Insider Buying: Alta Equipment Group Inc. (NYSE:ALTG) Major Shareholder Acquires $781,280.10 in Stock

Alta Equipment Group Inc. (NYSE:ALTG) major shareholder Mill Road Capital Iii, L.P. acquired 75,486 shares of Alta Equipment Group stock in a transaction on Wednesday, July 31st. The shares were bought at an average price of $10.35 per share, for a total transaction of $781,280.10. Following the completion of the purchase, the insider now directly owns 3,969,494 shares in the company, valued at $41,084,262.90. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

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

Alta Equipment Group Trading Down 10.6 %

Alta Equipment Group stock opened at $9.13 on Friday. The firm’s 50-day moving average is $9.02 and its 200-day moving average is $10.51. 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 1 year low of $7.62 and a 1 year high of $17.96. The company has a market cap of $302.66 million, a P/E ratio of -43.48 and a beta of 1.69.

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 during the quarter, compared to the consensus estimate of $416.35 million. On average, equities analysts expect that Alta Equipment Group Inc. will post -0.23 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Quadrant Capital Group LLC increased its holdings in shares of 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 worth $38,000 after acquiring an additional 2,917 shares during the period. AJOVista LLC acquired a new stake in shares of Alta Equipment Group in the 4th quarter worth about $59,000. EntryPoint Capital LLC increased its holdings in shares of Alta Equipment Group by 88.0% in the 1st quarter. EntryPoint Capital LLC now owns 8,419 shares of the company’s stock worth $109,000 after acquiring an additional 3,940 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Alta Equipment Group by 77.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,577 shares of the company’s stock worth $106,000 after acquiring an additional 3,740 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of 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 acquiring an additional 3,218 shares during the period. 73.58% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, DA Davidson reduced their price objective on shares of Alta Equipment Group from $22.00 to $20.00 and set a “buy” rating on the stock in a research note 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.