Alta Equipment Group Inc. (NYSE:ALTG – Get Free Report) was the recipient of a significant growth in short interest in the month of July. As of July 15th, there was short interest totalling 2,200,000 shares, a growth of 28.7% from the June 30th total of 1,710,000 shares. Approximately 10.8% of the shares of the stock are sold short. Based on an average trading volume of 403,700 shares, the short-interest ratio is currently 5.4 days.
Wall Street Analyst Weigh In
Separately, DA Davidson lowered their target price on Alta Equipment Group from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, May 21st.
Read Our Latest Report on ALTG
Alta Equipment Group Stock Down 1.8 %
Shares of NYSE ALTG opened at $10.65 on Tuesday. The firm’s 50-day moving average is $8.91 and its two-hundred day moving average is $10.53. The company has a market capitalization of $353.02 million, a PE ratio of -50.71 and a beta of 1.69. Alta Equipment Group has a 12-month low of $7.62 and a 12-month high of $17.96. 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 (NYSE:ALTG – Get Free Report) last posted its 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). The company had revenue of $441.60 million during the quarter, compared to analysts’ expectations of $416.35 million. Alta Equipment Group had a negative net margin of 0.21% and a negative return on equity of 0.35%. Equities analysts anticipate that Alta Equipment Group will post -0.37 EPS for the current fiscal year.
Alta Equipment Group Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Wednesday, May 15th were paid a dividend of $0.057 per share. This represents a $0.23 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend was Tuesday, May 14th. Alta Equipment Group’s payout ratio is currently -104.76%.
Insider Buying and Selling
In other Alta Equipment Group news, insider Jeffrey Alan Hoover bought 4,000 shares of Alta Equipment Group stock in a transaction on Friday, June 7th. The stock was bought at an average price of $8.17 per share, with a total value of $32,680.00. Following the completion of the acquisition, the insider now owns 11,601 shares in the company, valued at $94,780.17. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Jeffrey Alan Hoover bought 4,000 shares of the stock in a transaction on Friday, June 7th. The shares were bought at an average cost of $8.17 per share, for a total transaction of $32,680.00. Following the completion of the transaction, the insider now owns 11,601 shares of the company’s stock, valued at approximately $94,780.17. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Mill Road Capital Iii, L.P. bought 179,414 shares of the company’s stock in a transaction on Wednesday, July 10th. The stock was bought at an average cost of $8.05 per share, with a total value of $1,444,282.70. Following the completion of the acquisition, the insider now owns 3,894,008 shares of the company’s stock, valued at approximately $31,346,764.40. The disclosure for this purchase can be found here. 19.90% of the stock is currently owned by corporate insiders.
Institutional Trading of Alta Equipment Group
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Voss Capital LLC grew its holdings in shares of Alta Equipment Group by 20.1% during the fourth quarter. Voss Capital LLC now owns 3,245,000 shares of the company’s stock worth $40,141,000 after buying an additional 543,500 shares in the last quarter. Mill Road Capital Management LLC boosted its position in Alta Equipment Group by 23.5% during the fourth quarter. Mill Road Capital Management LLC now owns 2,361,002 shares of the company’s stock worth $29,206,000 after acquiring an additional 450,023 shares during the last quarter. ABS Direct Equity Fund LLC purchased a new stake in Alta Equipment Group in the 4th quarter worth approximately $2,721,000. CIBC Private Wealth Group LLC grew its stake 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 worth $4,302,000 after acquiring an additional 209,759 shares during the period. Finally, Granahan Investment Management LLC lifted its stake in shares of 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 worth $12,753,000 after purchasing an additional 105,783 shares during the period. Hedge funds and other institutional investors own 73.58% of the company’s stock.
Alta Equipment Group Company Profile
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.
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