Alta Equipment Group Inc. (NYSE:ALTG) Major Shareholder Acquires $495,388.00 in Stock

Alta Equipment Group Inc. (NYSE:ALTG) major shareholder Mill Road Capital Iii, L.P. purchased 54,200 shares of Alta Equipment Group stock in a transaction that occurred on Friday, August 2nd. The shares were bought at an average price of $9.14 per share, for a total transaction of $495,388.00. Following the completion of the transaction, the insider now owns 4,063,708 shares in the company, valued at $37,142,291.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Mill Road Capital Iii, L.P. also recently made the following trade(s):

• On Wednesday, July 31st, Mill Road Capital Iii, L.P. bought 75,486 shares of Alta Equipment Group stock. The shares were bought at an average cost of $10.35 per share, for a total transaction of $781,280.10.
• On Wednesday, July 10th, Mill Road Capital Iii, L.P. bought 179,414 shares of Alta Equipment Group stock. The shares were purchased at an average price of $8.05 per share, for a total transaction of $1,444,282.70.

Alta Equipment Group Stock Down 1.5 %

NYSE ALTG traded down $0.14 during trading hours on Monday, reaching $8.99. 345,899 shares of the company’s stock traded hands, compared to its average volume of 355,536. The firm has a market cap of $297.99 million, a PE ratio of -42.90 and a beta of 1.69. The company has a debt-to-equity ratio of 4.93, a current ratio of 1.30 and a quick ratio of 0.43. Alta Equipment Group Inc. has a 52-week low of $7.62 and a 52-week high of $17.58. The firm has a 50-day simple moving average of $9.02 and a 200 day simple moving average of $10.51.

Alta Equipment Group (NYSE:ALTG) last released its earnings results on Wednesday, May 8th. The company reported ($0.38) 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 company had revenue of $441.60 million during the quarter, compared to analysts’ expectations of $416.35 million. Sell-side analysts anticipate that Alta Equipment Group Inc. will post -0.23 EPS for the current fiscal year.

Alta Equipment Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Thursday, August 15th will be paid a dividend of $0.057 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $0.23 dividend on an annualized basis and a yield of 2.54%. Alta Equipment Group’s dividend payout ratio is currently -104.76%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Quadrant Capital Group LLC lifted its position in Alta Equipment Group by 1,997.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,063 shares of the company’s stock valued at $38,000 after acquiring an additional 2,917 shares in the last quarter. AJOVista LLC bought a new stake in Alta Equipment Group in the 4th quarter worth about $59,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Alta Equipment Group by 37.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,795 shares of the company’s stock worth $95,000 after buying an additional 3,218 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Alta Equipment Group by 77.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,577 shares of the company’s stock valued at $106,000 after acquiring an additional 3,740 shares during the period. Finally, EntryPoint Capital LLC boosted its holdings in shares of Alta Equipment Group by 88.0% during the 1st quarter. EntryPoint Capital LLC now owns 8,419 shares of the company’s stock valued at $109,000 after acquiring an additional 3,940 shares during the last quarter. Institutional investors own 73.58% of the company’s stock.

Analyst Ratings Changes

Separately, DA Davidson dropped their price target on 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.

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.