Assenagon Asset Management S.A. Sells 30,831 Shares of Alta Equipment Group Inc. (NYSE:ALTG)

Assenagon Asset Management S.A. cut its stake in shares of Alta Equipment Group Inc. (NYSE:ALTG) by 34.2% in the first quarter, HoldingsChannel reports. The fund owned 59,446 shares of the company’s stock after selling 30,831 shares during the period. Assenagon Asset Management S.A.’s holdings in Alta Equipment Group were worth $770,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Register Financial Advisors LLC lifted its holdings in Alta Equipment Group by 23.3% in the 1st quarter. Register Financial Advisors LLC now owns 232,631 shares of the company’s stock worth $3,013,000 after purchasing an additional 43,901 shares in the last quarter. Quadrature Capital Ltd raised its holdings in Alta Equipment Group by 42.8% during the 4th quarter. Quadrature Capital Ltd now owns 15,062 shares of the company’s stock valued at $186,000 after buying an additional 4,517 shares during the period. B. Riley Wealth Advisors Inc. purchased a new stake in Alta Equipment Group during the 4th quarter valued at $190,000. Sierra Summit Advisors LLC purchased a new stake in Alta Equipment Group during the 4th quarter valued at $339,000. Finally, Spouting Rock Asset Management LLC raised its holdings in Alta Equipment Group by 30.7% during the 4th quarter. Spouting Rock Asset Management LLC now owns 112,445 shares of the company’s stock valued at $1,391,000 after buying an additional 26,392 shares during the period. 73.58% of the stock is currently owned by institutional investors.

Alta Equipment Group Trading Up 4.0 %

Alta Equipment Group stock traded up $0.35 during mid-day trading on Wednesday, hitting $9.03. The company’s stock had a trading volume of 362,719 shares, compared to its average volume of 332,475. The company has a 50 day moving average of $11.46 and a 200-day moving average of $11.28. The stock has a market cap of $299.34 million, a PE ratio of -43.00 and a beta of 1.67. The company has a debt-to-equity ratio of 4.93, a quick ratio of 0.43 and a current ratio of 1.30. Alta Equipment Group Inc. has a one year low of $8.31 and a one year high of $17.98.

Alta Equipment Group (NYSE:ALTG) last posted its quarterly earnings results on Thursday, March 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.03). Alta Equipment Group had a negative return on equity of 0.35% and a negative net margin of 0.21%. The firm had revenue of $521.50 million for the quarter, compared to the consensus estimate of $478.68 million. On average, research analysts anticipate that Alta Equipment Group Inc. will post -0.37 EPS for the current year.

Alta Equipment Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Wednesday, May 15th will be given a dividend of $0.057 per share. This represents a $0.23 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date is Tuesday, May 14th. Alta Equipment Group’s payout ratio is -109.52%.

Insider Transactions at Alta Equipment Group

In related news, COO Craig Brubaker sold 7,405 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $11.77, for a total transaction of $87,156.85. Following the completion of the sale, the chief operating officer now directly owns 95,077 shares in the company, valued at approximately $1,119,056.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Craig Brubaker sold 7,405 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $11.77, for a total transaction of $87,156.85. Following the completion of the sale, the chief operating officer now directly owns 95,077 shares in the company, valued at approximately $1,119,056.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 sale, 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. In the last 90 days, insiders have sold 59,578 shares of company stock valued at $681,392. 20.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

ALTG has been the topic of several recent research reports. DA Davidson decreased their price target on Alta Equipment Group from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday. B. Riley restated a “buy” rating and set a $22.00 price target (down previously from $25.00) on shares of Alta Equipment Group in a report on Friday, March 15th.

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.