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

Alta Equipment Group Inc. (NYSE:ALTG) major shareholder Mill Road Capital Iii, L.P. purchased 18,040 shares of the stock in a transaction on 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 transaction, the insider owned 4,311,248 shares in the company, valued at $27,419,537.28. This trade represents a 0.42% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Alta Equipment Group Stock Up 1.0%

Shares of ALTG stock opened at $6.13 on Friday. The stock’s 50-day simple moving average is $6.58 and its 200-day simple moving average is $6.24. The company has a debt-to-equity ratio of 257.10, a quick ratio of 0.48 and a current ratio of 1.43. The firm has a market capitalization of $197.54 million, a PE ratio of -2.39 and a beta of 1.54. Alta Equipment Group Inc. has a fifty-two week low of $3.54 and a fifty-two week high of $8.99.

Alta Equipment Group (NYSE:ALTG) last released its earnings results on Thursday, February 26th. The company reported ($0.39) 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 return on equity of 341.70% and a negative net margin of 4.37%. Equities analysts expect that Alta Equipment Group Inc. will post -1.92 earnings per share for the current year.

Hedge Funds Weigh In On Alta Equipment Group

Hedge funds have recently bought and sold shares of the business. Raymond James Financial Inc. purchased a new position in shares of Alta Equipment Group during the 2nd quarter valued at approximately $35,000. Public Employees Retirement System of Ohio boosted its position 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 last quarter. Royal Bank of Canada grew its stake in Alta Equipment Group by 55.1% during the 4th quarter. Royal Bank of Canada now owns 6,153 shares of the company’s stock valued at $28,000 after acquiring an additional 2,186 shares in the last quarter. Quarry LP raised its holdings in Alta Equipment Group by 150.9% in the 4th quarter. Quarry LP now owns 6,676 shares of the company’s stock valued at $31,000 after acquiring an additional 4,015 shares during the last quarter. Finally, R Squared Ltd acquired a new stake in Alta Equipment Group in the 3rd quarter valued at about $79,000. Hedge funds and other institutional investors own 73.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ALTG. Zacks Research raised shares of Alta Equipment Group from a “strong sell” rating to a “hold” rating in a report on Monday, January 19th. Wall Street Zen raised shares of 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 shares of Alta Equipment Group in a research report on Friday, March 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alta Equipment Group in a report on Monday, December 29th. Finally, Raymond James Financial raised Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $9.50 price target on the stock in a research report on Monday, March 9th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $11.63.

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.