ABS Direct Equity Fund LLC Makes New Investment in Alta Equipment Group Inc. (NYSE:ALTG)

ABS Direct Equity Fund LLC acquired a new stake in Alta Equipment Group Inc. (NYSE:ALTG - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 220,000 shares of the company's stock, valued at approximately $2,721,000. Alta Equipment Group comprises about 2.6% of ABS Direct Equity Fund LLC's portfolio, making the stock its 11th largest position. ABS Direct Equity Fund LLC owned about 0.68% of Alta Equipment Group at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. New York State Common Retirement Fund boosted its holdings in Alta Equipment Group by 11.8% during the fourth quarter. New York State Common Retirement Fund now owns 90,839 shares of the company's stock worth $1,124,000 after buying an additional 9,622 shares in the last quarter. Foundry Partners LLC grew its stake in Alta Equipment Group by 15.4% in the 4th quarter. Foundry Partners LLC now owns 236,400 shares of the company's stock valued at $2,924,000 after acquiring an additional 31,490 shares during the period. Quantum Private Wealth LLC increased its holdings in Alta Equipment Group by 17.0% in the 4th quarter. Quantum Private Wealth LLC now owns 74,580 shares of the company's stock worth $923,000 after acquiring an additional 10,830 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Alta Equipment Group by 77.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,577 shares of the company's stock worth $106,000 after acquiring an additional 3,740 shares during the period. Finally, Voss Capital LLC lifted its holdings in Alta Equipment Group by 20.1% during the fourth quarter. Voss Capital LLC now owns 3,245,000 shares of the company's stock valued at $40,141,000 after purchasing an additional 543,500 shares in the last quarter. Institutional investors and hedge funds own 73.58% of the company's stock.

Analyst Upgrades and Downgrades

ALTG has been the subject of a number of research reports. B. Riley reissued a "buy" rating and set a $22.00 target price (down previously from $25.00) on shares of Alta Equipment Group in a research note on Friday, March 15th. DA Davidson reiterated a "buy" rating and set a $22.00 price objective on shares of Alta Equipment Group in a research note on Friday, March 15th.

Alta Equipment Group Price Performance

ALTG traded up $0.14 on Friday, hitting $11.69. 236,273 shares of the company's stock were exchanged, compared to its average volume of 207,876. Alta Equipment Group Inc. has a fifty-two week low of $8.76 and a fifty-two week high of $17.98. The stock has a market cap of $383.55 million, a price-to-earnings ratio of 64.94 and a beta of 1.67. The firm has a 50-day moving average price of $11.90 and a 200-day moving average price of $11.31. The company has a current ratio of 1.32, a quick ratio of 0.48 and a debt-to-equity ratio of 4.40.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last posted its quarterly earnings results on Thursday, March 14th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.03). Alta Equipment Group had a return on equity of 8.60% and a net margin of 0.47%. The business had revenue of $521.50 million during the quarter, compared to analysts' expectations of $478.68 million. As a group, equities analysts anticipate that Alta Equipment Group Inc. will post 0.12 earnings per share for the current year.

Alta Equipment Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Wednesday, May 15th will be issued a dividend of $0.057 per share. This represents a $0.23 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend is Tuesday, May 14th. Alta Equipment Group's dividend payout ratio is currently 127.78%.

Insider Activity

In other Alta Equipment Group news, CEO Ryan Greenawalt sold 34,951 shares of the company's stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $11.36, for a total value of $397,043.36. Following the completion of the sale, the chief executive officer now directly owns 5,842,625 shares in the company, valued at approximately $66,372,220. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, COO Craig Brubaker sold 7,405 shares of Alta Equipment Group stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $11.77, for a total transaction of $87,156.85. Following the sale, the chief operating officer now owns 95,077 shares of the company's stock, valued at approximately $1,119,056.29. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Ryan Greenawalt sold 34,951 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $11.36, for a total value of $397,043.36. Following the completion of the transaction, the chief executive officer now owns 5,842,625 shares of the company's stock, valued at $66,372,220. The disclosure for this sale can be found here. Insiders sold 2,816,886 shares of company stock worth $31,011,780 over the last ninety days. Corporate insiders own 20.90% of the company's stock.

About Alta Equipment Group

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.