Insider Buying: Alta Equipment Group Inc. (NYSE:ALTG) Major Shareholder Acquires 179,414 Shares of Stock

Alta Equipment Group Inc. (NYSE:ALTG) major shareholder Mill Road Capital Iii, L.P. acquired 179,414 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The stock was purchased at an average cost of $8.05 per share, for a total transaction of $1,444,282.70. Following the purchase, the insider now owns 3,894,008 shares of the company’s stock, valued at $31,346,764.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Alta Equipment Group Trading Up 2.9 %

Shares of NYSE:ALTG traded up $0.26 during trading on Friday, hitting $9.09. The stock had a trading volume of 189,162 shares, compared to its average volume of 350,234. The company has a current ratio of 1.30, a quick ratio of 0.43 and a debt-to-equity ratio of 4.93. Alta Equipment Group Inc. has a 12-month low of $7.62 and a 12-month high of $17.98. The stock has a 50-day simple moving average of $8.75 and a two-hundred day simple moving average of $10.70.

Alta Equipment Group (NYSE:ALTG) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.17). Alta Equipment Group had a negative return on equity of 0.35% and a negative net margin of 0.21%. The business had revenue of $441.60 million for the quarter, compared to analysts’ expectations of $416.35 million. Sell-side analysts predict that Alta Equipment Group Inc. will post -0.37 earnings per share for the current fiscal year.

Alta Equipment Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Wednesday, May 15th were given a dividend of $0.057 per share. The ex-dividend date was Tuesday, May 14th. This represents a $0.23 dividend on an annualized basis and a yield of 2.51%. Alta Equipment Group’s dividend payout ratio is presently -109.52%.

Institutional Investors Weigh In On Alta Equipment Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Voss Capital LLC raised its holdings in Alta Equipment Group by 20.1% in the 4th quarter. Voss Capital LLC now owns 3,245,000 shares of the company’s stock worth $40,141,000 after purchasing an additional 543,500 shares during the period. Mill Road Capital Management LLC lifted its stake in shares of Alta Equipment Group by 23.5% in the fourth quarter. Mill Road Capital Management LLC now owns 2,361,002 shares of the company’s stock worth $29,206,000 after buying an additional 450,023 shares in the last quarter. Vanguard Group Inc. boosted its position in Alta Equipment Group by 0.7% during the first quarter. Vanguard Group Inc. now owns 1,250,154 shares of the company’s stock worth $16,189,000 after acquiring an additional 8,962 shares during the last quarter. Granahan Investment Management LLC grew its stake in Alta Equipment Group by 11.4% during the 4th quarter. Granahan Investment Management LLC now owns 1,030,942 shares of the company’s stock valued at $12,753,000 after acquiring an additional 105,783 shares in the last quarter. Finally, CIBC Private Wealth Group LLC raised its holdings in Alta Equipment Group by 152.0% in the 4th quarter. CIBC Private Wealth Group LLC now owns 347,746 shares of the company’s stock valued at $4,302,000 after acquiring an additional 209,759 shares during the last quarter. 73.58% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on ALTG shares. DA Davidson cut their target price on shares of Alta Equipment Group from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, May 21st. 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 research note 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.