Alta Equipment Group (NYSE:ALTG) Major Shareholder Mill Road Capital Iii, L.P. Buys 18,040 Shares of Stock

Alta Equipment Group Inc. (NYSE:ALTG) major shareholder Mill Road Capital Iii, L.P. purchased 18,040 shares of Alta Equipment Group stock in a transaction dated Wednesday, March 11th. The shares were purchased at an average cost of $6.36 per share, with a total value of $114,734.40. Following the acquisition, the insider owned 4,311,248 shares of the company’s stock, valued at approximately $27,419,537.28. This trade represents a 0.42% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Major 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 Stock Up 1.0%

ALTG stock opened at $6.13 on Friday. The company has a quick ratio of 0.48, a current ratio of 1.43 and a debt-to-equity ratio of 257.10. Alta Equipment Group Inc. has a fifty-two week low of $3.54 and a fifty-two week high of $8.99. The firm’s 50-day simple moving average is $6.58 and its 200 day simple moving average is $6.26. The stock has a market cap of $197.57 million, a PE ratio of -2.39 and a beta of 1.54.

Alta Equipment Group (NYSE:ALTG) last posted its earnings results on Thursday, February 26th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.10). The firm had revenue of $509.10 million for the quarter, compared to analyst estimates of $489.56 million. Alta Equipment Group had a negative net margin of 4.37% and a negative return on equity of 341.70%. As a group, sell-side analysts predict that Alta Equipment Group Inc. will post -1.92 EPS for the current year.

Institutional Trading of Alta Equipment Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada lifted its holdings in shares of Alta Equipment Group by 55.1% in the fourth quarter. Royal Bank of Canada now owns 6,153 shares of the company’s stock valued at $28,000 after buying an additional 2,186 shares during the period. Public Employees Retirement System of Ohio grew its holdings in Alta Equipment Group by 221.1% during the fourth quarter. Public Employees Retirement System of Ohio now owns 6,100 shares of the company’s stock worth $28,000 after acquiring an additional 4,200 shares during the period. Quarry LP raised its position in Alta Equipment Group by 150.9% in the fourth quarter. Quarry LP now owns 6,676 shares of the company’s stock worth $31,000 after acquiring an additional 4,015 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Alta Equipment Group in the second quarter worth about $35,000. Finally, Inscription Capital LLC acquired a new stake in Alta Equipment Group in the 4th quarter valued at about $56,000. Institutional investors own 73.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Zacks Research upgraded Alta Equipment Group from a “strong sell” rating to a “hold” rating in a research report on Monday, January 19th. Raymond James Financial upgraded shares of Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $9.50 price objective on the stock in a research note on Monday, March 9th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alta Equipment Group in a report on Monday, December 29th. Wall Street Zen raised shares of Alta Equipment Group from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, DA Davidson set a $7.00 price target on shares of Alta Equipment Group in a research report on Friday, March 6th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $11.63.

Alta Equipment Group Company Profile

Alta Equipment Group, Inc (NYSE: ALTG) is a North American distributor of material handling and logistics equipment. The company offers a broad lineup of forklifts, lift trucks, aerial work platforms, tow motors, pallet jacks and related attachments, serving manufacturing, warehousing, distribution and industrial facilities. Through its network of branch locations, Alta Equipment provides customers with new and used sales, short- and long-term rentals, and integrated fleet management solutions designed to support operational efficiency.

In addition to equipment sales, Alta Equipment supports customers with comprehensive after-sales services.