $427,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Millennium Management LLC bought a new position in Alta Equipment Group in the fourth quarter valued at $937,000. Janus Henderson Group PLC increased its stake in Alta Equipment Group by 12.8% in the fourth quarter. Janus Henderson Group PLC now owns 51,469 shares of the company's stock valued at $337,000 after acquiring an additional 5,828 shares during the last quarter. CastleKnight Management LP increased its stake in Alta Equipment Group by 70.2% in the fourth quarter. CastleKnight Management LP now owns 540,986 shares of the company's stock valued at $3,538,000 after acquiring an additional 223,072 shares during the last quarter. Bridgeway Capital Management LLC increased its stake in Alta Equipment Group by 26.0% in the fourth quarter. Bridgeway Capital Management LLC now owns 81,900 shares of the company's stock valued at $536,000 after acquiring an additional 16,900 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in Alta Equipment Group by 148.0% in the fourth quarter. Bank of America Corp DE now owns 187,813 shares of the company's stock valued at $1,228,000 after acquiring an additional 112,092 shares during the last quarter. Institutional investors own 73.58% of the company's stock.

Alta Equipment Group Trading Up 3.0%

Shares of NYSE:ALTG traded up $0.18 on Friday, reaching $5.97. 325,822 shares of the company traded hands, compared to its average volume of 287,076. The business's 50-day simple moving average is $4.68 and its 200 day simple moving average is $5.93. Alta Equipment Group Inc. has a 52 week low of $3.54 and a 52 week high of $11.39. The stock has a market capitalization of $196.01 million, a P/E ratio of -3.51 and a beta of 1.48. The company has a current ratio of 1.35, a quick ratio of 0.43 and a debt-to-equity ratio of 7.45.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported ($0.65) earnings per share for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.05). The firm had revenue of $423.00 million for the quarter, compared to analysts' expectations of $436.15 million. Alta Equipment Group had a negative return on equity of 42.09% and a negative net margin of 2.81%. As a group, equities analysts anticipate that Alta Equipment Group Inc. will post -1.92 EPS for the current fiscal year.

Alta Equipment Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Thursday, May 15th were issued a dividend of $0.057 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $0.23 dividend on an annualized basis and a dividend yield of 3.82%. Alta Equipment Group's dividend payout ratio is currently -9.87%.

Insider Transactions 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 completion of the acquisition, the director now owns 93,334 shares in the company, valued at approximately $448,003.20. This trade represents a 7.79% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 19.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ALTG shares. B. Riley started coverage on Alta Equipment Group in a research note on Thursday, March 27th. They set a "buy" rating and a $10.00 price objective on the stock. Wall Street Zen raised Alta Equipment Group from a "sell" rating to a "hold" rating in a research note on Friday. DA Davidson reduced their price objective on 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. Finally, Raymond James reduced their price objective on Alta Equipment Group from $8.50 to $7.00 and set a "market perform" rating on the stock in a research note on Friday, May 16th. Four research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Alta Equipment Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $11.25.

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.