Insider Selling: Alta Equipment Group (NYSE:ALTG) CFO Sells 8,137 Shares of Stock

Alta Equipment Group Inc. (NYSE:ALTG) CFO Anthony Colucci sold 8,137 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $7.05, for a total value of $57,365.85. Following the transaction, the chief financial officer directly owned 240,750 shares in the company, valued at approximately $1,697,287.50. This represents a 3.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Alta Equipment Group Price Performance

Shares of ALTG stock traded down $0.33 during trading hours on Tuesday, hitting $7.29. 374,708 shares of the company’s stock were exchanged, compared to its average volume of 197,896. The company has a market capitalization of $235.03 million, a PE ratio of -2.85 and a beta of 1.54. Alta Equipment Group Inc. has a 12-month low of $3.54 and a 12-month high of $8.99. The business’s 50 day simple moving average is $6.28 and its 200-day simple moving average is $6.30. The company has a current ratio of 1.43, a quick ratio of 0.48 and a debt-to-equity ratio of 257.10.

Alta Equipment Group (NYSE:ALTG) last released its earnings results on Thursday, February 26th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.10). The business had revenue of $509.10 million for the quarter, compared to the consensus estimate of $489.56 million. Alta Equipment Group had a negative net margin of 4.37% and a negative return on equity of 341.70%. On average, equities research analysts anticipate that Alta Equipment Group Inc. will post -1.92 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Strs Ohio purchased a new position in shares of Alta Equipment Group in the 1st quarter valued at about $138,000. Rhumbline Advisers grew its holdings in Alta Equipment Group by 15.9% in the first quarter. Rhumbline Advisers now owns 39,374 shares of the company’s stock valued at $185,000 after purchasing an additional 5,406 shares during the period. First Eagle Investment Management LLC increased its position in shares of Alta Equipment Group by 16.2% in the second quarter. First Eagle Investment Management LLC now owns 792,103 shares of the company’s stock valued at $5,006,000 after buying an additional 110,444 shares in the last quarter. Los Angeles Capital Management LLC raised its stake in shares of Alta Equipment Group by 23.4% during the 2nd quarter. Los Angeles Capital Management LLC now owns 42,705 shares of the company’s stock worth $270,000 after buying an additional 8,105 shares during the period. Finally, Citizens Financial Group Inc. RI lifted its position in shares of Alta Equipment Group by 147.3% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 230,000 shares of the company’s stock valued at $1,454,000 after buying an additional 137,000 shares in the last quarter. Hedge funds and other institutional investors own 73.58% of the company’s stock.

Wall Street Analysts Forecast Growth

ALTG has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alta Equipment Group in a research note on Monday, December 29th. Wall Street Zen raised Alta Equipment Group from a “sell” rating to a “hold” rating in a research note on Saturday. DA Davidson reduced their price target on Alta Equipment Group from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, November 12th. Finally, Zacks Research upgraded Alta Equipment Group from a “strong sell” rating to a “hold” rating in a report on Monday, January 19th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $11.00.

About Alta Equipment Group

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.