JPMorgan Chase & Co. Raises Stock Holdings in Alta Equipment Group Inc. $ALTG

JPMorgan Chase & Co. grew its stake in Alta Equipment Group Inc. (NYSE:ALTG) by 262.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 199,434 shares of the company’s stock after acquiring an additional 144,350 shares during the quarter. JPMorgan Chase & Co.’s holdings in Alta Equipment Group were worth $1,444,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in ALTG. Raymond James Financial Inc. bought a new stake in Alta Equipment Group in the second quarter worth $35,000. Lido Advisors LLC bought a new stake in Alta Equipment Group in the second quarter worth $74,000. R Squared Ltd bought a new stake in Alta Equipment Group in the third quarter worth $79,000. Engineers Gate Manager LP bought a new stake in Alta Equipment Group in the second quarter worth $81,000. Finally, Centiva Capital LP bought a new stake in Alta Equipment Group in the third quarter worth $83,000. 73.58% of the stock is owned by institutional investors.

Alta Equipment Group Trading Up 10.6%

Shares of NYSE:ALTG opened at $5.81 on Thursday. The company has a market cap of $187.46 million, a P/E ratio of -2.27 and a beta of 1.57. The company has a debt-to-equity ratio of 257.10, a current ratio of 1.43 and a quick ratio of 0.48. Alta Equipment Group Inc. has a 1 year low of $3.91 and a 1 year high of $8.99. The stock’s fifty day moving average price is $6.34 and its 200-day moving average price is $5.94.

Alta Equipment Group (NYSE:ALTG) last announced its quarterly 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 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%. Sell-side analysts expect that Alta Equipment Group Inc. will post -1.92 earnings per share for the current year.

Insider Activity

In related news, major shareholder Mill Road Capital Iii, L.P. purchased 58,162 shares of Alta Equipment Group stock in a transaction on Thursday, March 12th. The stock was acquired at an average price of $6.10 per share, for a total transaction of $354,788.20. Following the completion of the transaction, the insider directly owned 4,369,410 shares in the company, valued at $26,653,401. This represents a 1.35% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ryan Greenawalt sold 27,986 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $7.05, for a total value of $197,301.30. Following the completion of the sale, the chief executive officer owned 5,721,710 shares of the company’s stock, valued at approximately $40,338,055.50. The trade was a 0.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders have acquired a total of 84,000 shares of company stock valued at $519,371 over the last ninety days. 19.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ALTG shares. Raymond James Financial raised Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $9.50 target price on the stock in a report on Monday, March 9th. Weiss Ratings reissued a “sell (e+)” rating on shares of Alta Equipment Group in a report on Monday, December 29th. Wall Street Zen raised Alta Equipment Group from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. DA Davidson set a $7.00 target price on Alta Equipment Group in a report on Friday, March 6th. Finally, Zacks Research raised Alta Equipment Group from a “strong sell” rating to a “hold” rating in a report on Monday, January 19th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $12.17.

Alta Equipment Group 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.